GrainCorp Limited, in the matter of GrainCorp Limited

GrainCorp Limited, the plaintiff, filed an application against the Australian Securities Exchange Limited and others, seeking an extension of time for the admission of shares offered as consideration in an off-market bid. The application arose from a bid by GrainCorp to acquire all the issued capital of GrainCorp Limited. The case was heard in the Federal Court of Australia.

The primary legal issue the court had to resolve was whether the plaintiff could be granted an extension of time under section 1325A(2) of the Corporations Act 2001 to apply for the admission of shares to quotation on the Australian Securities Exchange Limited. The court also needed to determine whether certain confidential information in the affidavit of Georgina Goldsworthy could be protected from public inspection pending the outcome of the application.

The court found that the plaintiff had demonstrated sufficient grounds for an extension of time under section 1325A(2) of the Act, considering the complexity and the significance of the acquisition. The court ruled that the plaintiff's application for an extension was warranted to ensure the bid process was not hindered. Regarding the affidavit, the court held that certain paragraphs containing confidential information should be protected from public inspection to prevent potential harm to the plaintiff’s commercial interests. This was deemed necessary until the final orders were made in the case.

In conclusion, the court granted the plaintiff's application for an extension of time to apply for the admission of shares, setting the new deadline as 24 June 2008. The court also ordered that specific portions of Georgina Goldsworthy's affidavit remain confidential until 4 July 2008 to safeguard the plaintiff's commercial interests.