John Bridgeman Limited v National Stock Exchange of Australia Limited [2019] FCA 1127

John Bridgeman Limited v National Stock Exchange of Australia Limited [2019] FCA 1127

JBL, through its officer, held a reasonable belief that it may have a right to relief against NSX parties due to alleged failure to act honestly and fairly in suspending its securities. JBL made reasonable inquiries and lacked sufficient information to decide whether to commence proceedings. NSX parties possessed relevant documents. The court was satisfied the criteria for preliminary discovery were met and exercised its discretion to make the discovery order.

Parties
Prospective Applicant: John Bridgeman Limited; First Prospective Respondent: National Stock Exchange of Australia Limited; Second Prospective Respondent: NSX Limited
Jurisdiction
Australia
Judgment Date
25 July 2019
Procedural Posture
Application for Preliminary Discovery / Final Determination of Preliminary Discovery Application
Outcome
Preliminary discovery application granted.
Legal Topics
Preliminary Discovery, Listing Rules, Suspension of Trading, Obligations of Stock Exchange Operator
Practice and Procedure Corporations Law Preliminary Discovery Listing Rules Suspension of Trading Obligations of Stock Exchange Operator

Case Brief

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Parties

John Bridgeman Limited

Prospective Applicant

National Stock Exchange of Australia Limited

First Prospective Respondent

NSX Limited

Second Prospective Respondent

Procedural Posture

Application for Preliminary Discovery / Final Determination of Preliminary Discovery Application

Legal Issues

  1. 1 Whether the prospective applicant reasonably believes it may have a right to obtain relief against the prospective respondents
  2. 2 Whether the prospective applicant has made reasonable enquiries and lacks sufficient information to decide whether to commence proceedings
  3. 3 Whether the prospective respondents possess documents directly relevant to the question of relief

Ratio Decidendi

JBL, through its officer, held a reasonable belief that it may have a right to relief against NSX parties due to alleged failure to act honestly and fairly in suspending its securities. JBL made reasonable inquiries and lacked sufficient information to decide whether to commence proceedings. NSX parties possessed relevant documents. The court was satisfied the criteria for preliminary discovery were met and exercised its discretion to make the discovery order.

Court Disposition

Preliminary discovery application granted.

Orders

  • NSX parties to give discovery within 14 days to JBL of documents evidencing complaints or allegations made to NSX against JBL, responses by NSX to those complaints since 31 October 2018.
  • NSX parties to give discovery of communications between NSX and ASIC in relation to or leading to the suspension decision.