Were Securities Limited v Red Sheriff Limited [2004] FCA 42

FEDERAL COURT OF AUSTRALIA

Were Securities Limited v Red Sheriff Limited [2004] FCA 42 WERE SECURITIES LIMITED V RED SHERIFF LIMITED & ANOR N 94 OF 2004 STONE J 2 FEBRUARY 2004 SYDNEY

IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY N 94 OF 2004

BETWEEN: WERE SECURITIES LIMITED

PLAINTIFF

AND: RED SHERIFF LIMITED

FIRST DEFENDANT

RBC GLOBAL SERVICES AUSTRALIA NOMINEES PTY LIMITED

SECOND DEFENDANT

JUDGE: STONE J

DATE OF ORDER: 30 JANUARY 2004

WHERE MADE: SYDNEY

THE COURT ORDERS THAT: 1. Upon Were Securities Limited, by its counsel, giving the usual undertaking as to damages, the first defendant be restrained until further order from holding any meeting of its Board to consider or vote upon any of the matters referred to in the affidavit of Richard John Flitcroft of 30 January 2004 at paragraph 17 at any time prior to Friday 6 February 2004; 2. The matter be stood over until 9.30 am on Thursday 5 February 2004; 3. Either party has liberty to apply on 24 hours notice; 4. Costs to be reserved. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules.

IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY N 94 OF 2004

BETWEEN: WERE SECURITIES LIMITED

PLAINTIFF

AND: RED SHERIFF LIMITED (ACN 081 796 287)

FIRST DEFENDANT

RBC GLOBAL SERVICES AUSTRALIA NOMINEES PTY LIMITED (ACN 097 125 123)

SECOND DEFENDANT

JUDGE: STONE J

DATE: 2 FEBRUARY 2004

PLACE: SYDNEY

REASONS FOR JUDGMENT 1 On 30 January 2004 the plaintiff in this matter, Were Securities Limited ('WSL'), made an urgent application for interlocutory relief. It sought an order that the first defendant be restrained from holding a meeting of its Board of Directors at any time prior to 6 February 2004 to consider or vote upon certain matters that had been notified to WSL on 29 January 2004. Given the urgency of the matter, and being convinced that there was both a serious question to be tried and that the balance of convenience lay with WSL, I made orders without delaying to give reasons. It is appropriate that I now give these brief reasons for making those orders.