In the matter of Boart Longyear Limited [2017] NSWSC 756

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Boart Longyear Limited [2017] NSWSC 756 Hearing dates: 9 June 2017 Date of orders: 13 June 2017 Decision date: 13 June 2017 Jurisdiction: Equity - Corporations List Before: Brereton J Decision: Injunctive relief refused Catchwords: CORPORATIONS – amalgamations and reconstructions – creditors schemes – order under Corporations Act s 411(16) restraining proceedings against corporation pending approval of scheme – whether extends to proceedings to enforce members rights in respect of general meeting – held, it does not

CORPORATIONS - members rights and remedies – directors' duties – information as to proposals to be put to general meeting – obligation of directors to give full and frank disclosure and advice – content and extent of obligation – where misleading statement unlikely to affect voting – relief declined

EQUITY – remedies – injunctions – interlocutory injunctions – where interlocutory injunction will practically be dispositive of claim for final injunction – approach of court includes evaluation of strength of plaintiff's prima facie case Legislation Cited: (CTH) Australian Securities and Investments Commission Act 2001, s 12DA (CTH) Corporations Act 2001, ss 233, 249L, 411, 664A Cases Cited: Bulfin v Bebarfalds Ltd (1938) 38 SR NSW 423 Chequepoint Securities Ltd v Claremont Petroleum NL (1986) 11 ACLR 94 Countouris v Kallos (2008) 67 ACSR 543 Courtesy Real Estate (NSW) Pty Ltd, Re (2013) 96 ACSR 593; [2013] NSWSC 1666 Devereaux Holdings Pty Ltd v Pelsart Resources NL (No 2) (1985) 9 ACLR 956 ENT Pty Ltd v Sunraysia Television Ltd (2007) 61 ACSR 626; [2007] NSWSC 270 First Pacific Advisors LLC v Boart Longyear Ltd [2017] NSWCA 116 Fraser v NRNA Holdings Limited (1995) 55 FCR 452 GAR Pty Ltd, Re [1962] VR 252 Kolback Securities Limited v Epoch Mining NL (1987) 8 NSWLR 533 Peters' American Delicacy Co Ltd v Heath (1939) 61 CLR 457 Playcord Pty Ltd v Venture Stores (Retailers) Pty Ltd (1992) 7 ACSR 193 Posgate & Denby (Agencies) Ltd, Re (1986) 2 BCC 99,35 Stratford Sun Ltd v OM Holdings Ltd (No 5) [2011] FCA 1275; (2011) 198 FCR 372 Category: Principal judgment Parties: Snowside Pty Ltd (first plaintiff) Maurici Nominees Pty Ltd (second plaintiff) Boart Longyear Limited (first defendant) Jeffrey Robert Olsen & others (second defendant) Representation: Counsel: R.P. Austin with N. Mirzai (plaintiffs) C.R.C. Newlinds SC with M. Izzo (first defendant) M.L. Rose (second defendant)