In the matter of Australian Energy Ltd [2006] FCA 155

In the matter of Australian Energy Ltd [2006] FCA 155

The two proposed schemes of arrangement should proceed to meetings of shareholders and optionholders as the requirements of s 411 of the Corporations Act 2001 are satisfied and the application is supported by expert evidence, ASIC and ASX correspondence, and there is no opposition.

Parties
Plaintiff: Australian Energy Ltd; Other: Ergon Energy Pty Ltd
Jurisdiction
Australia
Judgment Date
23 February 2006
Procedural Posture
Scheme of Arrangement Application / First Court Hearing
Outcome
Schemes of arrangement allowed to proceed to meetings of shareholders and optionholders; orders made as sought.
Legal Topics
Scheme of Arrangement, Share Acquisition, Option Cancellation
Corporations Law Scheme of Arrangement Share Acquisition Option Cancellation

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Parties

Australian Energy Ltd

Plaintiff

Ergon Energy Pty Ltd

Other

Procedural Posture

Scheme of Arrangement Application / First Court Hearing

Legal Issues

  1. 1 Whether meetings of shareholders and optionholders should be convened to consider schemes of arrangement under s 411 of the Corporations Act 2001
  2. 2 Whether holders of options are contingent creditors or contingent members under s 411

Ratio Decidendi

The two proposed schemes of arrangement should proceed to meetings of shareholders and optionholders as the requirements of s 411 of the Corporations Act 2001 are satisfied and the application is supported by expert evidence, ASIC and ASX correspondence, and there is no opposition.

Court Disposition

Schemes of arrangement allowed to proceed to meetings of shareholders and optionholders; orders made as sought.

Orders

  • Plaintiff to convene Share Scheme and Option Scheme meetings on 30 March 2006.
  • Chairperson(s) and method of voting specified.