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IMPORTANT NOTICE TO GROUP MEMBERS

Proceedings 2017/193375 & 2017/347082

13 December 2019

On 12 November 2019 the Supreme Court of New South Wales ordered the Plaintiffs in the SurfStitch Class Actions to file all their supporting material in respect of the Settlement Approval Application.

Due to delays associated with various evidence comprising that material, the 22 November deadline was postponed by the Court, with all parties’ consent, to 26 November 2019.

On 11 December 2019, the matter was listed for directions before the Honourable Justice Ball and the Settlement Approval hearing listed for 16 December adjourned for further directions to 7 February 2020. The adjournment was sought and granted for a number of factors including:

(a)        The proposed sale by Alceon of 50.1% of EziBuy to NoniB, the shareholders’ meeting of which is scheduled for the 23 December. The proposed sale may impact the value of the convertible notes available under the DoCAs the subject of the proposed settlement. We are uncertain as to what value will be ascribed, and are awaiting further clarity from the Deed Administrators who are in private discussions with Acleon Retail HoldCo Pty Ltd (the parent company of EziBuy) about same; and

(b)        The High Court decision in the appeal of BMW Australia Ltd v Brewster and Westpac Banking Corporation v Lenthall [2019] HCA 45 on the availability of Common Fund Orders. Due to the changed class action landscape, the Plaintiffs require time to consider this decision and its implications (if any) for the proposed settlement.

The deadline for registering to participate in the settlement, opting out, or objecting to the settlement was and remains 4pm AEDT on 11 December 2019 (Participation Deadline). However, the plaintiffs may seek an extension from the Court in due course. We therefore encourage the return of Annexure A forms to our firm in the meantime.

Please review our home page, and previous updates for more details about the SurfStitch Class Actions. If you fit the description of a ‘group member’, you should review Annexure D immediately, and decide what to do.

Should you have any queries, please contact a member of our team.

Glenn McGowan QC

Partner & Chief Counsel

Rebecca Di Rago

Associate

VIC-Stitch@gadens.com

This update does not constitute legal advice and should not be relied upon as such. It is intended only to provide a summary and general overview on matters of interest and it is not intended to be comprehensive. You should seek legal or other professional advice before acting or relying on any of the content.

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6 April 2018 Directions Hearing & Return of Subpoenas against ASIC & KPMG

On 9 March 2018 we issued:

  1. A motion for further documents (Second Access Motion) from the SurfStitch administrators;
  2. ASIC  subpoena – for transcripts of examinations by ASIC of the company directors and officers from its investigation commenced in around October 2016; and
  3. KPMG subpoena – for copies of all advices, audits and reports conducted by KPMG in relation to the SurfStitch announcements made to the market between August 2015 and August 2016.

ASIC and KPMG have since produced documents to the Court under the subpoenas. Those documents will be reviewed by us in compliance with a strict timetable set by the Court, granting access to the parties to this proceeding and other affected parties. The timetable was negotiated with all affected parties, and allows for any objection/claim for privilege to be made by the defendants and the affected parties.

3 May 2018 Directions Hearing

We return before Stevenson J on 3 May, at which time we expect His Honour will give directions to finalise the pleadings against second defendant Cameron and join any further parties as defendants.

We will continue to keep class action registrants informed of further developments.

Please contact a member of our team should you have any queries.

Glenn McGowan QC

Partner & Chief Counsel

Rebecca Di Rago

Lawyer

VIC-Surf-Stitch@gadens.com

This update does not constitute legal advice and should not be relied upon as such. It is intended only to provide a summary and general overview on matters of interest and it is not intended to be comprehensive. You should seek legal or other professional advice before acting or relying on any of the content.

Continue Reading