Village Roadshow Broadcasting Pty Ltd v Austereo Ltd [1997] FCA 572

FEDERAL COURT OF AUSTRALIA

CORPORATIONS LAW - take-over offers - compulsory acquisition of minority shareholdings - rights of dissenting offerees - application by company for an order under s 1322(4)(d) of the Corporations Law to abridge period by which dissenting offerees may make application under s 701(6) with respect to notices given by the company under s 701(2) - whether "substantial injustice has been or is likely to be caused to any person" for the purposes of s 1322(6)(c) - consideration of the principles applicable to determining whether it is appropriate to abridge time periods to enable the compulsory acquisition to be completed earlier than otherwise would have occurred. Corporations Law ss 701(2), 701(6), 701(9), 701(10), 1322(4)(d), 1322(6) Corporations Regulations reg 602A Elderslie Finance Corporation Ltd v Australian Securities Commission (1993) 11 ACSR 157 David Grant & Co Pty Ltd v Westpac Banking Corporation (1995) 184 CLR 265 Gambotto v WCP Limited (1995) 182 CLR 432 Elkington v Shell Australia Ltd (1993) 32 NSWLR 11 Re Hoare & Co Ltd [1933] All ER Rep 105 Elkington v Vockbay Pty Ltd (1993) 10 ACSR 785 VILLAGE ROADSHOW BROADCASTING PTY LTD v AUSTEREO LIMITED VG 3174 of 1997 GOLDBERG J MELBOURNE 24 JUNE 1997

IN THE FEDERAL COURT OF AUSTRALIA ) ) VICTORIAN DISTRICT REGISTRY ) VG 3174 of 1997 ) GENERAL DIVISION )

BETWEEN: VILLAGE ROADSHOW BROADCASTING PTY LTD

Applicant

AND: AUSTEREO LIMITED

Respondent

JUDGE: GOLDBERG J PLACE: MELBOURNE DATE: 24 JUNE 1997

MINUTES OF ORDER

THE COURT ORDERS THAT: 1. Pursuant to s 1322(4)(d) of the Corporations Law the time after which the applicant shall serve a copy of the notice given by the applicant on or about 23 May 1997 under s 701(2) of the Corporations Law on the respondent Austereo Limited pursuant to s 701(10) of the Corporations Law and otherwise comply with such subsection shall be abridged to 4.15 pm on Tuesday 24 June 1997. 2. The applicant serve a copy of this order on the Australian Securities Commission. 3. A copy of this order be sent by post to each person listed in Schedule A to the order of the Court dated 20 June 1997. 4. The applicant pay the costs of the respondent, Austereo Limited of and incidental to this application including any reserved costs. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules.