McMillan Properties Pty Ltd v W C Penfold Ltd & Anor [2001] NSWSC 1173

Reported Decision : 40 ACSR 319

New South Wales Supreme Court

CITATION : McMillan Properties Pty Ltd v W C Penfold Ltd & Anor [2001] NSWSC 1173 CURRENT JURISDICTION: Equity Division Corporations List FILE NUMBER(S) : SC 5792/01 HEARING DATE(S) : 10/12/01 JUDGMENT DATE : 11 December 2001

McMillan Properties Pty Limited (P) PARTIES : W C Penfold Limited (D1) Penfold Printing Limited (D2) JUDGMENT OF : Young CJ in Eq

COUNSEL : P M Wood (P) M Walton SC (D) SOLICITORS : Atanaskovic Hartnell (P) Dibbs Barker Gosling (D) CATCHWORDS : CORPORATIONS [156]- Takeover- Reverse takeover-Prohibitions- Resolution to lift prohibition- Entitlement of holding company to vote. LEGISLATION CITED : Corporations Act 2001 ss 606, 611, 659B Corporations Law (pre-1999), ss 615, 623 Australian Sescurities Commission v Burns (No 2) (1994) 51 FCR 496 Baden Pacific Ltd v Portreeve Pty Ltd (1988) 14 ACLR 677 Congreve v Inland Revenue Commissioners [1946] 2 All ER 170 Exicom Pty Ltd v Futuris Corp Ltd (1995) 18 ACSR 404 Federal Commissioner of Taxation v St Helens Farm (ACT) Pty Ltd (1981) 146 CLR 33 CASES CITED : Mackenzie v Allardes [1905] AC 285 National Companies and Securities Commission v Consolidated Gold Mining Areas NL (No 2) (1985) 1 NSWLR 622 Ord Forrest Pty Ltd v Commissioner of Taxation (1974) 130 CLR 124 Pilmer v Duke Group Ltd (2001) 75 ALJR 1067 Re VGM Holdings Ltd [1942] Ch 235 Re Wragg [1897] 1 Ch 796 DECISION : See para 49.