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Key decisions

  • Keybridge Capital Limited v WAM Active Limited [2023] FCAFC 194

CORPORATIONS

Appeal from decision that respondent’s directors did not act for an improper purpose in resolving to move a general meeting from an in-person meeting to an online meeting during COVID-19 restrictions – no appellable error – appeal dismissed.

Keybridge Capital Limited v WAM Active Limited [2023] FCAFC 194 (O’Callaghan, Halley and O’Sullivan JJ)

This was an appeal from Keybridge Capital Limited v WAM Active Limited [2023] FCA 339. In those proceedings, the respondent (‘WAM’) was a public ASX listed company. The appellant (‘Keybridge’) held voting shares in WAM. On 7 February 2022, Keybridge issued an ASX announcement stating its intention to make a conditional off-market takeover bid for WAM, and the same day, WAM wrote to Keybridge and issued an ASX announcement stating that it did not consider Keybridge’s proposed bid was genuine.

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