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
