Wave Capital Limited [2003] FCA 969

FEDERAL COURT OF AUSTRALIA

Wave Capital Limited [2003] FCA 969 CORPORATIONS – prospectus – rights issue – representation in prospectus that application would be made for quotation of New Shares on ASX – statutory requirement to make application for quotation within seven days of date of prospectus – requirement overlooked – application to extend period – discretion of Court – general principles – period extended – order that costs of application not to be met out of company funds

Corporations Act 2001 (Cth) s 723(3), s 723(4), s 724, s 1322 Re Onslow Salt Pty Ltd (2003) 198 ALR 344 cited In the matter of Insurance Australia Group Ltd [2003] FCA 581 cited Re Australian Koyo Ltd (1984) 8 ACLR 928 cited Elderslie Finance Corporation Ltd v Australian Securities Commission (1999) 11 ACSR 157 cited IN THE MATTER OF WAVE CAPITAL LIMITED W3022 OF 2003 FRENCH J 12 SEPTEMBER 2003 PERTH

IN THE FEDERAL COURT OF AUSTRALIA

WESTERN AUSTRALIA DISTRICT REGISTRY W3022 OF 2003

IN THE MATTER OF SECTION 1322 OF THE CORPORATIONS ACT

AND: IN THE MATTER OF WAVE CAPITAL LIMITED

ACN 006 031 161

APPLICANT

JUDGE: FRENCH J

DATE OF ORDER: 12 SEPTEMBER 2003

WHERE MADE: PERTH

THE COURT ORDERS THAT: 1. The period of seven days referred to in paragraph 723(3)(a) and in sub-paragraph 724(b)(i) of the Corporations Act 2001 in respect of the prospectus dated 29 July 2003 ('the Prospectus') issued by the Applicant be extended to the date contemplated by paragraph 3 hereof. 2. Upon service of this Order on the Australian Securities and Investments Commission ('ASIC'), ASIC will include such Order on its database. 3. The date fixed for the purposes of paragraph 1 is to be the next day following the lodgment by the Company of an application to Australian Stock Exchange Ltd as provided for in the Prospectus and in any event no later than three days from the date of this Order. 4. The Applicant and all other interested parties including ASIC have liberty to apply to revoke or vary the Orders (1) and (3) above. 5. The costs of this application are not to be met out of company funds. 6. There by liberty to the Company to vary or revoke the last mentioned order. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules.