Silver Mines Limited, in the matter of Silver Mines Limited [2013] FCA 254

FEDERAL COURT OF AUSTRALIA

Silver Mines Limited, in the matter of Silver Mines Limited [2013] FCA 254 Citation: Silver Mines Limited, in the matter of Silver Mines Limited [2013] FCA 254

Parties: IN THE MATTER OF SILVER MINES LIMITED ACN 107 452 942

File number: QUD 149 of 2013

Judge: DOWSETT J

Date of judgment: 13 March 2013

Date of hearing: 13 March 2013

Place: Brisbane

Division: GENERAL DIVISION

Category: No catchwords

Number of paragraphs: 3

Solicitor for the Plaintiff: Ms G Kee of HWL Ebsworth Lawyers

IN THE FEDERAL COURT OF AUSTRALIA QUEENSLAND DISTRICT REGISTRY GENERAL DIVISION QUD 149 of 2013

IN THE MATTER OF SILVER MINES LIMITED ACN 107 452 942 IN THE MATTER OF SILVER MINES LIMITED ACN 107 452 942

Plaintiff

JUDGE: DOWSETT J DATE OF ORDER: 13 MARCH 2013 WHERE MADE: BRISBANE

THE COURT DECLARES THAT:

1. Pursuant to subsection 1322(4)(a) of the Corporations Act 2001 (Cth), any offer for sale, or sale of any of the following ordinary shares in the Plaintiff occurring between 31 August 2012 and 8 March 2013 inclusive, by the person or persons whom such shares were issued, are not invalid by reason of the failure of the plaintiff to give a 'Cleansing Notice' to the Australian Securities Exchange ("ASX") in accordance with paragraph 7(f) of Australian Securities and Investments Commission Class Order [CO 009/425]: (a) 13,885,890 shares issued in September 2012 by the plaintiff to the persons described in annexure A to the application filed on 13 March 2013 in these proceedings pursuant to a share purchase plan offer made by the plaintiff on 31 August 2012 ("the Share Purchase Plan Offer"); (b) 1,240,000 shares issued on or about 1 November 2012 by the plaintiff to the following persons pursuant to the Share Purchase Plan Offer: (i) Balcara Enterprises (Hensman S/F); (ii) Barnato Investments; (iii) Hobart Properties & Securities; and (iv) Sanperez Pty Ltd; and (c) 650,000 shares issued on or about 5 November 2012 by the plaintiff to FGC Gold Shop pursuant to the Share Purchase Plan Offer. THE COURT ORDERS THAT: 2. Pursuant to subsection 1322(4) (c) of the Corporations Act 2001 (Cth), any seller of the shares described in Order 1 above be wholly relieved from civil liability arising out of any contravention of subsections 707(3) and 727(1) of the Corporations Act 2001 (Cth) by reason of the plaintiff's failure to give a 'Cleansing Notice' to the ASX in accordance with paragraph 7(f) of said Class Order in respect of the Share Purchase Plan Offer. 3. A sealed copy of these Orders be served upon the Australian Securities and Investments Commission ("ASIC") as soon as reasonably practicable. 4. The plaintiff request that ASIC include these Orders on its database. 5. A copy of these Orders be given to each person named in Order 1 above. 6. As soon as reasonably practicable, the plaintiff publish an announcement to the ASX in which a copy of these Orders is included. 7. The plaintiff forthwith request ASX to lift the suspension of trading in the plaintiff's ordinary shares. 8. For a period of 28 days from the date of the lifting of such suspension and the publication by the ASX of these Orders on the ASX website, whichever is the later, any person who claims to have suffered substantial injustice, or is likely to suffer substantial injustice by the making of Orders 1 and 2 above be at liberty t apply to vary or to discharge such Orders. 9. There be no order as to costs. Note: Entry of orders is dealt with in Rule 39.32 of the Federal Court Rules 2011.