Premier Pacific Pharmaceutical Industries Ltd v Australian Stock Exchange [1995] FCA 388

Premier Pacific Pharmaceutical Industries Ltd v Australian Stock Exchange [1995] FCA 388

Because the dispute concerned who should have the use of the subscription moneys pending appellate procedures, the Court accepted the undertakings proffered by ABN Amro Bank NV and ABN Amro Australia Limited to repay $35,370,000 with interest to the applicant if specified appeal or High Court outcomes favoured the applicant, and confirmed the orders referred to in the earlier judgment.

Jurisdiction
Australia
Judgment Date
28 April 1995
Procedural Posture
Federal Court Proceeding and Appeal / Reasons for Judgment on the Form of Undertakings and Leave to Appeal
Outcome
Undertakings accepted; orders confirmed; ABN Amro Australia Limited added as third respondent; leave to appeal granted insofar as necessary.
Legal Topics
['subscription Moneys' 'undertaking to the Court' 'repayment Pending Appeal' 'leave to Appeal']
['corporations Law' 'civil Procedure'] ['subscription Moneys' 'undertaking to the Court' 'repayment Pending Appeal' 'leave to Appeal']

Case Brief

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Procedural Posture

Federal Court Proceeding and Appeal / Reasons for Judgment on the Form of Undertakings and Leave to Appeal

Legal Issues

  1. 1 ['Whether the Court should accept undertakings from ABN Amro Bank NV and ABN Amro Australia Limited concerning repayment of subscription moneys if the applicant succeeds on appeal.' 'Whether ABN Amro Australia Limited should be added as a third respondent for the purpose of giving the requisite undertaking.' 'Whether leave to appeal from the judgment of Gummow J of 19 April 1995 should be granted insofar as necessary.']

Ratio Decidendi

Because the dispute concerned who should have the use of the subscription moneys pending appellate procedures, the Court accepted the undertakings proffered by ABN Amro Bank NV and ABN Amro Australia Limited to repay $35,370,000 with interest to the applicant if specified appeal or High Court outcomes favoured the applicant, and confirmed the orders referred to in the earlier judgment.

Court Disposition

Undertakings accepted; orders confirmed; ABN Amro Australia Limited added as third respondent; leave to appeal granted insofar as necessary.

Orders

  • ['Upon ABN Amro Bank NV and ABN Amro Australia Limited undertaking to the Court to pay the applicant $35,370,000 together with interest at 5.1 per cent per annum, or such other rate that would have been applied by the Hong Kong Bank of Australia Limited to the sum if it had remained on deposit in the 24 hour call...