Takeovers Panel v Keybridge Capital Limited, in the matter of Molopo Energy Limited [2017] FCA 469

Takeovers Panel v Keybridge Capital Limited, in the matter of Molopo Energy Limited [2017] FCA 469

The Court granted the s 657B extension because the requested extension of about three weeks was modest, the Panel needed time to consider voluminous material and matters from a conference, the Panel also had to address factual questions relevant to possible s 657C(3) extensions, it had not delayed, interested parties had engaged and did not oppose the extension, no prejudice from the extension was identified, and the Panel was likely to finalise the matter within the extended time.

Jurisdiction
Australia
Judgment Date
09 May 2017
Procedural Posture
Application Under S 657 B of the Corporations Act 2001 (cth) for an Extension of Time for the Takeovers Panel to Make a Declaration of Unacceptable Circumstances Under S 657 a / Judgment and Orders on the Application
Outcome
Application granted; time for the Takeovers Panel to make a declaration under s 657A extended to 5pm on 31 May 2017.
Legal Topics
['takeovers Panel' 'declaration of Unacceptable Circumstances' 'extension of Time' 's 657 B of the Corporations Act 2001 (cth)' 's 657 C(3) of the Corporations Act 2001 (cth)']
['corporations' 'takeovers'] ['takeovers Panel' 'declaration of Unacceptable Circumstances' 'extension of Time' 's 657 B of the Corporations Act 2001 (cth)' 's 657 C(3) of the Corporations Act 2001 (cth)']

Case Brief

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Procedural Posture

Application Under S 657 B of the Corporations Act 2001 (cth) for an Extension of Time for the Takeovers Panel to Make a Declaration of Unacceptable Circumstances Under S 657 a / Judgment and Orders on the Application

Legal Issues

  1. 1 ['Whether the Court should extend under s 657B of the Corporations Act 2001 (Cth) the period in which the Takeovers Panel may make a declaration under s 657A in relation to the affairs of Molopo Energy Limited.' "Whether the extension was justified by the Panel's need to consider voluminous material, matters arising from a convened conference, and possible s 657C(3) extensions for the ASIC and Molopo applications." 'Whether granting the extension would cause prejudice and whether the Panel had acted without delay.']

Ratio Decidendi

The Court granted the s 657B extension because the requested extension of about three weeks was modest, the Panel needed time to consider voluminous material and matters from a conference, the Panel also had to address factual questions relevant to possible s 657C(3) extensions, it had not delayed, interested parties had engaged and did not oppose the extension, no prejudice from the extension was identified, and the Panel was likely to finalise the matter within the extended time.

Court Disposition

Application granted; time for the Takeovers Panel to make a declaration under s 657A extended to 5pm on 31 May 2017.

Orders

  • ['The time for service of the application made on 8 May 2017 by the plaintiff be abridged so as to enable it to be heard at 9.30am on 9 May 2017.' 'Pursuant to s 657B of the Corporations Act 2001 (Cth), the time in which the plaintiff, comprising the sitting panel of the Takeovers Panel constituted under s 184 of...