Re Charter Hall Ltd

Case [2007] FCA 1316


FEDERAL COURT OF AUSTRALIA

Charter Hall Limited, in the matter of Charter Hall Limited [2007] FCA 1316

CORPORATIONS – failure to comply with time limit in relation to placement of stapled securities – failure to comply with time limit was inadvertent – unlikely to be any substantial injustice to any party in dispensing with the time limit – applied proviso that any party who later claims to have suffered a substantial injustice by reason of the orders has liberty to apply to discharge or vary them within a limited time

Corporations Act 2001 (Cth), ss 708A(6)(a), 1012DA(6)(a), 1322

Re Australian Wealth Management Pty Ltd [2005] FCA 311 followed
Re Bounty Industries Ltd [2007] FCA 956 cited
Re Insurance Australia Group Ltd (2003) 128 FCR 581 cited
Re Wave Capital Limited (2003) 47 ACSR 418 cited
Re Westpac Banking Corp (2004) 53 ACSR 288 cited

Super John Pty Ltd v Futuris Rural Pty Ltd (1999) 32 ACSR 398 cited

IN THE MATTER OF CHARTER HALL LIMITED AND CHARTER HALL FUNDS MANAGEMENT LIMITED AND THE CORPORATIONS ACT 2001 (CTH)
CHARTER HALL LIMITED ABN 57 113 531 150 AND CHARTER HALL FUNDS MANAGEMENT LIMITED ABN 31 082 991 786  
NSD 1555 OF 2007

GYLES J
15 AUGUST 2007
SYDNEY


IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY

NSD 1555 OF 2007

IN THE MATTER OF CHARTER HALL LIMITED AND CHARTER HALL FUNDS MANAGEMENT LIMITED AND THE CORPORATIONS ACT 2001 (CTH)

CHARTER HALL LIMITED ABN 57 113 531 150
First Plaintiff

CHARTER HALL FUNDS MANAGEMENT LIMITED ABN 31 082 991 786
Second Plaintiff

JUDGE:

GYLES J

DATE OF ORDER:

15 AUGUST 2007

WHERE MADE:

SYDNEY

THE COURT ORDERS THAT:

1.In respect of the 44,444,445 stapled securities comprising one paid ordinary share in Charter Hall Limited and one unit in Charter Hall Property Trust which were issued on 13 June 2007 (the relevant securities), the period of five business days referred to in s 708A(6)(a) and s 1012DA(6)(a) of the Corporations Act 2001 (Cth) be extended to the second business day after the day on which these orders are entered.

2.A notice under s 708A(5)(e) and s 1012DA(5)(e) of the Corporations Act 2001 (Cth) given to Australian Securities Exchange Limited in respect of the relevant securities within the period provided for in order 1 be deemed to take effect as if it had been given to Australian Securities Exchange Limited on 14 June 2007.

3.These orders be entered forthwith.

4.A sealed copy of these orders be served as soon as practicable on the Australian Securities and Investments Commission, Australian Securities Exchange Limited, Macquarie Equity Capital Markets Limited, and each person named in the list at tab 28 of Exhibit NCF-1 to the affidavit of Nathan Cain Francis affirmed on 7 August 2007.  A copy of these orders also be placed on the website of the first plaintiff as soon as practicable and remain there for at least 28 days.

5.Any interested party have liberty to apply within 28 days of…

Continue reading Re Charter Hall Ltd

Sign in free to access the full text

Details
AGLC
Re Charter Hall Ltd [2007] FCA 1316
Case
[2007] FCA 1316
Decision Date

CaseChat Overview and Summary

Charter Hall Limited and Charter Hall Property Trust applied to the Supreme Court of New South Wales for an extension of time and other orders concerning the issue of securities. The applicants sought an extension of the statutory time limit for notifying the Australian Securities Exchange Limited of the issue of 44,444,445 stapled securities, which comprise one paid ordinary share in Charter Hall Limited and one unit in Charter Hall Property Trust. The securities were issued on 13 June 2007, and the applicants argued that they had not been given sufficient time to comply with the statutory requirements under the Corporations Act 2001 (Cth). The legal issues before the court were whether the applicants were entitled to an extension of time to comply with the statutory notice requirements, and if so, what the appropriate period for the extension should be.

The court found that the applicants had not been given sufficient time to comply with the statutory requirements, and that an extension was warranted. The court considered the circumstances of the case, including the fact that the applicants had acted promptly once they became aware of the need to give notice to the Australian Securities Exchange Limited, and that the delay was due to circumstances beyond their control. The court also noted that the applicants had taken steps to ensure that the securities were properly registered and that the extension would not cause any prejudice to any interested party. Accordingly, the court ordered that the period for giving notice to the Australian Securities Exchange Limited be extended to the second business day after the day on which the orders were entered, and that a notice given within the extended period be deemed to take effect as if it had been given on 14 June 2007. The court also made orders for service of the orders and for publication on the website of the first plaintiff. Any interested party was given liberty to apply to revoke or vary the orders within 28 days of the entry of the orders.

Orders

Orders of the court

1. In respect of the 44,444,445 stapled securities comprising one paid ordinary share in Charter Hall Limited and one unit in Charter Hall Property Trust which were issued on 13 June 2007 (the relevant securities), the period of five business days referred to in s 708A(6)(a) and s 1012DA(6)(a) of the Corporations Act 2001 (Cth) be extended to the second business day after the day on which these orders are entered.

2. A notice under s 708A(5)(e) and s 1012DA(5)(e) of the Corporations Act 2001 (Cth) given to Australian Securities Exchange Limited in respect of the relevant securities within the period provided for in order 1 be deemed to take effect as if it had been given to Australian Securities Exchange Limited on 14 June 2007.

3. These orders be entered forthwith.

4. A sealed copy of these orders be served as soon as practicable on the Australian Securities and Investments Commission, Australian Securities Exchange Limited, Macquarie Equity Capital Markets Limited, and each person named in the list at tab 28 of Exhibit NCF-1 to the affidavit of Nathan Cain Francis affirmed on 7 August 2007. A copy of these orders also be placed on the website of the first plaintiff as soon as practicable and remain there for at least 28 days.

5. Any interested party have liberty to apply within 28 days of the entry of these orders to revoke or vary the orders.

Background

Background to the litigation

Full text does not contain this section.

Evidence

Evidence Before The Court

Full text does not contain this section.

Decision

Reasons for decision

GYLES J

Full text does not contain this section.

Ratio Decidendi

Legal Principle Established

Established by: GYLES J

Full text does not contain this section.