In the matter of Keybridge Capital Ltd [2020] NSWSC 1917

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Keybridge Capital Ltd [2020] NSWSC 1917 Hearing dates: 15 October 2020 Date of orders: 24 December 2020 Decision date: 24 December 2020 Jurisdiction: Equity Before: Ward CJ in Eq Decision: 1. Dismiss Keybridge Capital Limited's originating process filed 1 June 2020 with costs. 2. Pursuant to s 1322(4) or s 1325D of the Corporations Act 2001 (Cth), extend to 26 February 2020 the time for compliance by WAM Active Limited with s 630(3) of the Corporations Act 2001 (Cth), in respect of the giving of notice to Keybridge Capital Limited of the status of the defeating conditions of the WAM Active Offer (as defined) in accordance with s 630(5)(a) of the Corporations Act 2001 (Cth). 3. Order Keybridge Capital Limited to pay WAM Active Limited and the Australian Securities and Investments Commission their costs of the interlocutory process filed by WAM Active Limited on 16 July 2020 and amended on 15 October 2020. Catchwords: CORPORATIONS — Take-over offers — Where various deficiencies and non-compliance asserted in relation to defeating conditions and otherwise CORPORATIONS — Shares — Acquisition of shares — Operation of s 650G and remedial consequences CIVIL PROCEDURE — Jurisdiction — Inherent jurisdiction — Abuse of process — Where earlier proceedings and processes Legislation Cited: Acts Interpretation Act 1901 (Cth), s 15AB Administrative Decisions (Judicial Review) Act 1977 (Cth) Civil Procedure Act 2005 (NSW), s 56(3) Companies (Acquisition of Shares) Act 1980 (Cth), ss 28(9), 45(3), 48 Companies Act 1961 (Vic), s 366 Companies Act 1981 (Cth), s 539 Companies and Securities Legislation Miscellaneous Amendments Act 1985 (Cth) Companies and Securities Legislation Miscellaneous Amendments Bill 1985 (Cth) Corporate Law Economic Reform Program Bill 1998 (Cth) Corporations Act 2001 (Cth), ss 9, 175, 602, 630, 633, 650D, 650F, 650G, 652C, 658B, 663, 743, 1322, 1325A(1)(a),1325D Corporations Regulations 2001 (Cth), regs 1.0.02, 7.11.27(1)(a) Judiciary Act 1903 (Cth), s 39B Uniform Civil Procedure Rules 2005 (NSW), rr 12.1,12.3(1) Cases Cited: Alcan (NT) Alumina Pty Ltd v Commissioner of Territory Revenue (2009) 239 CLR 27; [2009] HCA 41 Anthony Hordern & Sons Ltd v Amalgamated Clothing & Allied Trades Union of Australia (1932) 47 CLR 1; [1932] HCA 9 Attorney General (Cth) v Alinta Limited (2008) 233 CLR 542; [2008] HCA 2 Baini v The Queen (2012) 246 CLR 469; [2012] HCA 59 Barondene Pty Ltd v Breakfree Ltd [2003] QSC 480 Baxter v British Airways plc (1988) 82 ALR 298 Blaze Asset Pty Ltd v Target Energy Ltd (2009) 72 ACSR 431 Brooks v Burn Philp Trustee Co Ltd (1969) 121 CLR 432; [1969] HCA 4 CIC Insurance Ltd v Bankstown Football Club Ltd (1997) 187 CLR 384; [1997] HCA 2 Coverdale v West Coast Council (2016) 259 CLR 164; [2016] HCA 15 Croome v Tasmania (1997) 191 CLR 119; [1997] HCA 5 Dovuro Pty Ltd v Wilkins (2003) 215 CLR 317; [2003] HCA 51 Eastern Express Pty Ltd v General Newspapers Pty Ltd (1992) 35 FCR 43 Flinders Diamond Ltd v Tiger International Resources Inc (2004) 88 SASR 