Strike West Holdings Pty Ltd, in the matter of strike West Holdings Pty Ltd [2023] FCA 15

Strike West Holdings Pty Ltd, in the matter of strike West Holdings Pty Ltd [2023] FCA 15

An extension for compliance with s 625(3)(c)(i) is warranted as the error was an honest, inadvertent mistake by the solicitors, the plaintiffs acted promptly to remedy it, relief would prevent prejudice and advance statutory objectives, and relevant parties did not oppose the application.

Parties
First Plaintiff: Strike West Holdings Pty Ltd; Second Plaintiff: Strike Energy Limited; Target Company: Warrego Energy Limited
Jurisdiction
Australia
Judgment Date
17 January 2023
Procedural Posture
Corporations Takeover Bid Extension Application / Hearing and Final Orders
Outcome
Extension of time granted for compliance with s 625(3)(c)(i) of the Corporations Act 2001 (Cth); orders made as sought by plaintiffs; no order as to costs.
Legal Topics
Takeovers, Off Market Bid, Extension of Time, Compliance With Statutory Conditions
Corporate Law Takeovers Off Market Bid Extension of Time Compliance With Statutory Conditions

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Parties

Strike West Holdings Pty Ltd

First Plaintiff

Strike Energy Limited

Second Plaintiff

Warrego Energy Limited

Target Company

Procedural Posture

Corporations Takeover Bid Extension Application / Hearing and Final Orders

Legal Issues

  1. 1 Whether the Court should grant an extension of time for compliance with s 625(3)(c)(i) of the Corporations Act 2001 (Cth) in relation to an off-market takeover bid due to inadvertent error

Ratio Decidendi

An extension for compliance with s 625(3)(c)(i) is warranted as the error was an honest, inadvertent mistake by the solicitors, the plaintiffs acted promptly to remedy it, relief would prevent prejudice and advance statutory objectives, and relevant parties did not oppose the application.

Court Disposition

Extension of time granted for compliance with s 625(3)(c)(i) of the Corporations Act 2001 (Cth); orders made as sought by plaintiffs; no order as to costs.

Orders

  • The originating process filed on 16 January 2023 be made returnable at 11.15 am on 17 January 2023.
  • Pursuant to s 1325A(2) of the Corporations Act 2001 (Cth), the time for compliance with s 625(3)(c)(i) be extended to 11 January 2023 for the purposes of Strike West Holdings Pty Ltd's off-market takeover offers described in its bidder's statement dated 23 December 2022.