Associated World Investments Pty Limited v Aristocrat Leisure Limited

Associated World Investments Pty Limited (AWI) appealed to the Full Federal Court against a decision of a single judge concerning the validity of a disposal notice issued by Aristocrat Leisure Limited (Aristocrat). The dispute centred on whether Aristocrat had validly exercised its right to dispose of certain shares under a shareholders' agreement.

The primary legal issue before the Full Federal Court was whether the disposal notice issued by Aristocrat was validly made in accordance with the terms of the shareholders' agreement. A secondary issue arose regarding the costs associated with the late filing of submissions by Aristocrat's counsel.

The Full Federal Court found that the disposal notice was not validly made. The Court held that Aristocrat had failed to comply with a condition precedent stipulated in the shareholders' agreement, which required Aristocrat to provide AWI with specific information prior to issuing the disposal notice. This failure rendered the notice invalid. The Court also ordered that Aristocrat pay the costs of AWI's appeal, and that Aristocrat bear its own costs of preparing the late submissions.

The appeal was allowed, and the orders of the primary judge were set aside.