Swaab Litigation Partner, Nick Dale appeared in the Federal Court on 11 August 2023 acting for Koshib Investment Pty Ltd
In the case, Koshib Investment Pty Ltd atf Koshib Fund v Slater & Gordon, Koshib Investment, a self-managed superannuation fund is suing Slater & Gordon Ltd over the compulsory acquisition of its shares in Slater & Gordon Ltd by an entity associated with Allegro Funds.
At a contested case management hearing before Federal Court Justice John Halley, Nick was successful in obtaining a six-week extension to enable our client to decide whether to prepare an amended claim against Wright NomineeCo Pty Ltd, the associated entity of Allegro Funds that acquired over 90 percent cent of Slater & Gordon Ltd’s ordinary shares.
Nick submitted to the Court that our client needs “the extension in order to obtain expert opinion on the fairness of the acquisition price, to get a better idea of the case’s prospect of success.” After hearing opposing submissions from Slater & Gordon Ltd’s barrister, the judge rejected Slater & Gordon Ltd’s argument that the proceedings should be dismissed and that our client should not have additional time in which to prepare material in opposition to a lump sum cost order which Slater & Gordon Ltd seeks against our client.
The case will present an interesting opportunity for the Federal Court to give a judgment on the principles of compulsory acquisition of shares in ASX listed companies.