Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
In the matter of NuSep Ltd [2007] FCA 613
CORPORATIONS – prospectus for a rights issue of shares and attached options to take up further shares – prospectus foreshadows that company will apply to Australian Stock Exchange ("ASX") for official quotation of the shares and of the options – failure to apply for admission of securities to quotation within seven days after date of prospectus – also securities not listed within three months after date of prospectus – s 723(3) of Corporations Act 2001 (Cth) ("the Act") producing results that issue of securities void and that company liable to refund to the applicants for the securities all money received from them for the securities – application by company for remedial orders under s 1322(4)(d) of the Act extending the seven-day and three-month periods – letters sent to all applicants and underwriters advising them of application to Court – no objection – no objection by Australian Securities and Investments Commission or ASX. Held: (1) Court has power under s 1322(4)(d) to extend both periods; (2) Court exercises discretion to make orders; (3) making of orders does not affect any right of action for breach by company of contractual undertaking in prospectus to apply to ASX for official quotation within stipulated period. Corporations Act 2001 (Cth) ss 723, 1322 Re Cabcharge Australia Ltd [2007] FCA 421 discussed Re Insurance Australia Group Ltd (2003) 128 FCR 581 followed IN THE MATTER OF NUSEP LTD (ACN 120 047 556) NSD 672 OF 2007
LINdgREN J
18 APRIL 2007
SYDNEY IN THE FEDERAL COURT OF AUSTRALIA
NEW SOUTH WALES DISTRICT REGISTRY NSD 672 OF 2007
IN THE MATTER OF NUSEP LTD BETWEEN: NUSEP LTD (ACN 120 047 556)
Plaintiff
JUDGE: LINDGREN J DATE OF ORDER: 18 APRIL 2007
WHERE MADE: SYDNEY
THE COURT ORDERS THAT:
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