Premier Pacific Pharmaceutical Industries Ltd v Australian Stock Exchange Ltd & Anor [1995] FCA 242

Premier Pacific Pharmaceutical Industries Ltd v Australian Stock Exchange Ltd & Anor [1995] FCA 242

The directors' undertaking to comply with the ASX condition requiring at least 500 shareholders was not effective for the purposes of s.1031(7) because it concerned matters outside the directors' control and therefore was incapable of being a valid statutory undertaking; consequently, permission was not deemed granted within time, and the application for declaratory relief by Premier Pacific was refused.

Jurisdiction
Australia
Judgment Date
19 April 1995
Procedural Posture
Originating Application and Cross Claim / Judgment After Final Hearing
Outcome
Application for declaratory and discretionary relief by Premier Pacific dismissed. No declaration granted to ABN Amro. Interlocutory order extended.
Legal Topics
['allotment of Securities' 'prospectus Requirements' 'listing on Securities Exchange' 'section 1031 Corporations Law' 'extensions of Time – S.1322 Corporations Law']
['corporations Law'] ['allotment of Securities' 'prospectus Requirements' 'listing on Securities Exchange' 'section 1031 Corporations Law' 'extensions of Time – S.1322 Corporations Law']

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Procedural Posture

Originating Application and Cross Claim / Judgment After Final Hearing

Legal Issues

  1. 1 ['Whether the undertaking given by the directors of Premier Pacific on 21 March 1995 fulfilled the requirements of s. 1031(7) Corporations Law for deemed permission to list securities on the ASX within time;' 'Whether the ASX requirements (in particular as to 500 shareholders) were capable of being the subject of a statutory undertaking under s. 1031(7);' 'Whether time for compliance could or should be extended under s.1322(4)(d) of the Corporations Law.']

Ratio Decidendi

The directors' undertaking to comply with the ASX condition requiring at least 500 shareholders was not effective for the purposes of s.1031(7) because it concerned matters outside the directors' control and therefore was incapable of being a valid statutory undertaking; consequently, permission was not deemed granted within time, and the application for declaratory relief by Premier Pacific was refused.

Court Disposition

Application for declaratory and discretionary relief by Premier Pacific dismissed. No declaration granted to ABN Amro. Interlocutory order extended.

Orders

  • ["The order made 3 April 1995 is extended by deleting the words 'two days after the delivery of judgment in these proceedings' and inserting '27 April 1995'." 'The applicant pay the costs of the respondents of the application and the cross-claim.']