The legal tussle between listed financial services firm Over Fifty Group (OFG) and one of its directors will continue next month when their case heads to trial.
The Federal court yesterday handed down its decision in relation to the interlocutory application bought by company director John McBain against OFG.
The court refused to grant the injunction sought by McBain that would have temporarily stopped the strategic review currently being undertaken by the OFG.
A trial dates has been set for 2 November 2007. The court has ordered McBain to pay OFG’s costs of the application.
McBain and OFG spent much of last week in and out of the NSW Federal Court.
McBain sought the order against OFG as he alleges the board denied him access to documents released by the company’s appointed strategic review adviser Macquarie Bank.
McBain, who owns 12 per cent of the listed group and managers the group’s property arm, Century Funds Management, said he does not intend to stand in the path of potential sales, but believes the company requires a board reshuffle to properly benefit from any transaction.
McBain suggested increasing the number of OFG board members to nine.
This was rejected by the board, and McBain found himself shut out of the company’s strategic review process.
OFG announced it had begun a strategic review of the company earlier this month.
To date there are 30 rumoured bids for the business.
