Praetorin Pty Ltd v TZ Ltd [2009] NSWSC 1237

Reported Decision : 76 ACSR 236

New South Wales Supreme Court

CITATION : Praetorin Pty Ltd v TZ Ltd [2009] NSWSC 1237

HEARING DATE(S) : 10/11/09

JUDGMENT DATE : 17 November 2009

JURISDICTION : Equity Division Corporations List

JUDGMENT OF : Barrett J

DECISION : Originating process dismissed with costs.

CATCHWORDS : CORPORATIONS - rights of members - inspection of books of the company - where company admitted to official list of Australian Securities Exchange ("ASX") - announcements by company to ASX concerning transactions involving issues of convertible notes - where company in default under prior financing agreements and in clear need of funds - application by shareholders for order granting them access to transaction documents and associated correspondence - some seventeen "concerns" expressed by applicant shareholders - "concerns" expressed in imprecise and general terms - whether those concerns amount to showing of case for investigation - held that they do not - concerns are really no more than questioning of commercial decisions

Australian Securities Exchange Listing Rules, rules 3.1, 3.1A, 3.1B, 3.2, 3.3, 3.4, 3.10 LEGISLATION CITED : Corporations Act 2001 (Cth), Part 2E.2, ss 228, 232, 247A, 674 Uniform Civil Procedure Rules 2005, rule 5.3(1)

CATEGORY : Principal judgment

Acehill Investments Pty Ltd v Incitec Ltd [2002] SASC 344 Glencore International AG v Selwyn Mines Ltd [2005] FCA 801; (2005) 223 ALR 238 Intercapital Holdings Ltd v MEH Ltd (1988) 13 ACLR 595 CASES CITED : Knightswood Nominees Pty Ltd v Sherwin Pastoral Co Ltd (1989) 15 ACLR 151 McLean v DID Piling Pty Ltd [2009] SASC 205 Re Style Ltd; Merim Pty Ltd v Style Ltd [2009] FCA 314; (2009) 255 ALR 63 Wayde v New South Wales Rugby League Ltd [1985] HCA 68; (1985) 180 CLR 459