Re Silver Lake Resources Ltd

[2012] FCA 32

FEDERAL COURT OF AUSTRALIA

Silver Lake Resources Limited, in the matter of Silver Lake Resources Limited [2012] FCA 32

Citation:		Silver Lake Resources Limited, in the matter of Silver Lake Resources Limited [2012] FCA 32
Party:		SILVER LAKE RESOURCES LIMITED (ACN 108 779 782)
File number:		WAD 518 of 2011
Judge:		SIOPIS J
Date of judgment:		31 January 2012
Catchwords:		CORPORATIONS – a company issued shares to which s 707(3) of the Corporations Act 2001 (Cth) applied – company did not comply with s 708A(5)(e) of the Corporations Act by issuing a cleansing notice – on‑market trading in the shares occurred without compliance with disclosure requirements of s 707(3) of the Corporations Act – whether a declaration should be made validating the trading in the shares.
Legislation:		Corporations Act 2001 (Cth) ss 707(3), 708A(5)(e), 708A(11), 1322(4)(a), 1322(4)(c), 1322(6)(a), 1322(6)(c)
Cases cited:		Re Golden Gate Petroleum Ltd (2010) 77 ACSR 17 Re Elemental Minerals Ltd (2010) 79 ACSR 277
Date of hearing:	Determined on the papers.
Date of last submissions:	6 January 2012
Place:	Perth
Division:	GENERAL DIVISION
Category:	Catchwords
Number of paragraphs:	25
Counsel for the Plaintiff:	Mr TP O’Leary
Solicitor for the Plaintiff:	Gilbert + Tobin Lawyers

IN THE FEDERAL COURT OF AUSTRALIA
WESTERN AUSTRALIA DISTRICT REGISTRY
GENERAL DIVISION	WAD 518 of 2011

IN THE MATTER OF SILVER LAKE RESOURCES LIMITED (ACN 108 779 782)

SILVER LAKE RESOURCES LIMITED (ACN 108 779 782)
Plaintiff

JUDGE:	SIOPIS J
DATE OF ORDER:	31 JANUARY 2012
WHERE MADE:	PERTH

THE COURT ORDERS THAT:

1.Pursuant to s 1322(4)(a) of the Corporations Act 2001 (Cth) (Act), any offer for sale or sale of the shares of Silver Lake Resources Limited (Plaintiff) issued to the persons on the dates appearing at Annexure A to these orders by reason of the exercise of options granted by the Plaintiff, is not invalid by reason of the Plaintiff’s failure to comply with s 708A(5)(e) of the Act.

2.Pursuant to s 1322(4)(c) of the Act, the sellers of the shares referred to in Annexure A to these orders be wholly relieved from any civil liability arising out of contravention of s 707(3) of the Act, or by reason of the Plaintiff’s failure to comply with s 708A(5)(e) of the Act.

3.A sealed copy of these orders be served on the Australian Securities and Investments Commission (ASIC) as soon as reasonably practicable and upon service of these orders on ASIC, ASIC is to include these orders on its database.

4.As soon as reasonably practicable, the Plaintiff is to publish an announcement (Announcement) to the Australian Securities Exchange (ASX) that includes a copy of the orders made.

5.For a period of 28 days from the date of publication by the ASX of the Announcement, any person to whom substantial injustice has been or is likely to be caused by the making of order 1 and order 2 above, has liberty to apply to vary or discharge that order.

6.There be no orders as to costs.

Annexure A

Date of Issue Name