FE Limited v Padbury Mining Limited

FE Limited sought an extension of time to comply with a statutory requirement relating to its off-market takeover bid for Padbury Mining Limited. The court was required to decide whether to exercise its discretion to grant the extension. The plaintiff had not made an application for the quotation of the securities offered in the takeover bid within the required timeframe. The error in advice given to the plaintiff by its solicitor was deemed an honest mistake, and the plaintiff had acted expeditiously to remedy the situation. Both the Australian Securities and Investments Commission and the defendant's solicitors indicated that they neither opposed nor consented to the orders sought by the plaintiff. Given the circumstances, the court exercised its discretion to grant the extension sought by the plaintiff. The court ordered that the time for compliance with the statutory requirement be extended to 10 September 2010, and the plaintiff was to pay the costs of the application.