281; [2004] SASC 119 Flinders Diamonds Ltd v Tiger International Resources Inc (No 2) [2003] SASC 182; (2003) 45 ACSR 608 G and M v Armellin [2008] ACTSC 68; (2008) 219 FLR 359 Gerrard Company of Australasia Ltd v Johns Perry Ltd (1982) 7 ACLR 699; (1983) 1 ACLC 646 Harrison v Melhem (2008) 72 NSWLR 380; [2008] NSWCA 67 Henderson v Henderson (1843) 3 Hare 100; 67 ER 313 In the matter of McMahon Holdings Ltd [2008] FCA 1079 Islington London Borough Council v Uckac [2006] EWCA Civ 340; [2006] 1 WLR 1303 Johnson v Gore Wood & Co [2002] 2 AC 1 Keybridge Capital Limited 04, 05 and 06 [2020] ATP 6 Keybridge Capital Ltd 08R, 09R and 10R [2020] ATP 9 Lacey v Attorney-General (Qld) (2011) 242 CLR 573; [2011] HCA 10 Le Meilleur Pty Ltd (subject to Deed of Company Arrangement) v Jin Heung Mutual Savings Bank Co Ltd [2011] NSWSC 1115 Metwally v University of Wollongong [1985] HCA 28; (1985) 60 ALR 58 Minister for Immigration and Multicultural and Indigenous Affairs v Nystrom (2006) 228 CLR 566; [2006] HCA 50 New South Wales Land and Housing Corporation v Quinn [2016] NSWCA 338 Nominal Defendant v Gabriel [ (2007) 71 NSWLR 150; [2007] NSWCA 52 Novus Petroleum Limited [2004] ATP 2 (2004) 22 ACLC 436 Pinnacle VRB Pty Ltd v Reliable Power Inc [2001] VSC 262; (2001) 163 FLR 215 Pitcher v Langford (1991) 23 NSWLR 142 Port of Melbourne Authority v Anshun Pty Ltd (1981) 147 CLR 589; [1981] HCA 45 Primelife Corporation Ltd v Aevum Ltd [2005] NSWSC 269 Re Cabcharge Australia Ltd [2007] FCA 421 Re Emerald Capital [2008] FCA 1739; (2008) 68 ACSR 579 Re Precious Metals Australia Ltd (2002) 41 ACSR 546 Re PW Saddington & Sons Pty Ltd (1990) 19 NSWLR 674 Re Taipan Resources NL (No 2) (2000) 36 ACSR 704 Rhone-Poulenc Agrochimie SA v UIM Chemical Services Pty Ltd (1985) 10 FCR 567 Rhone-Poulenc Agrochimie SA v UIM Chemical Services Pty Ltd (1986) 12 FCR 477 Roach v Bickle (1915) 20 CLR 663; [1915] HCA 80 Saeed v Minister for Immigration and Citizenship (2010) 241 CLR 252; [2010] HCA 23 Sasson & Partners Pty Ltd v Fahevu [1999] NSWCA 400 SZTAL v Minister for Immigration and Border Protection (2017) 262 CLR 362; [2017] HCA 34 Taylor v Owners – Strata Plan No 11564 (2014) 253 CLR 531; [2014] HCA 9 Timbercorp Finance Pty Ltd (In Liq) v Collins [2016] VSCA 128 UBS AG v Tyne (2018) 265 CLR 77; [2018] HCA 45 Victoria v Sutton (1998) 195 CLR 291; [1998] HCA 56 Weinstock v Beck (2013) 251 CLR 396; [2013] HCA 14 White City Tennis Club Ltd v John Alexander's Clubs Pty Ltd (No 2) [2009] NSWCA 194 Winpar Holdings v Goldfields Kalgoorlie Ltd (2001) 40 ACSR 221 Texts Cited: ASX Settlement Operating Rules Report by the Companies and Securities Advisory Committee (CASAC) in March 1994 entitled "Anomalies in the Takeovers Provisions of the Corporations Law" J D Heydon, Cross on Evidence (online edition, LexisNexis) Category: Principal judgment Parties: Keybridge Capital Ltd (Plaintiff) WAM Active Ltd (First Defendant) Australian Securities & Investments Commission (Second Defendant) Representation: Counsel: Mr A Broadfoot QC with Mr D Sulan (Plaintiff) Mr D Barnett with Mr T Rogan (First Defendant) Ms AF Garsia (Second Defendant)