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The facts and issues:

Sons of the Gwalia Ltd was a gold mining company listed on the Australian Stock Exchange (ASX). The plaintiff shareholder purchased shares in the company on the ASX. Shortly thereafter, the company went into voluntary administration and the value of the shares held by the shareholders was reduced to nil. The company subsequently executed a deed of company arrangement arising from the voluntary administration that provided for distribution from the company’s assets to take place in the same order of priority as would apply if the company were being wound up. The relevant cause in that deed expressly incorporated s 563A, to rank payments to shareholders in their capacity as members behind of all other corporate debts and claims against the company.

The shareholder commenced an action against the company, claiming that at the time of his share purchase the company was in breach of the continuous disclosure requirements, in that the company had failed to......

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Approximate Word Count: 494
Approximate Pages: 2 (250 words per double-spaced page)

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