Austpac Federal Court Application - whats it all about, page-13

On 22 Feb 2023, the APG board announced to the ASX: "Federal Court Order Granted".

This was from the board announcement: " Austpac is pleased to advise that on 21 February 2023 the Federal Court granted orders relieving on-selling shareholders of any civil liability in relation to these sales, except for Nostag Pty Ltd and Mr Nicholas John Gaston, former Company secretary of Austpac."
I dont often agree with the APG board - but I too am pleased that NO RELIEF from civil liability was granted to NOTSAG and ex secreatary Gaston.


The announcement was accompanied by Justice Goodmans orders on the matter, issued the day before.

The crux of the matter - was that the placements did comply with the rules under section 707 (cleansing notices) and the issued shares were therefore invalid.
This was APG managements fault - and the judge was not going to grant relief from civil liability to the only member of APG management (ie ex secretary Gaston) who could be effected by the judges ruling.



Wilcox