Charter Hall Limited, in the matter of Charter Hall Limited [2007] FCA 1316

Charter Hall Limited, in the matter of Charter Hall Limited [2007] FCA 1316

The inadvertent failure to comply with the five business day notice requirement was regularised as there was no evidence of undisclosed 'excluded information', no substantial injustice to any person, the affected parties were largely sophisticated investors, and appropriate notice provisions and a liberty to apply proviso were included.

Parties
First Plaintiff: Charter Hall Limited; Second Plaintiff: Charter Hall Funds Management Limited
Jurisdiction
Australia
Judgment Date
15 August 2007
Procedural Posture
Corporations Act Application / Application for Relief Under S 1322(4) of the Corporations Act 2001 (cth)
Outcome
Relief granted under s 1322(4) of the Corporations Act 2001 (Cth); orders made as sought.
Legal Topics
Relief From Procedural Non Compliance, Disclosure Obligations, Placement of Securities
Corporations Law Relief From Procedural Non Compliance Disclosure Obligations Placement of Securities

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Parties

Charter Hall Limited

First Plaintiff

Charter Hall Funds Management Limited

Second Plaintiff

Procedural Posture

Corporations Act Application / Application for Relief Under S 1322(4) of the Corporations Act 2001 (cth)

Legal Issues

  1. 1 Whether to grant relief under s 1322(4) of the Corporations Act 2001 (Cth) for inadvertent failure to meet time limits for lodgement of required notices after placement of stapled securities

Ratio Decidendi

The inadvertent failure to comply with the five business day notice requirement was regularised as there was no evidence of undisclosed 'excluded information', no substantial injustice to any person, the affected parties were largely sophisticated investors, and appropriate notice provisions and a liberty to apply proviso were included.

Court Disposition

Relief granted under s 1322(4) of the Corporations Act 2001 (Cth); orders made as sought.

Orders

  • The period of five business days referred to in s 708A(6)(a) and s 1012DA(6)(a) of the Corporations Act 2001 (Cth) extended to the second business day after entry of orders.
  • A notice under s 708A(5)(e) and s 1012DA(5)(e) given within that period deemed effective as if given on 14 June 2007.