Connective Services Pty Ltd & Anor v. Slea Pty Ltd & Ors
Case No.
M203/2018
Case Information
Lower Court Judgment
27/07/2018 Supreme Court of Victoria (Court of Appeal) (Ferguson CJ, Whelan & McLeish JJA)
Catchwords
Corporations – Financial assistance to acquire shares – Corporations Act 2001 (Cth) s 260A – Where appellants’ constitutions require member who wishes to transfer shares of particular class to first offer shares to existing holders of that class (“pre-emptive rights provisions”) – Where appellants commenced proceeding alleging first and second respondents entered into agreement to avoid pre-emptive rights provisions – Where primary judge held proceeding not instituted in breach of s 260A – Where Court of Appeal allowed appeal – Whether Court of Appeal erred in holding appellants’ conduct capable of amounting to financial assistance to acquire shares within meaning of s 260A – Whether Court of Appeal erred in concluding open to primary judge to characterise appellants’ conduct as net transfer of value to appellants’ shareholders – Whether Court of Appeal erred in concluding open to primary judge to characterise conduct as capable of materially prejudicing interests of appellants and/or shareholders or creditors – Whether Court of Appeal erred in concluding financial assistance directed to enabling appellants’ shareholders to acquire shares.
Documents
14/12/2018 Hearing (SLA, Sydney v/link Melbourne)
21/12/2018 Notice of appeal
01/02/2019 Written submissions (Appellants)
01/02/2019 Chronology (Appellants)
01/03/2019 Written submissions (First and Second Respondents)
22/03/2019 Reply (Appellants)
15/05/2019 Hearing (Full Court, Canberra) (Audio-visual recording)
15/05/2019 Outline of oral argument (Appellant)
15/05/2019 Outline of oral argument (First and Second respondents)
09/10/2019 Judgment (Judgment summary)