Lion Nathan Australia Pty Ltd (ACN 008 596 370) v Coopers Brewery Limited (ACN 007 871 409) [2005] FCA 1812

FEDERAL COURT OF AUSTRALIA

Lion Nathan Australia Pty Ltd (ACN 008 596 370) v Coopers Brewery Limited (ACN 007 871 409) [2005] FCA 1812

CONTRACT – agreement between two brewing companies to settle a number of disputes – agreement required amendments to one company's articles of association – alleged agreement that company would comply with articles as amended – whether implementation of share buy-back under Corporations Act amounted to breach of settlement agreement CONTRACT – articles of association – pre-emptive rights provisions – whether they apply to a buy-back offer under Div 2, Pt 2J.1 of the Corporations Act – meaning of "any transfer of shares" CONTRACT – articles of association – principles of construction to be applied – resort to "surrounding circumstances" – whether ambiguity has to be shown in first instance – whether special considerations apply in relation to construing a company's constitution – whether ordinary rules of contract construction apply. CORPORATIONS – share buy-back – articles create a tiered pre-emptive rights regime – whether this constitutes a restriction on, or prohibition of, the buy-back power given by the Corporations Act for the purposes of s 125(1). CORPORATIONS – share buy-back – whether pre-emptive rights regime applies to buy back under s 257A of Corporations Act – whether schemes can be construed together Corporations Act 2001 (Cth) s 125(1), s 140, s 257A, s 257H(3) Companies Code 1981 (Cth) s 133BC, s 133DA(1) Corporations Law 1991, s 206PA, s 206PB, s 206PC(1), Div 2 of Pt 2J.1 of Ch 2J First Corporate Law Simplification Act 1995 (Cth) s 206B Acts Interpretation Act 1901 (Cth) s 15AB Stamps Act 1958 (Vic)

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