Far East Gold’s A$0.10 Share Purchase Plan remains open after the Supreme Court of New South Wales dismissed Xingye Gold’s application for an urgent final hearing. The next legal test arrives on 20 November, when Xingye is due to seek interlocutory injunctive relief.
- Urgent final hearing application dismissed on 11 November
- SPP remains open at A$0.10 per share until 20 November
- No orders affecting the SPP, Board or shareholder resolutions
- Xingye to seek interlocutory injunctive relief on 20 November
Court leaves Far East Gold capital raising intact
Far East Gold Limited (ASX:FEG) has cleared an immediate court hurdle, with the Supreme Court of New South Wales dismissing Xingye Gold (Hong Kong) Mining Company Limited’s application for an urgent final hearing of part of its claims. The ruling means the company’s Share Purchase Plan can continue for now, with no order restraining the capital raising or affecting FEG’s Board.
The dismissal came on 11 November, ahead of Xingye’s proposed final hearing in the week beginning 16 November. The Court made no order altering the shareholder resolutions passed at FEG’s 21 October general meeting either, leaving the company’s current governance position unchanged.
A$0.10 SPP still faces a 20 November legal test
FEG’s SPP remains open to eligible shareholders at A$0.10 per share and is scheduled to close at 5:00pm Sydney time on Friday, 20 November. The plan was launched in the November SPP launch as a non-underwritten offer intended to support working capital and advance the Idenburg project.
That timetable now runs directly into the next court event. Following the dismissal, Xingye told the Court it would apply for interlocutory injunctive relief, with that application listed for hearing on 20 November. FEG said it would update the market if the hearing changes the position before the SPP closes.
Xingye proceedings remain the central uncertainty
The announcement does not disclose the underlying claims, the relief Xingye will seek beyond the planned injunction application, or any financial impact from the proceedings. It therefore establishes that the immediate urgent-hearing application failed, but does not resolve the wider dispute.
The litigation sits alongside the earlier Xingye takeover bid, which FEG’s independent board committee had recommended shareholders reject. For shareholders considering the SPP, the practical question is no longer whether the plan is currently restrained: it is whether the 20 November hearing produces orders that change that position before the offer closes.
Bottom Line?
The SPP has avoided an immediate restraint, but its closing date now coincides with Xingye’s injunction hearing, leaving funding certainty dependent on the next court outcome.
Questions in the middle?
- Will the Court impose any orders affecting the SPP or FEG’s Board on 20 November?
- How much will FEG raise if the SPP closes without further intervention?
- What are the underlying claims Xingye intends to pursue after its urgent-hearing application was dismissed?