Federal Court of Australia
-? CATCHWORDS
Companies (Acquisition of Shares) Act 1980 ~ Part A of Schedule - extent of particularity required by sub-para. l(c) - whether Part A
statement complied with sub-paras. l(c) and 3(b) = whether minimum acceptance condition complied with Act - whether National Companies and Securities Commission bound to refuse registration pursuant to s.
18(2A) ~ interpretation and applicability of ss. 47 and 48 of Act.
Companies (Acquisition of Shares) Act 1980: ss. 6, 7, 9, 18, 20, 47, 48, 49, 58, 59 and Part A Schedule.
Companies Act 1980: s. 537
TARGET PETROLEUM N.L. v. PETROZ N.L. G 197 of 1987
CORAM: LOCKHART, SHEPPARD and EINFELD JJ. 15 MAY 1987
SYDNEY
IN THE FEDERAL COURT OF AUSTRALIA
AUSTRALIAN CAPITAL TERRITORY No. G 197 of 1987
GENERAL DIVISION
ON APPEAL FROM THE SUPREME COURT OF THE AUSTRALIAN CAPITAL TERRITORY
TARGET PETROLEUM N.L.
Appellant
PETROZ N.L.
Respondent JUDGES MAKING ORDER: LOCKHART, SHEPPARD and EINFELD JJ. DATE OF ORDER: 15 MAY 1987 WHERE ORDER MADE: SYDNEY MINUTES OF ORDER THE COURT ORDERS THAT: 1. The appeal be dismissed. 2. The cross appeal be allowed. 3. The appellant pay the costs of the respondent of the appeal and cross appeal. 4. The orders made by the Supreme Court of the Australian
Capital Territory on 4 May 1987 be set aside and in lieu thereof it be ordered that the application to the Supreme
Court be dismissed with no order as to costs.
NOTE: Settlement and entry of orders is dealt with in Order 36 of
the Federal Court Rules.
IN THE FEDERAL COURT OF AUSTRALIA
AUSTRALIAN CAPITAL TERRITORY No. G 197 of 1987
GENERAL DIVISION
ON APPEAL FROM THE SUPREME COURT OF THE AUSTRALIAN CAPITAL TERRITORY
TARGET PETROLEUM N.L.
Appellant PETROZ N.L.
Respondent
COURT: LOCKHART, SHEPPARD and EINFELD JJ.
15 MAY 1987
REASONS FOR JUDGMENT
THE COURT:
On 10 April 1987 Petroz N.L. ("Petroz") served on Target Petroleum N.L. ("Target") a Part A statement and a copy of a proposed take-over offer for shares in the capital of Target. On the same day Petroz lodged a copy of both documents with the National Companies and Securities Commission ("the Commission") which thereupon registered
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