On 4 May 2022, Austpac Resources NL, filed an application to the...

On 4 May 2022, Austpac Resources NL, filed an application to the Federal Court of Australia, New South Wales Registry. It was allocated the file No: NSD369/2022.

If anyone wishes to follow the application - they can go to Federal Court search page (below), and insert the file no (above)
https://www.comcourts.gov.au/public/esearch/federal/query?file_no=nsd369%2F2022&search_by=file_no&rendered_page=

From reading the available information on NSD369/2022 on the Court website - I do not understand whether a successful or unsuccessful application outcome, would be good or bad for APG shareholders.
As Austpac Resources NL (the Plaintiff) initiated this application to the Federal Court - all costs will be payed by APG shareholders.

Here is a direct quote from the Form 2 Amended Originating process :

" A. DETAILS OF APPLICATION
This application is made under section 1322 of the Corporations Act.

The plaintiff omitted to lodge effective notices under section 708A(6) ('cleansing notices') in relation to a number of share placements, and by this proceeding seeks relief to validate the sale of shares without disclosure to investors and to relieve sellers of shares from civil liability. "


It seems to me, that the aim of the application is "to relieve sellers of shares from civil liability"

Who are these "sellers of shares" that need to be protected from "civil liability" ?????

Wilcox