RinRim Pty Ltd v Deutsche Bank AG [2017] NSWCA 169

Court of Appeal Supreme Court New South Wales Medium Neutral Citation: RinRim Pty Ltd v Deutsche Bank AG [2017] NSWCA 169 Hearing dates: 6 and 7 June 2017 Decision date: 12 July 2017 Before: Beazley P at [1]; Payne JA at [2]; Sackville AJA at [9] Decision: 1. Appeal dismissed. 2. Appellant pay the respondents' costs of the appeal. Catchwords: APPEAL – new argument raised on appeal – whether appellant should be permitted to depart on appeal from approach taken at trial – prejudice to respondents

TORTS – negligence – causation – large shareholder claims that underwriter's negligence caused it loss by failing to make it aware that it could seek acceleration into an Institutional Offer and renounce its entitlement – whether primary Judge erred to find that shareholder would not have sought acceleration in any event

TORTS – duty of care – whether company and underwriters involved in an Accelerated Renounceable Entitlement Offer (AREO) owed a duty of care to a large shareholder to inform it that it could seek acceleration into the first stage of the AREO in order to renounce its entitlement Legislation Cited: Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) Corporations Act 2001 (Cth), Ch 6D Trade Practices Act 1974 (Cth), s 52

Civil Liability Act 2002 (NSW), ss 5A(1), 5D, 5E Cases Cited: Brookfield Multiplex Ltd v Owners Corporation Strata Plan 61288 (2014) 254 CLR 185; [2014] HCA 36 Bryan v Maloney (1995) 182 CLR 609; [1995] HCA 17 Caltex Refineries (Qld) Pty Ltd v Stavar (2009) 75 NSWLR 649; [2009] NSWCA 258 Fox v Percy (2003) 214 CLR 118; [2003] HCA 22 Multicon Engineering Pty Ltd v Federal Airports Corporation (1997) 47 NSWLR 631 Perre v Apand Pty Ltd (1999) 198 CLR 180; [1999] HCA 36 RinRim Pty Ltd v Deutsche Bank AG [2016] NSWSC 1377; 115 ACSR 236 RinRim Pty Ltd v Deutsche Bank AG (Costs) [2016] NSWSC 1510 Suttor v Gundowda Pty Ltd (1950) 81 CLR 418; [1950] HCA 35 Tal Life Ltd v Shuetrim (2016) 91 NSWLR 439; [2016] NSWCA 68 Wallace v Kam (2013) 250 CLR 375; [2013] HCA 19 Water Board v Moustakas (1988) 180 CLR 491; [1988] HCA 12 Woolcock Street Investments Pty Ltd v CDG Pty Ltd (2004) 216 CLR 515; [2004] HCA 16 Texts Cited: ASX Listing Rules Category: Principal judgment Parties: RinRim Pty Ltd (Appellant) Deutsche Bank AG (First Respondent) Credit Suisse (Australia) Limited (Second Respondent) CIMB Capital Markets (Australia) Limited (Third Respondent) Primary Health Care Limited (Fourth Respondent) Representation: Counsel: Mr M Einfeld QC / Mr A Russoniello (Appellant) Dr A Bell SC / Mr A Shearer (First, Second and Third Respondents) Mr IM Jackman SC / Mr DFC Thomas (Fourth Respondent)