Woolworths Group Limited v Pinnacle Liquor Group Pty Limited, in the matter of Woolworths Group Limited (No 2) [2019] FCA 2182

Woolworths Group Limited v Pinnacle Liquor Group Pty Limited, in the matter of Woolworths Group Limited (No 2) [2019] FCA 2182

Despite low shareholder turnout and minor technical non-compliance with orders, all statutory requirements and fairness principles were met; the scheme was approved.

Jurisdiction
Australia
Judgment Date
19 December 2019
Procedural Posture
Corporations Scheme of Arrangement / Second Court Hearing Application for Approval of Scheme
Outcome
Schemes of arrangement approved. Orders granted as sought.
Legal Topics
['schemes of Arrangement' 'court Approval' 'restructuring' 'minor Non Compliance With Court Orders' 'voting Turnout']
['corporations Law'] ['schemes of Arrangement' 'court Approval' 'restructuring' 'minor Non Compliance With Court Orders' 'voting Turnout']

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Procedural Posture

Corporations Scheme of Arrangement / Second Court Hearing Application for Approval of Scheme

Legal Issues

  1. 1 ['Whether the scheme of arrangement should be approved under ss 411 and 413 of the Corporations Act 2001 (Cth)' 'Impact of low shareholder turnout on scheme approval' 'Effect of technical departures from court orders on approval']

Ratio Decidendi

Despite low shareholder turnout and minor technical non-compliance with orders, all statutory requirements and fairness principles were met; the scheme was approved.

Court Disposition

Schemes of arrangement approved. Orders granted as sought.

Orders

  • ["Approval of the members' schemes of arrangement under s 411(4)(b) of the Corporations Act 2001 (Cth)." 'Exemption from compliance with s 411(11) for the plaintiffs.' 'Facilitation of transfers of assets, property, liabilities and undertakings as per scheme terms, effective from Implementation Time, pursuant to s...