NSW Caselaw
Reported Decision : 62 ACSR 178 (2007) 25 ACLC 426
New South Wales Supreme Court
CITATION : Lionsgate Australia v Macquarie Private Portfolio [2007] NSWSC 318
HEARING DATE(S) : 4 April 2007
JUDGMENT DATE : 5 April 2007
JURISDICTION : Equity
JUDGMENT OF : Austin J
DECISION : Section 659B inapplicable
CATCHWORDS : CORPORATIONS - takeover bid - application by bidder for specific performance of substantial shareholder's promise to sell into the bid - whether commencement of proceeding precluded by s 659B of Corporations Act - purpose and proper construction of s 659B - Takeovers Panel's power to make a declaration of unacceptable circumstances in relation to "affairs of a company" - whether conduct in relation to a contract of sale of shares by a substantial shareholder to a bidder relates to the affairs of the target company
LEGISLATION CITED : Corporations Act 2001 (Cth) ss 53, 657A, 657E, 657AA, 657B, 657C
Al-Kateb v Godwin (2004) 219 CLR 562 Bropho v State of Western Australia (1990) 171 CLR 1 Chief Executive Officer of Customs v AMI Toyota Ltd (2000) 102 FCR 578 Electrolux Home Products Pty Ltd v Australian Workers' Union (2004) 78 ALJR 1231 First Provincial Building Society Ltd v Commissioner of Taxation (Cth) (1995) 56 FCR 328 Glencore International AG v Takeovers Panel (2005) 54 ACSR 708 Khatri v Price (1999) 95 FCR 287 Lion Nathan Australia Pty Ltd v Coopers Brewery Ltd (2005) 55 ACSR 583 CASES CITED : National Parks and Wildlife Service v Stables Perisher Ltd (1990) 20 NSWLR 573 Plaintiff S157/2002 v Commonwealth (2003) 21 CLR 476 Potter v Minahan (1908) 7 CLR 277 Project Blue Sky Inc v Australian Broadcasting Authority (1998) 194 CLR 355 R v Board of Trade, ex parte St Martin's Preserving Co Ltd [1965] 1 QB 603 R v Janceski (2005) 64 NSWLR 10 Re Tower Software Engineering Pty Ltd; Pendant Software Pty Ltd v Harwood (2006) 57 ACSR 653 St Barbara Mines Ltd v Australian Securities and Investments Commission (2001) 110 FCR 550 Thomson Australian Holdings Pty Ltd v Trade Practices Commission (1981) 148 CLR 150
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