Golden Gate Petroleum Ltd (ABN 090 074 785), in the matter of Golden Gate Petroleum Ltd (ABN 090 074 785) [2010] FCA 40

FEDERAL COURT OF AUSTRALIA

Golden Gate Petroleum Ltd (ABN 090 074 785), in the matter of Golden Gate Petroleum Ltd (ABN 090 074 785) [2010] FCA 40 Citation: Golden Gate Petroleum Ltd (ABN 090 074 785), in the matter of Golden Gate Petroleum Ltd (ABN 090 074 785) [2010] FCA 40

Parties: IN THE MATTER OF GOLDEN GATE PETROLEUM (ABN 090 074 785) GOLDEN GATE PETROLEUM LTD (ABN 090 074 785)

File number: WAD 9 of 2010

Judge: MCKERRACHER J

Date of judgment: 22 January 2010

Catchwords: CORPORATIONS - offers of sale and sale of placement options - obligation of disclosure-failure to disclose - acquisition of shares invalid - seeking declaratory relief - each case to be decided on its merits - applicant acted honestly - no substantial injustice to third parties - declaratory relief granted

Legislation: Corporations Act 2001 (Cth) ss 707, 707(3), 708A, 708A(5)(e), 708AA, 727(1), 1012C, 1322, 1322(4)(a), 1322(4)(c)

Cases cited: Diversified, in the matter of Diversified United Investment Limited [2008] FCA 720 Elderslie Finance Corp Ltd v Australian Securities Commission (1993) 11 ACSR 157 Jordan v Avram (1997) 141 FLR 275 NRMA Ltd v Gould (1995) 18 ACSR 290 Primelife Corporation Ltd v Aevum Ltd (2005) 53 ACSR 283 Re Centennial Coal Co Ltd (2006) 226 ALR 341 Re Chameleon Mining NL [2009] NSWSC 660 Re Charter Hall Ltd [2007] FCA 1316 Re Commonwealth Bank of Australia (2005) 57 ACSR 28 Re Golden Gate Petroleum Ltd (2004) 50 ACSR 659 Re Insurance Australia Group Ltd (2003) 128 FCR 581 Re MLC Ltd (2006) 60 ACSR 187 Re RCR Tomlinson [2009] FCA 1130 Re Wave Capital Ltd (2003) 47 ACSR 418 Re Westpac Banking Corporation (2004) 53 ACSR 288 Re Wood Parsons Pty Ltd (in liq) (2002) 43 ACSR 257 Twin v Deputy Commissioner of Taxation [2004] 1 Qd R 450