Helios Energy Ltd, in the matter of Helios Energy Ltd [2017] FCA 840

FEDERAL COURT OF AUSTRALIA

Helios Energy Ltd, in the matter of Helios Energy Ltd [2017] FCA 840 File number: WAD 278 of 2017

Judge: GILMOUR J

Date of judgment: 24 July 2017

Catchwords: CORPORATIONS – securities – whether the time period for admitting securities to quotation on the Australian Securities Exchange may be extended and securities already issued be validated and confirmed – consideration of the legislative scheme for fundraising and curative orders in the Corporations Act 2001 (Cth) ('Act') – consideration of the statutory requirements for extension of time pursuant to ss 1322(4)(d) and 1322(6) of the Act and for validation of shares already issued pursuant to ss 254E and 1322(4)(a) of the Act.

Legislation: Acts Interpretation Act 1901 (Cth) ss 2B, 15AB(1), 15AB(2)(e), 46(1) Corporations Act 2001 (Cth) ss 254E, 254E(1), 254E(1)(a), 711(6), 723(3), 723(3)(b), 723(3)(c)-(d), 724(1)(b)(ii), 724(1)(c)-(d), 724(2), 724(3G)(a), 724(3H), 741, 1322, 1322(4), 1322(4)(a), 1322(4)(d), 1322(5), 1322(6), 1322(6)(a), 1322(6)(a)(i), 1322(6)(a)(ii), 1322(6)(a)(iii), 1322(6)(c), Chapter 6D Legislation Act 2003 (Cth) s 8 ASIC Corporations (Minimum Subscription and Quotation Conditions) Instrument 2016/70 (Cth) Explanatory Statement, ASIC Corporations (Minimum Subscription and Quotation Conditions) Instrument 2016/70 (Cth)

Cases cited: Re Azure Minerals Limited [2013] FCA 63 Re Elemental Minerals Ltd (2010) 79 ACSR 277 Re G8 Communications Ltd (2016) 112 ACSR 22 Re Golden Gate Petroleum Ltd (2004) 50 ACSR 659 Re Wave Capital Ltd (2003) 47 ACSR 418 Solco Ltd, in the matter of Solco Ltd [2015] FCA 635 Taruga Gold Limited, in the matter of Taruga Gold Limited [2015] FCA 892 Weinstock v Beck (2013) 251 CLR 396