In the matter of Ansarada Group Limited [2024] NSWSC 1121

In the matter of Ansarada Group Limited [2024] NSWSC 1121

The scheme of arrangement was approved as all procedural and statutory requirements were satisfied, the scheme was fair and reasonable, shareholder communications did not compromise voting integrity or disclosure, ASIC did not object, and shareholders approved the scheme by requisite majorities.

Parties
Plaintiff: Ansarada Group Limited; Bidder: DS Answer Pty Ltd (Datasite BidCo)
Jurisdiction
Australia
Judgment Date
03 September 2024
Procedural Posture
Scheme of Arrangement Application / Second Court Hearing – Approval of Scheme
Outcome
Scheme of arrangement approved; exemption under s 411(12) granted
Legal Topics
Schemes of Arrangement, Arrangements and Reconstructions, Approval of Scheme Under S 411 Corporations Act, Disclosure Obligations, Shareholder Communications
Corporations Law Equity Schemes of Arrangement Arrangements and Reconstructions Approval of Scheme Under S 411 Corporations Act Disclosure Obligations Shareholder Communications

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Parties

Ansarada Group Limited

Plaintiff

DS Answer Pty Ltd (Datasite BidCo)

Bidder

Procedural Posture

Scheme of Arrangement Application / Second Court Hearing – Approval of Scheme

Legal Issues

  1. 1 Whether the scheme of arrangement should be approved under s 411 of the Corporations Act 2001 (Cth)
  2. 2 Whether procedural and statutory requirements are satisfied
  3. 3 Whether communications with shareholders affected integrity of the scheme process

Ratio Decidendi

The scheme of arrangement was approved as all procedural and statutory requirements were satisfied, the scheme was fair and reasonable, shareholder communications did not compromise voting integrity or disclosure, ASIC did not object, and shareholders approved the scheme by requisite majorities.

Court Disposition

Scheme of arrangement approved; exemption under s 411(12) granted

Orders

  • Scheme of arrangement approved under s 411 of the Corporations Act 2001 (Cth)
  • Exemption granted under s 411(12) from compliance with s 411(11)