FEDERAL COURT OF AUSTRALIA
Strike Energy Ltd, in the matter of Strike Energy Ltd (ACN 078 012 745)
[2012] FCA 725
Citation: Strike Energy Limited, in the matter of Strike Energy Limited (ACN 078 012 745) [2012] FCA 725 Parties: STRIKE ENERGY LIMITED (ACN 078 012 745) File number: WAD 103 of 2012 Judge: GILMOUR J Date of judgment: 6 July 2012 Catchwords: CORPORATIONS – application made under s 1322(4) of the Corporations Act 2001 (Cth) to remedy the applicant’s non-compliance with s 708A(5)(e) of the Act. Legislation: Corporations Act 2001 (Cth) ss 707(3), 708, 708A, 708A(5)(e), 1322, 1322(4) Cases cited: Blaze Asset Pty Ltd v Target Energy Ltd (2009) 177 FCR 488
Chalice Gold Mines Limited, In the matter of Chalice Gold Mines Limited [2009] FCA 1236
Charter Hall Limited, in the matter of Charter Hall Limited [2007] FCA 1316
Diversified, in the matter of Diversified United Investment Limited [2008] FCA 720
In the Matter of Chameleon Mining NL [2009] NSWSC 660
NRMA Insurance Group Ltd v Spragg (2001) 38 ACSR 174
RCR Tomlinson; In the matter of RCR Tomlinson Ltd [2009] FCA 1130
Re Elemental Minerals Ltd (2010) 79 ACSR 277
Re Golden Gate Petroleum Ltd (2010) 77 ACSR 17
Re Westpac Banking Corporation (2004) 53 ACSR 288
Re Wood Parsons Pty Ltd (in liq) (2002) 43 ACSR 257
Silver Lake Resources Limited, in the matter of Silver Lake Resources Limited [2012] FCA 32Date of hearing: 8 June 2012 Place: Perth Division: GENERAL DIVISION Category: Catchwords Number of paragraphs: 23 Counsel for the Applicant: Ms V Stewart Solicitor for the Applicant: Middletons
IN THE FEDERAL COURT OF AUSTRALIA
WESTERN AUSTRALIA DISTRICT REGISTRY
GENERAL DIVISION
WAD 103 of 2012
IN THE MATTER OF STRIKE ENERGY LIMITED (ACN 078 012 745)
STRIKE ENERGY LIMITED (ACN 078 012 745)
Applicant
JUDGE:
GILMOUR J
DATE OF ORDER:
8 JUNE 2012
WHERE MADE:
PERTH
THE COURT ORDERS THAT:
1.In respect of the 25 million fully paid ordinary shares in the applicant issued on 23 December 2011 (the Relevant Securities) the period of 5 business days referred to in section 708A(6) of the Corporations Act 2001 (Cth) (Act) be extended to the second business day after the day on which these orders are entered.
2.The notice under section 708A(5)(e) of the Act given to ASX Limited ACN 008 624 691 (ASX) 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 ASX within 5 business days of 23 December 2011.
3.These orders be entered forthwith.
4.A sealed copy of these orders be served on ASIC, ASX, and each person named in the schedule which is annexure AHN3 to the affidavit of Andrew Minh Hooper-Nguyen sworn 18 April 2012 within 2 business days of the date of these orders. A copy of these orders also be placed on the website of the applicant as soon as practicable and remain there for at least 28 days.
NOTE:Entry of orders…
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- Re Strike Energy Ltd [2012] FCA 725
- Case
- [2012] FCA 725
- Decision Date
CaseChat Overview and Summary
The court was required to determine whether the applicant's delay in notifying ASX about the Relevant Securities could be rectified by extending the notice period and whether such an extension would be just and equitable. The applicant argued that its delay was due to an administrative error, and it had taken prompt action to rectify the situation upon discovering the oversight.
In granting the relief, the court found that the delay was not due to any fault of the applicant and that an extension would be in the interests of justice. The court accepted that the applicant's prompt action upon realising the oversight warranted a remedy. Consequently, the court extended the notification period and deemed the notification to have been made within the statutory timeframe.
The orders required the applicant to notify ASX within the newly specified period and mandated the notification be deemed effective as if made within the original five business days. Additionally, the court ordered that ASIC, ASX, and the relevant individuals be served with a sealed copy of the orders, and a copy be placed on the applicant’s website for a minimum of 28 days.
Orders
Orders of the court
1. In respect of the 25 million fully paid ordinary shares in the applicant issued on 23 December 2011 (the Relevant Securities) the period of 5 business days referred to in section 708A(6) of the Corporations Act 2001 (Cth) (Act) be extended to the second business day after the day on which these orders are entered.
2. The notice under section 708A(5)(e) of the Act given to ASX Limited ACN 008 624 691 (ASX) 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 ASX within 5 business days of 23 December 2011.
3. These orders be entered forthwith.
4. A sealed copy of these orders be served on ASIC, ASX, and each person named in the schedule which is annexure AHN3 to the affidavit of Andrew Minh Hooper-Nguyen sworn 18 April 2012 within 2 business days of the date of these orders. A copy of these orders also be placed on the website of the applicant as soon as practicable and remain there for at least 28 days.
NOTE: Entry of orders is dealt with in Rule 39.32 of the Federal Court Rules 2011.
Background
Background to the litigation
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Evidence
Evidence Before The Court
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Decision
Reasons for decision
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Ratio Decidendi
Legal Principle Established
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