Macquarie Private Capital A Limited [2008] NSWSC 535

Macquarie Private Capital A Limited [2008] NSWSC 535

The schemes were approved and further judicial advice was given because all relevant matters were proved, the required statutory voting majorities and special resolution were achieved, ASIC produced a statement under s 411(17)(b), and the final cash consideration was fixed and notified to security holders nearly a month before the meetings, allowing adequately informed and unpressured decision-making.

Jurisdiction
Australia
Judgment Date
27 May 2008
Procedural Posture
Applications for Approval of Members' Schemes of Arrangement Under S 411(4)(b) of the Corporations Act 2001 (cth) and Further Judicial Advice Under S 63 of the Trustee Act 1925 / Approval of Schemes of Arrangement and Further Judicial Advice
Outcome
Schemes approved and judicial advice given
Legal Topics
['schemes of Arrangement' 'managed Investment Scheme' 'judicial Advice' 'asic Statement Under S 411(17)' 'stapled Securities' 'variable Consideration Fixed by Formula']
['corporations' 'equity'] ['schemes of Arrangement' 'managed Investment Scheme' 'judicial Advice' 'asic Statement Under S 411(17)' 'stapled Securities' 'variable Consideration Fixed by Formula']

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Procedural Posture

Applications for Approval of Members' Schemes of Arrangement Under S 411(4)(b) of the Corporations Act 2001 (cth) and Further Judicial Advice Under S 63 of the Trustee Act 1925 / Approval of Schemes of Arrangement and Further Judicial Advice

Legal Issues

  1. 1 ["Whether the court should approve the members' schemes of arrangement under s 411(4)(b) of the Corporations Act 2001 (Cth)." 'Whether further judicial advice should be given to the responsible entity of the managed investment scheme under s 63 of the Trustee Act 1925.' 'Whether the variable consideration, fixed and notified to security holders before the meetings, provided any reason to withhold approval.']

Ratio Decidendi

The schemes were approved and further judicial advice was given because all relevant matters were proved, the required statutory voting majorities and special resolution were achieved, ASIC produced a statement under s 411(17)(b), and the final cash consideration was fixed and notified to security holders nearly a month before the meetings, allowing adequately informed and unpressured decision-making.

Court Disposition

Schemes approved and judicial advice given

Orders

  • ['Orders approving the schemes of arrangement will be made.' 'Further judicial advice will be given.' 'Orders made in the short minutes of order initialled and dated by the judge.']