Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Sprint Energy Limited, in the matter of Sprint Energy Limited [2012] FCA 1354 Citation: Sprint Energy Limited, in the matter of Sprint Energy Limited [2012] FCA 1354
Parties: SPRINT ENERGY LIMITED (ACN 119 749 647)
File number: WAD 308 of 2012
Judge: MCKERRACHER J
Date of judgment: 30 November 2012
Catchwords: CORPORATIONS – application for declaratory relief to validate share trades and relieve sellers of shares from civil liability – erroneous representations by applicant company to the ASX and the public that disclosure was not required for offers for sale and sale of shares – contraventions of sections 707(3) and 708A of the Corporations Act 2001 (Cth) because cleansing notices not issued and the company was suspended from trading on the ASX for more than five days in the year preceding the share transfers – whether the applicant company had acted honestly– whether sellers had relied on applicant company's representations in good faith – whether any purchaser of the shares would suffer substantial injustice by the granting of declaratory relief
Legislation: Corporations Act 2001 (Cth) ss 707(3), 708A(5), 708A(6), 708A(11), 1322(4)(a), 1322(4)(c)
Cases cited: 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 Diversified United Investment Limited [2008] FCA 720 Elderslie Finance Corporation Ltd v Australian Securities Commission (1993) 11 ACSR 157 Re Golden Gate Petroleum Ltd (2004) 50 ACSR 659 Re Golden Gate Petroleum Ltd (2010) 77 ACSR 17 Re Insurance Australia Group Ltd (2003) 128 FCR 581 Jordan v Avram (1997) 141 FLR 275 Re MLC Ltd (2006) 60 ACSR 187 NRMA Ltd v Gould (1995) 18 ACSR 290 Primelife Corporation Ltd v Aevum Ltd (2005) 53 ACSR 283 Re RCR Tomlinson Ltd [2009] FCA 1130 Re Silver Lake Resources Ltd (2012) 87 ACSR 436 Re Wave Capital Ltd (2003) 47 ACSR 418 Re Westpac Banking Corporation (2004) 53 ACSR 288
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