A profit projection in an exploration report to the ASX may constitute a representation as to a future matter under s 765 of the Corporations Law, even where described as 'conceptual', if the report read as a whole conveys to the ordinary reasonable investor that the projected profits could be expected when mining operations commence. Non-expert opinion evidence from persons experienced in stock market affairs is admissible to assist the trier of fact on the question of whether a statement was likely to induce the purchase of securities. A magistrate who identifies an error of law in draft reasons before formal delivery may reconsider the matter without giving rise to apprehended bias, provided the issue is one of legal interpretation rather than credibility and the parties are afforded the opportunity to address the corrected position. The double jeopardy principle that restricts prosecution appeals against sentence on indictment (Byrnes, Bond) does not apply to restrict ASIC's power to appeal to reinstate a conviction set aside on appeal from summary proceedings.
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