|Lanka Graphite Ltd (formerly Viculus Ltd) (FCA) - corporations - extension of time of compliance with bid condition - declaration bid condition satisfied
|Summaries With Link (Five Minute Read)
|Lanka Graphite Ltd (formerly Viculus Ltd)  FCA 798
Federal Court of Australia
Corporations - plaintiff (Viculus) sought order under s1332(4)(d) Corporations Act 2001 (Cth) extending time provided for it to satisfy bid condition of its takeover bid for company (Euro) and declaration that bid condition satisfied - circumstances leading to need for extension of time - far reaching consequences if takeover bid void - Euro’s support of takeover bid and application - no substantial injustice - absence of opposition by ASIC - held: Court had power under s1322(4)(d) to extend time limit for compliance with bid condition - Court satisfied that order and declaration sought should be made.