McKerlie v Drillsearch Energy Ltd [2009] NSWSC 488

72 ACSR 288 27 ACLC 833 [2009] ALMD 5382 [2009] ALMD 5387 Reported Decision : [2009] ALMD 5386 [2009] ALMD 5383 [2009] ALMD 5824 [2009] ALMD 5675 74 NSWLR 673

New South Wales Supreme Court

CITATION : McKerlie v Drillsearch Energy Ltd [2009] NSWSC 488 This decision has been amended. Please see the end of the judgment for a list of the amendments.

HEARING DATE(S) : 02/06/09

JUDGMENT DATE : 4 June 2009

JURISDICTION : Equity Division Corporations List

JUDGMENT OF : Barrett J

DECISION : Plaintiffs entitled to declaratory relief. Further submissions required as to form of other relief.

CATCHWORDS : CORPORATIONS - general meetings - meeting convened by notice given to members - three of the six directors purport to "postpone" the meeting - company lodges with stock exchange notice of "postponement" and of reasons therefor - indication in notice that chairman will adjourn meeting immediately after it opens - whether "postponement" effective - whether open to chairman to implement notice - duties of chairman concerning adjournment discussed - where chairman also director - CORPORATIONS - financial services and markets - financial products - misleading and deceptive conduct - whether notice to stock exchange misleading or deceptive - whether "in relation to a financial product" - TRADE AND COMMERECE - consumer protection - announcement to stock exchange - whether "in trade or commerce"

Australian Securities and Investments Commission Act 2001 (Cth), ss 12BAA, 12BAB LEGISLATION CITED : Corporations Act 2001 (Cth), Division 3 of Part 7.1, ss 249U(4), 1041H(1), 1324 Trade Practices Act 1974, ss 51AF(2)(a), 52, 80