Bent v Gough

[1992] FCA 267

JUDGMENT NO&..?.. /. (?X

IN THE FEDERAL COURT OF AUSTRALIA	)
HOBART DISTRICT REGISTRY	Nos TG 3002 of 1991

) and TG 3001 of 1992

CORPORATIONS DIVISIOB )

BETWEEN:  KOLYA MANAGEMENT PTY LTD

(Applicants )

AND :  MIDLAND MINING N.L. & ORS

Ryan J

14 April 1992

Hobart FEDERAL COURT OF

AUSTRALIA PRINCIPAL

EX TEMPORE REASONS FOR JUDGMENT RSGIGTRV

Rvan J:  There are two related actions pending

+

The first, numbered 3002 of 1991, was commenced by Kolya Xanagement Pty Limited, ("Kolya"), against Midland Kining KO Liability, ("Midland"), and three directors of that company, David Bay, Peter Muhlberg and Norman Marshal1 Ewart. By an amended prayer for relief, filed on 22 August 1991, in TG 3002 of 1991, Kolya claims:

"1. That t h e meeting of t h e 1 2 t h Apr r l be dec l a r ed i n v a l i d .

2. That t h e t h r e e r e s o l u t i o n s passed i n gene ra l meetrng of t h e F i r s t

Respondent he ld on t h e 1 2 t h Aprr l 1991 ( " t h e 12 A p r i l Meeting") a t

i ts r e g i s t e r e d o f f i c e , P e r t h , Western Aus t r a l i an , namely:

( a ) That t h e a u t h o r i s e d c a p i t a l of t h e company be rnc r ea sed t o

$200,000,000 d iv ided i n t o 80,000,000 sha r e s o f $2.50 each, by

t h e c r e a t i o n of an a d d r t r o n a l 56,000,000 s h a r e s a t $2.50 each;

( b ) That t h e d r r e c t o r s be empowered f o r a pe r i od of up t o t h r e e

months fo l lowing t h e d a t e o f t h e meeting t o a l l o t up t o

10,000,000 o rd ina ry s h a r e s of $2.50 each f u l l y p a l d a t a p r r c e

no t less t h a n 80% o f market p r i c e a t t h e trme of placement t o

r a i s e workrng c a p r t a l ;

( c ) That t h e d i r e c t o r s be empowered f o r a pe r i od of up