Re Jaxsta Ltd; Ex Parte Jaxsta Ltd

[2018] WASC 390

Supreme Court of Western Australia

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Catchwords

1. Corporations
2. › Securities
3. › Fundraising
4. › Disclosure documents
5. › Quotation condition
6. › Extension of time for admission to quotation
7. › Whether court should extend three-month period under s 723(3)(b)
8. › Factors relevant to exercise of discretion
9. › Protection of share applicants
10. › Corporations Act 2001 (Cth), ss 723(3)(b), 1322(4)(d), 1322(6)
1. Corporations
2. › Curative orders
3. › Extension of time
4. › Power under s 1322(4)(d)
5. › Two-stage process
6. › Whether appropriate to extend period having regard to circumstances and objects of Act
7. › Whether substantial injustice likely to be caused
8. › Conditions and undertakings
9. › Corporations Act 2001 (Cth), s 1322(4)(d), s 1322(6)

Quick Take

The court confirmed that the s 723(3)(b) quotation period may be extended under s 1322(4)(d) and identified eight factors relevant to the exercise of that discretion. Where an extension is granted before the period has expired, the court may protect share applicants by accepting an undertaking to preserve application monies and granting liberty to apply to vary the orders, effectively affording individual applicants a withdrawal mechanism.