Blackmores Limited, in the matter of Blackmores Limited (No 2) [2023] FCA 850

Blackmores Limited, in the matter of Blackmores Limited (No 2) [2023] FCA 850

All statutory requirements for approval of the scheme were met, shareholder support was overwhelming by headcount and value, evidence was provided of compliance including ASIC’s letter of no objection, and there was no reason for the Court to withhold approval of the scheme.

Jurisdiction
Australia
Judgment Date
20 July 2023
Procedural Posture
Corporations Scheme of Arrangement Application / Second Court Hearing – Approval of Scheme
Outcome
Scheme of arrangement approved
Legal Topics
['scheme of Arrangement' 'court Approval' 'shareholder Meeting' 'statutory Requirements']
['corporations Law'] ['scheme of Arrangement' 'court Approval' 'shareholder Meeting' 'statutory Requirements']

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Procedural Posture

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

Legal Issues

  1. 1 ['Whether the statutory requirements for approval of the scheme of arrangement under s 411 of the Corporations Act 2001 (Cth) have been satisfied' 'Whether the Court should approve the proposed scheme of arrangement']

Ratio Decidendi

All statutory requirements for approval of the scheme were met, shareholder support was overwhelming by headcount and value, evidence was provided of compliance including ASIC’s letter of no objection, and there was no reason for the Court to withhold approval of the scheme.

Court Disposition

Scheme of arrangement approved

Orders

  • ['Scheme of arrangement between Blackmores Limited and its holders of fully paid ordinary shares approved pursuant to s 411(4)(b) of the Corporations Act 2001 (Cth)' 'Exemption from compliance with subsection 411(11) of the Corporations Act pursuant to s 411(12)' 'Office copy of orders to be lodged with ASIC'...