Tower Software Engineering Pty Limited; Pendant Software Pty Limited v Harwood [2006] FCA 717

FEDERAL COURT OF AUSTRALIA

Tower Software Engineering Pty Limited; Pendant Software Pty Limited v Harwood [2006] FCA 717

CORPORATIONS – interlocutory application to restrain defendant from taking any further step in a proceeding/application in the Takeovers Panel – interlocutory application for orders to dismiss or stay court proceeding – pre-emptive rights regime under company constitution – takeover offer – whether it is within discretion of directors to refuse to register acceptance of shares for reason that may prevent a higher bid – where application made to Takeovers Panel – whether same substratum of facts before Takeovers Panel and the Court – whether declaration by the Takeovers Panel would render proceeding in Court nugatory – role of the Takeovers Panel under the Corporations Act Corporations Act 2001 (Cth): ss 657A, 659AA, 659B, 1071F CSR Limited v Cigna Insurance Australia Ltd (1997) 189 CLR 345, considered National Mutual Holdings Pty Limited v Sentry Corporation (1989) 22 FCR 209, considered Sage v Australian Securities and Investments Commission [2005] FCA 1043, cited Hammond v Commonwealth of Australia (1982) 152 CLR 188, considered Glencore International AG v Takeovers Panel (2005) 220 ALR 495, applied

IN THE MATTER OF TOWER SOFTWARE ENGINEERING PTY LIMITED (ACN 008 602 739)

PENDANT SOFTWARE PTY LIMITED (ACN 117 040 525) v MARTIN HARWOOD & ORS

VID 496 of 2006 GOLDBERG J 6 JUNE 2006 MELBOURNE

IN THE FEDERAL COURT OF AUSTRALIA

VICTORIA DISTRICT REGISTRY VID 496 OF 2006

IN THE MATTER OF TOWER SOFTWARE ENGINEERING PTY LIMITED (ACN 008 602 739)

BETWEEN: PENDANT SOFTWARE PTY LIMITED (ACN 117 040 525)

PLAINTIFF

AND: MARTIN HARWOOD

FIRST DEFENDANT

BEREND HOFF

SECOND DEFENDANT

PETER JOHNSON