News

As featured in Australasian Legal Business - Issue 10.1

Johnson Winter & Slattery has always been known for its unique style. Managing partner Peter Slattery explains the firm's perspective on leverage and the crucial question of market globalisation.

JWS Releases 2011 AGM Survey - The "Two Strike" Rule in Play

The 2011 AGM Season Survey analysed companies and other entities in the ASX 100 that are subject to the requirement in section 250R(2) of the Corporations Act to hold a non-binding shareholder vote on the company remuneration report, or that have voluntarily adopted that requirement.

At the conclusion of the 2011 “AGM Season” we conducted a survey of the business of AGMs of ASX listed companies in 2011.

The Queensland Government announces in its Mid Year Fiscal and Economic Review (State Budget 2011-12) released on 13 January 2012 the following stamp duty changes.

New appointments at Johnson Winter & Slattery

Johnson Winter & Slattery has appointed six senior practitioners including three partners, expanding its financial services, M&A, competition and commercial disputes capability with a mix of lateral acquisition and internal promotion.

On 6 June 2012, the new anti-competitive price signalling laws will come into effect.

Johnson Winter & Slattery surges up M&A league table rankings

M&A league tables for 2011 published recently by Thomson Reuters confirm that Johnson Winter & Slattery continues to outperform many larger law firms competing in the Australian M&A legal market.

After a number of initial delays, the Attorney General has now issued a determination that the PPSA will ‘go live’ on 30 January 2012.

With Barrett J’s judgment in Re Centro Retail Limited and Centro MCS Manager Limited [2011] NSWSC 1175 (Centro Case) following the judgment in Premium Income Fund Action Group Inc v Wellington Capital Ltd [2011] FCA 698 (PIF Case) handed down in June of this year, many responsible entities are breathing a sigh of relief.

In the May 2011 edition of Acumen we reported on the issue by ASIC of Consultation Paper 155 (CP 155), which gave proposed guidance to assist issuers and their advisers to produce prospectuses that help retail investors to assess an offer and make informed investment decisions.

On 26 October 2011, the Commissioner of Taxation issued Taxation Determinations TD 2011/24 and TD 2011/25, dealing with the source of income and availability of tax treaty benefits, respectively, in relation to profits made by private equity (PE) funds from the sale of shares in an Australian corporate group acquired under a leveraged buy-out (LBO).

The Federal Court has recently stopped a company from selling “look alike” coffee plungers (copied from the well-known BODUM coffee plunger).

Since April 2010, the ACCC has the power to use infringement, substantiation and public warning notices in carrying out its enforcement activities. The ACCC has embraced in particular, infringement notices as a potent tool to effectively resolve minor contraventions of the Australian Consumer Law (ACL). Within the first 20 months since the new powers came into effect, the ACCC has issued more than 70 infringement notices - 64 of which have been paid in full. Given that infringement notices have become an important part of the ACCC’s enforcement activities in the consumer protection space, it is worthwhile having a closer look at the ACCC’s practice.

On 30 November 2011, the full bench of the Federal Court dismissed the ACCC’s appeal against the primary judge’s ruling that the acquisition of Franklins by Metcash will not result in a substantial lessening of competition in contravention of section 50 of the CCA, and ordered the ACCC to pay the legal costs incurred by Metcash and the vendor, Pick n Pay.

On 15 January 2010, the Australian Financial Centre Forum released its report (Johnson report) on ‘Australia as a financial centre’, which contained 19 recommendations, including introduction of an ‘investment manager regime’ (IMR) for investments by foreign residents managed in Australia and a comprehensive regime for the taxation of ‘collective investment vehicles’ (CIVs).

On 1 January 2012 the new Work Health and Safety Act 2011 (Cth) will come into effect along with similar legislation which is expected to come into effect next year in all States and Territories, except Victoria and Western Australia, as part of the system of nationally harmonised occupational health and safety laws. Under this legislation, directors and officers will have significantly expanded obligations and liability regarding occupational health and safety.

Johnson Winter & Slattery acts in Centro Funds Restructure

Johnson Winter & Slattery represented Centro Australia Wholesale Fund (CAWF), Centro Direct Property Fund (DPF) and Centro Direct Property Fund Holding Trust (DHT) on the successful “stapling” of CAWF and DHT to Centro Retail to form new the Australia Real Estate Investment Trust (or REIT) “Centro Retail Australia”.

Johnson Winter & Slattery advises CP2/Horizon on completion of $2.7 billion acquisition of ConnectEast

Johnson Winter & Slattery acted for CP2 Limited (CP2) and its transaction vehicle Horizon Roads Pty Limited (Horizon) on the finalisation of Horizon’s $2.7 billion acquisition of ConnectEast Group, the owner and operator of the Eastlink tollway in Melbourne.

More Sydney expansion for Johnson Winter & Slattery

Johnson Winter & Slattery (JWS) has appointed three senior practitioners including two Partners in the firm’s Sydney office, continuing the expansion of the firm’s Sydney based capability.

Johnson Winter & Slattery advises Gazal Corporation on sale of iconic underwear brands

Johnson Winter & Slattery (JWS) advised ASX-listed clothing wholesaler and retailer Gazal Corporation Limited on the sale of its underwear brands Lovable, Davenport, Kissed By Lovable, Crystelle and Fineform to Bendon Limited, a New Zealand-based lingerie company.

This special edition of Acumen, created especially for the 2011 AMPLA conference, includes a precis of a selection of new and previously distributed updates, with links through to full articles.

Click here to read Acumen - AMPLA Special Edition

The package of legislation to implement the carbon pricing mechanism (also called the carbon tax) was introduced into the Federal Parliament on 13 September 2011.

The Senate Finance and Public Administration Legislation Committee (Senate Committee) has now released its report on the Exposure Draft of the new Australian Privacy Principles (APPs).

Johnson Winter & Slattery’s finance expertise continues to grow

Johnson Winter & Slattery (JWS) is pleased to announce the appointment of Matthew Allchurch, who joins our borrower focused finance team from Allens Arthur Robinson, as a Partner based in our Sydney office.