In the matter of Navalo Financial Services Group Limited

The Court heard an application by Navalo Financial Services Group Limited, a company, against its minority shareholders. The company sought approval to compulsorily acquire the minority shareholders' shares pursuant to section 664F of the Corporations Act 2001 (Cth). The minority shareholders contested the application on the basis that the company had not complied with the procedural requirements of the Act and had not offered a fair value for the shares. The application was heard by the Federal Court of Australia.

The legal issues before the Court were whether the company had standing to apply for compulsory acquisition of the shares, whether the company had complied with the procedural requirements of the Act, and whether the shares were to be acquired at a fair value. The minority shareholders argued that the company had not complied with the procedural requirements of the Act and had not offered a fair value for the shares. The company argued that it had complied with the procedural requirements and that the shares were to be acquired at a fair value.

The Court found that the company had standing to apply for compulsory acquisition of the shares, and that it had complied with the procedural requirements of the Act. The Court also found that the shares were to be acquired at a fair value. The Court noted that there was utility in requiring compliance with obligations in sections 665A and 665B of the Act within the period stipulated by the Act, but that there were exceptional circumstances in this case that warranted an extension of time. The Court granted the company's application for an extension of time to dispatch the prescribed notice under section 665B(2) to holders of convertible securities.

The Court ordered that the company may compulsorily acquire the minority shareholders' shares pursuant to section 664F of the Corporations Act 2001 (Cth). The Court also ordered that the company may extend the time for dispatch of the prescribed notice under section 665B(2) to holders of convertible securities.