Bateman v Newhaven Park Stud Ltd [2004] NSWSC 392

Reported Decision : 49 ACSR 454

New South Wales Supreme Court

CITATION : Bateman v Newhaven Park Stud Ltd [2004] NSWSC 392 HEARING DATE(S) : 05/05/04, 06/05/04 JUDGMENT DATE : 7 May 2004 JURISDICTION: Equity Division JUDGMENT OF : Barrett J DECISION : Interlocutory injunction refused

CATCHWORDS : CORPORATIONS - ASX Listing Rules - principles of interpretation - whether serious question to be tried re alleged breach where ASX states it does not adopt literal construction on which allegation of breach based - CORPORATIONS - share buy backs - whether every selective buy back entails an "offer" triggering lodgment obligation under s.254E - observations on concept of "acquisition" in buy back provisions - CORPORATIONS - meetings of members - duty to provide information with notice of meeting - whether serious qiuestion to be tried as to insufficiency of disclosure LEGISLATION CITED : Australian Securities and Investment Commission Act 2001 (Cth) s.12DA Corporations Act 2001 (Cth) ss.233, 257, 259F, 793C, 1071B(2), 1101B(1)(d), 1324, Division 2 of Part 2J.1 Brambles Holdings Ltd v Bathurst City Council (2001) 53 NSWLR 153 Bulfin v Bebarfalds Ltd (1938) 38 SR (NSW) 423 Coles Myer Ltd v Commissioner of State Revenue (1998) 4 VR 728 CASES CITED : Fire and All Risk Insurance Ltd v Pioneer Concrete Services Ltd (1986) 10 ACLR 760 Fraser v NRMA Holdings Ltd (1995) 15 ACSR 590 Re George Raymond Pty Ltd [2000] VSC 531 Harman v Energy Research Group Australia Ltd (1985) 9 ACLR 897 Re The Bank of Adelaide (1979) 22 SASR 481 Edmund Gregory Thomas Bateman - First Plaintiff Abtourk (Syd No 391) Pty Limited - Second Plaintiff Belinda Carwardine Bateman - Third Plaintiff PARTIES : Charado Pty Limited - Fourth Plaintiff Newhaven Park Stud Limited - First Defendant Frederick John Kelly, RIchard John Kelly, John Horace Ingham, Norman Eric Napper - Second Defendants Burst Pty Limited - Third Defendant Braylen Pty Limited - Fourth Defendant FILE NUMBER(S) : SC 3600/03 Mr M B Oakes SC/Mr G K Burton - Plaintiffs COUNSEL : Mr R J Weber SC/Mr C Mantziaris - First Defendant and First and Fourth Second Defendants Ms T G Middleton (Solicitor) - Second Second Defendant, Third and Fourth Defendants Abbott Tout - Plaintiffs SOLICITORS : Esplins - First Defendant and First and Fourth Second Defendants Macquarie Legal Practice - Second Second Defendant, Third and Fourth Defendants