Bateman v Newhaven Park Stud Ltd [2004] NSWSC 566

Reported Decision : 49 ACSR 597 (2004) 22 ACLC 943

New South Wales Supreme Court

CITATION : Bateman v Newhaven Park Stud Ltd [2004] NSWSC 566 HEARING DATE(S) : 11/06/04, 16/06/04 JUDGMENT DATE : 29 June 2004 JURISDICTION: Equity Division JUDGMENT OF : Barrett J DECISION : Interlocutory injunction refused

CATCHWORDS : CORPORATIONS - share buy back - requirement for approval by special resolution on which no vote cast in favour by person whose shares are to be bought back or by associates of such person - identifying "associates" - "acting in concert" - need to show understanding as to common objective - need for concert to be "in respect of" particular "matter" of voting on particular resolution - family relationships and past ties insufficient to raise serious question to be tried - whether interlocutory injunction in any event justified to defend utility of oppression proceedings - consideration of wide range of remedies court may grant if plaintiffs successful - balance of convenience considerations where interlocutory order would compel breach of contract LEGISLATION CITED : Corporations Act 2001 (Cth), ss.10, 15, 257D(1)(a), Part 2J.1, Adsteam Building Industries Pty Ltd v The Queensland Cement and Lime Co Ltd (No 4) [1985] 1 QdR 127 Bank of Western Australia Ltd v Ocean Trawlers Pty Ltd (1995) 16 ACSR 501 Re Brenfield Squash Racquets Club Ltd [1996] 2 BCLC 184 Davids Distribution Pty Ltd v National Union of Workers (1999) 165 ALR 550 Elders IXL Ltd v National Companies and Securities Commission [1987] VR 1 Fexuto Pty Ltd v Busnjak Holdings Pty Ltd (2001) 37 ACSR 672 Gillard v The Queen (2003) 78 ALJR 64 Grizonic v Suttor [2004] NSWSC 137 CASES CITED : Heine Management Ltd v Australian Securities Commission (1993) 12 ACSR 578 Industrial Equity Ltd v Commissioner for Corporate Affairs (1989) 1 ACSR 153 IPT Systems Ltd v MTIC Corporate Pty Ltd (2000) 36 ACSR 454 John J Starr (Real Estate) Pty Ltd v Robert R Andrew (A'sia) Pty Ltd (1991) 6 ACSR 63 Orr v Lane (1951) 52 SR (NSW) 37 Tait v The Queen (1962) 108 CLR 620 The King and the Attorney General of the Commonwealth v The Associated Northern Collieries (1911) 14 CLR 387 Re Tiger Investment Co Ltd (1999) 33 ACSR 438 Tillmans Butcheries Pty Ltd v Australasian Meat Industry Employees' Union (1979) 42 FLR 331 Village Roadshow Ltd v Boswell Film GmbH (2004) 49 ACSR 27 Edmund Gregory Thomas Bateman - First Plaintiff Abtourk (Syd No 391) Pty Limited - Second Plaintiff Belinda Cawardine Bateman - Third Plaintiff Charado Pty Limited - Fourth Plaintiff PARTIES : 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