In the matter of Sandon Capital Investments Limited [2019] NSWSC 1512

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Sandon Capital Investments Limited [2019] NSWSC 1512 Hearing dates: 9 August 2019 Date of orders: 09 August 2019 Decision date: 09 August 2019 Jurisdiction: Equity - Corporations List Before: Black J Decision: Orders made for extending time for compliance with s 625(3)(c)(i) of the Corporations Act 2001 (Cth).

Orders made validating late dispatch of bidder's statement to shareholders whose shares were quoted on NZX under s 1322(4)(a) of the Corporations Act 2001 (Cth). Catchwords: CORPORATIONS – take-over offers – off-market bid – application for extension of time for compliance with s 625(3)(c)(i) of the Corporations Act 2001 (Cth) – where transaction timetable specified time for lodgement of application for quotation of additional securities as within 7 days of commencement of offer period – where time specified for lodgement of application should have been within 7 days of commencement of bid period – whether extension of time sought should be granted.

CORPORATIONS – take-over offers – bidder's statement – application for extension of time for dispatch of bidder's statement – where bidder's statement dispatched to shareholders of shares quoted on NZX six days after dispatch to shareholders of shares quoted on ASX due to communication error – where persons concerned acted honestly and without improper intent – where no substantial injustice has been or is likely to be caused to any person – whether an order should be made under ss 1322(4)(a) or 1325A of the Corporations Act 2001 (Cth). Legislation Cited: - Corporations Act 2001 (Cth) ss 625(3)(c), 625(3)(c)(i), 633, 633(1), 659B, 1311, 1322, 1322(4)(a), 1322(4)(d), 1322(6), 1325A, 1325A(1), 1325A(2), 1325D; Sch 3 Cases Cited: - FE Ltd v Padbury Mining Ltd [2010] FCA 1207 - Re Activistic Ltd [2016] FCA 1520 - Re Clime Capital Limited [2019] NSWSC 1479 - Re Venturex Resources Ltd (2009) 72 ACSR 358 - Re Wave Capital Ltd [2003] FCA 969; (2003) 47 ACSR 418 - Sheahan v Londish [2010] NSWCA 270; (2010) 80 ACSR 337 - Weinstock v Beck [2013] HCA 14; (2013) 93 ACSR 231 Category: Principal judgment Parties: Sandon Capital Investments Limited (Plaintiff) Representation: Counsel: C Tam/T Rogan (Plaintiff)