Monday 25 June 2007 – LAWFUEL – The Australia Legal Newswire – The Supreme Court of New South Wales has ordered that 2,190,292 Novogen Limited shares be vested in the Australian Securities and Investments Commission (ASIC).
The shares, registered in the name of Leominister Company Limited (Leominister), a British Virgin Islands company, were the subject of proceedings brought by ASIC under the Corporations Act. Justice White further ordered that the shares be sold by ASIC by any method it considers appropriate and that ASIC is entitled to recover its legal costs and costs associated with the selling the shares from the sale proceeds. Justice White also ordered that the remaining proceeds be withheld from Leominister and any other person unless they provide the information required by a previous direction given by ASIC seeking information about the shares, an explanation of the failure to comply with the direction, and information regarding their entitlement to the proceeds of the sale.
Background Today’s orders followed Leominister’s failure to respond to a direction given by ASIC requiring Leominister to provide full details of its interest in the Novogen shares, as well as details about any other person who has the capacity to exercise control over the Novogen shares. The direction was issued by ASIC in the course of its investigation into Leominister’s Novogen shareholding. ASIC was concerned that Leominister did not properly disclose the ownership and control of the Novogen shares to the market.
The shares have been the subject of a restraining order preventing Leominister for dealing with or disposing of the shares whilst the proceedings were before the Court. Novogen Limited is an Australian listed pharmaceutical company. The 2,190,292 shares represent 2.24% of Novogen’s total issued capital.
For further information contact: Name: Jan Redfern Job Title: Executive Director, Enforcement Telephone: 02 9911 2191 Mobile: 0411 119 210 Name: Michael van Maanen ASIC Media Unit Telephone: 02 9911 2658 Mobile: 0412 500 351List your legal jobs on the LawFuel Network