Taruga Gold Limited, in the matter of Taruga Gold Limited [2015] FCA 892

Taruga Gold Limited, in the matter of Taruga Gold Limited [2015] FCA 892

The Court granted the extension because the failure to apply to ASX within the statutory seven-day period resulted from an honest mistake, the company acted promptly after discovering the error, ASIC and ASX had no objection, the offer remained open, no shares had been issued, no third party rights were involved, no substantial injustice had been or was likely to be caused, and refusal would likely prejudice the company and its shareholders.

Jurisdiction
Australia
Judgment Date
03 July 2015
Procedural Posture
Application for Relief Under S 1322(4)(d) of the Corporations Act 2001 (cth) / Originating Application Heard on 3 July 2015
Outcome
Relief granted; time for service and hearing abridged and the seven-day period extended to and include 6 July 2015.
Legal Topics
['quotation of Securities' 'prospectus Requirements' 'extension of Time' 'relief for Procedural Non Compliance']
['corporations'] ['quotation of Securities' 'prospectus Requirements' 'extension of Time' 'relief for Procedural Non Compliance']

Case Brief

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Procedural Posture

Application for Relief Under S 1322(4)(d) of the Corporations Act 2001 (cth) / Originating Application Heard on 3 July 2015

Legal Issues

  1. 1 ['Whether the Court should extend the period of seven days referred to in ss 723(3)(a) and 724(1)(b)(i) of the Corporations Act 2001 (Cth) for the plaintiff to apply to the ASX for quotation of new securities.' 'Whether no substantial injustice had been or was likely to be caused to any person if relief was granted under s 1322(4)(d) of the Corporations Act 2001 (Cth).']

Ratio Decidendi

The Court granted the extension because the failure to apply to ASX within the statutory seven-day period resulted from an honest mistake, the company acted promptly after discovering the error, ASIC and ASX had no objection, the offer remained open, no shares had been issued, no third party rights were involved, no substantial injustice had been or was likely to be caused, and refusal would likely prejudice the company and its shareholders.

Court Disposition

Relief granted; time for service and hearing abridged and the seven-day period extended to and include 6 July 2015.

Orders

  • ['The time for service and hearing of the application be abridged.' "Pursuant to section 1322(4)(d) of the Corporations Act 2001 (Cth), the period of seven days referred to in sub-sections 723(3)(a) and 724(1)(b)(i) of the Act in respect of the plaintiff's prospectus lodged with ASIC on 3 June 2015 be extended to...