In the matter of Mayne Pharma Group Limited [2024] NSWSC 154

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Mayne Pharma Group Limited [2024] NSWSC 154 Hearing dates: 13 February 2024 Date of orders: 13 February 2024 Decision date: 13 February 2024 Jurisdiction: Equity - Corporations List Before: Black J Decision: Extension of time to lodge documents in buy-back granted. Catchwords: CORPORATIONS - Shares - application for curative orders pursuant to s 1322(4)(c) of the Corporations Act 2001 (Cth) - relief from liability arising from failure to give notice of share buy-back within time - whether extension of time may be granted - where no substantial injustice from delay in notification. Legislation Cited: - Corporations Act 2001 (Cth) ss 257A, 257B, 257C, 257F, 1322(4) Cases Cited: - Re Commonwealth Bank of Australia (2004) 57 ACSR 28 - Re Diona Pty Ltd [2022] FCA 1215 - Re Flight Centre Technology Pty Ltd (2022) 160 ACSR 651 - Re Insignia Financial Ltd [2022] NSWSC 488 - Weinstock v Beck (2013) 251 CLR 396 Category: Principal judgment Parties: Mayne Pharma Group Limited (Plaintiff) Representation: Counsel: R Jameson (Plaintiff)

Solicitors: MinterEllison (Plaintiff) File Number(s): 2024/35759

Judgment – EX TEMPORE

Nature of the application 1. By Originating Process filed on 29 January 2024, the Plaintiff, Mayne Pharma Group Ltd ("MPG") applies for orders under s 1322(4) of the Corporations Act 2001 (Cth) extending time periods in respect of a requirement to lodge certain documents in relation to a buy-back of its shares with the Australian Securities & Investments Commissions ("ASIC"), and orders under s 1322(4)(c) of the Act relieving its directors and officers in whole from any civil liability in respect of any failure to comply with s 257C(3) and, by extension, s 257F of the Act in relation to the buy-back. I will first refer to the evidence on which MPG relies, and then to the applicable provisions and MPG's submissions made in respect of the application.