Morey, Philip James v Transurban City Link Ltd & Anor [1996] FCA 168

Morey, Philip James v Transurban City Link Ltd & Anor [1996] FCA 168

Assuming a serious question to be tried, the balance of convenience, with appropriate notification to the Stock Exchange, favoured allowing the shares to be listed as scheduled, due to potential impact on existing subscribers and the ability of purchasers to make informed decisions if notified.

Parties
Applicant: Philip James Morey; First Respondent: Transurban City Link Limited; Second Respondent: City Link Management Limited
Jurisdiction
Australia
Judgment Date
14 March 1996
Procedural Posture
Interim Injunction Application / Interlocutory (interim Orders)
Outcome
Interim orders made; application adjourned for further directions
Legal Topics
Injunctions, Misleading and Deceptive Conduct, Prospectus Disclosure, Balance of Convenience
Equity Injunctions Misleading and Deceptive Conduct Prospectus Disclosure Balance of Convenience

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Parties

Philip James Morey

Applicant

Transurban City Link Limited

First Respondent

City Link Management Limited

Second Respondent

Procedural Posture

Interim Injunction Application / Interlocutory (interim Orders)

Legal Issues

  1. 1 Whether an interim injunction should be granted to prevent shares from being listed where it is alleged the prospectus is misleading and deceptive
  2. 2 Whether balance of convenience favours granting the injunction

Ratio Decidendi

Assuming a serious question to be tried, the balance of convenience, with appropriate notification to the Stock Exchange, favoured allowing the shares to be listed as scheduled, due to potential impact on existing subscribers and the ability of purchasers to make informed decisions if notified.

Court Disposition

Interim orders made; application adjourned for further directions

Orders

  • Respondents to advise the Australian Stock Exchange of the proceedings and allegations for the information of intending and potential purchasers and any persons making inquiry from the contact number in the prospectus.
  • Application adjourned to 10.15 am Monday 18 March 1996 for further directions.