Village Roadshow Broadcasting Pty Ltd v Austereo Ltd [1997] FCA 572

Village Roadshow Broadcasting Pty Ltd v Austereo Ltd [1997] FCA 572

No substantial injustice would arise to dissenting offerees from abridgment of time for applications under s 701(6), as all shareholders were given the required information and opportunity to take action but none did; commercial advantages and compliance with procedure justify the order sought.

Source-derived case information.

Parties
Applicant: Village Roadshow Broadcasting Pty Ltd; Respondent: Austereo Limited
Jurisdiction
Australia
Judgment Date
24 June 1997
Procedural Posture
Corporations Law Application / Application for Order Under S 1322(4)(d), Final Orders
Outcome
Application granted; time abridged for compulsory acquisition to proceed.
Legal Topics
Compulsory Acquisition, Take Over Offers, Rights of Dissenting Shareholders, Abridgment of Statutory Periods
Corporations Law Compulsory Acquisition Take Over Offers Rights of Dissenting Shareholders Abridgment of Statutory Periods

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Parties

Village Roadshow Broadcasting Pty Ltd

Applicant

Austereo Limited

Respondent

Procedural Posture

Corporations Law Application / Application for Order Under S 1322(4)(d), Final Orders

Legal Issues

  1. 1 Whether substantial injustice would be caused to dissenting offerees by abridging the statutory period for applications under s 701(6) in compulsory acquisition
  2. 2 Whether financial or taxation advantage justifies abridging statutory time periods
  3. 3 Fairness and reasonableness of process to dissenting shareholders

Ratio Decidendi

No substantial injustice would arise to dissenting offerees from abridgment of time for applications under s 701(6), as all shareholders were given the required information and opportunity to take action but none did; commercial advantages and compliance with procedure justify the order sought.

Court Disposition

Application granted; time abridged for compulsory acquisition to proceed.

Orders

  • Pursuant to s 1322(4)(d) of the Corporations Law the time after which the applicant shall serve a copy of the notice given under s 701(2) of the Corporations Law on the respondent Austereo Limited pursuant to s 701(10) and otherwise comply with such subsection shall be abridged to 4.15 pm on Tuesday 24 June 1997.
  • The applicant serve a copy of this order on the Australian Securities Commission.