Blaze Asset Pty Ltd v Target Energy Limited [2009] FCA 698

FEDERAL COURT OF AUSTRALIA

Blaze Asset Pty Ltd v Target Energy Limited [2009] FCA 698

CORPORATIONS – application to extend time to lodge supplementary bidder's statement – application to extend time to further vary bid – extent of Court's powers to make orders under s 1322(4)(d) Corporations Act 2001 (Cth) – orders made as asked Corporations Act 2001 (Cth) s 263(1), s 624, s 624(1), s 624(2), s 624(2)(a), s 630(3), s 650D(1), s 650D(1)(b), s 650D(1)(c)(ii), s 650E, s 650E(1), s 650E(1)(b), s 650E(1)(G), s 650F, s 650F(1), s 650F(3), s 650G, s 671B(1)(b), s 1322, s 1322(4), s 1322(4)(a), s 1322(4)(b), s 1322(4)(d), s 1322(6)(c), s 1325(D), Ch 6, Ch 6A, Ch 6B, Ch 6C Community Life Ltd v Kilmory Developments Pty Ltd [2007] NSWSC 943 Diamond Rose NL v Striker Resources NL (1998) 85 FCR 76 Primelife Corporation Ltd v Aevum Ltd (2005) 53 ACSR 283 Re Centennial Coal Co Ltd [2006] NSWSC 62 Re Emerald Capital Ltd [2008] FCA 1739 Re Insurance Australia Group Ltd (2003) 128 FCR 581 Re Laserbond Ltd (2003) 25 ACLC 1 Re MacMahon Holdings Limited [2008] FCA 1079 Re Wave Capital Limited (2003) 21 ACLC 1 Winpar Holdings Ltd v Goldfields Kalgoorlie Ltd (2001) 166 FLR 144 BLAZE ASSET PTY LTD v TARGET ENERGY LIMITED

WAD 100 of 2009

BARKER J

26 JUNE 2009

PERTH

IN THE FEDERAL COURT OF AUSTRALIA

WESTERN AUSTRALIA DISTRICT REGISTRY WAD 100 of 2009

BETWEEN: BLAZE ASSET PTY LTD

Plaintiff

AND: TARGET ENERGY LIMITED

Defendant

JUDGE: BARKER J

DATE OF ORDER: 26 JUNE 2009

WHERE MADE: PERTH

THE COURT ORDERS THAT:

1. The time for service of the originating process in this action be abridged. 2. The time for lodgement of the plaintiff's notice of variation (being the supplementary bidder's statement dated 5 June 2009) dated 5 June 2009 is extended to 8 June 2009. 3. The time to lodge a notice of variation (notice) as required by s 650D(1) of the Corporations Act 2001 (Cth) with ASIC is extended to 4pm on the date of these orders provided that: (a) the notice informs the recipients that: (i) the notice has been sent by order of this Court; (ii) the offer period is due to expire on 17 July 2009 unless otherwise extended by the plaintiff; and (iii) the offer is freed from all defeating conditions; and (iv) the time for payment of the consideration under the takeover bid for all persons who had accepted the offer prior to the date of the notice is accelerated to 19 July 2009; and (b) the plaintiff lodges the notice with ASIC and ASX by 4pm on the date of these orders; and (c) within 3 days after the date of these orders the plaintiff sends the notice to the defendant and to everyone to whom offers were made under the plaintiff's bidder's statement dated 16 April 2009. 4. The time for lodgement of the notice in s 630(3) is extended to 4pm on the date of these orders. 5. Costs reserved, in the event the parties cannot agree costs within 14 days. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules. The text of entered orders can be located using eSearch on the Court's website. IN THE FEDERAL COURT OF AUSTRALIA