Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
RBC Investor Services Australia Nominees Pty Limited v Brickworks Limited [2017] FCA 756 File number(s): NSD 2387 of 2013
Judge(s): JAGOT J
Date of judgment: 10 July 2017
Catchwords: CORPORATIONS – oppression – whether maintenance of cross shareholding in publicly listed companies oppressive – whether an agreement, arrangement or understanding between directors to maintain cross shareholding – whether cross shareholding depresses value of shares in companies – whether cross shareholding entrenches position of incumbent boards – whether cross shareholding disenfranchises shareholders – application dismissed
Legislation: Corporations Act 2001 (Cth) ss 232, 233, 250B, 259D, 259E Evidence Act 1995 (Cth) ss 81, 87 Federal Court of Australia Act 1976 (Cth) ss 37M, 37N
Cases cited: Ashburton Oil NL v Alpha Minerals NL (1971) 123 CLR 614 Bateman v Newhaven Park Stud Ltd [2004] NSWSC 566; (2004) 49 ACSR 597 Briginshaw v Briginshaw (1938) 60 CLR 336 Campbell v Backoffice Investments Pty Ltd [2009] HCA 25; (2009) 238 CLR 304 Carson v Dynasty Metals Australia Ltd [2011] FCA 621 Catalano v Managing Australia Destinations Pty Ltd [2014] FCAFC 55; (2014) 314 ALR 62 Corbett v Corbett Court Pty Ltd [2015] FCA 1176; (2015) 109 ACSR 296 Equiticorp Finance Ltd (In liq) v Bank of New Zealand (1993) 32 NSWLR 50 Falkingham v Peninsula Kingswood Country Golf Club [2014] VSC 437 Fexuto Pty Ltd v Bosnjak Holdings Pty Ltd [2001] NSWCA 97; (2001) 37 ACSR 672 HNA Irish Nominee Ltd v Kinghorn (No 2) [2012] FCA 228; (2012) 290 ALR 372 Insurance Commissioner v Joyce (1948) 77 CLR 39 Joint v Stephens [2008] VSCA 210 Jones v Dunkel (1959) 101 CLR 298 Latimer Holdings Ltd v Sea Holdings New Zealand Ltd [2004] NZCA 226; [2005] 2 NZLR 328 Mackay Sugar Ltd v Wilmar Sugar Australia Ltd [2016] FCAFC 133; (2016) 338 ALR 374 Maine v Chelia [2005] NSWSC 860 Morgan v 45 Flers Ave Pty Ltd (1986) 10 ACLR 692 Nadinic v Drinkwater [2017] NSWCA 114 News Ltd v Australian Rugby Football League Ltd (1996) 64 FCR 410 Ngurli Ltd v McCann (1953) 90 CLR 425 Re Spargos Mining NL (1990) 3 WAR 166 Territory Realty Pty Ltd v Garraway [2009] FCA 292 Thomas v H W Thomas Ltd [1984] 1 NZLR 686 Trade Practices Commission v David Jones (Australia) Pty Ltd (1986) 13 FCR 446 Trade Practices Commission v Nicholas Enterprises Pty Ltd (No 2) (1979) 26 ALR 609 Wayde v New South Wales Rugby League Ltd (1985) 180 CLR 459 Whitehouse v Carlton Hotel Pty Ltd (1987) 162 CLR 285
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