BlueFreeway Limited, in the matter of BlueFreeway Limited [2009] FCA 535

BlueFreeway Limited, in the matter of BlueFreeway Limited [2009] FCA 535

Given the independent expert's evidence that the scheme is fair and reasonable, ASIC's lack of objection, and the supporting submissions, it was appropriate to make orders for convening the shareholders' meeting and approving the distribution of the explanatory statement so shareholders could consider the scheme.

Parties
Plaintiff: BlueFreeway Limited
Jurisdiction
Australia
Judgment Date
22 May 2009
Procedural Posture
Scheme of Arrangement Application / First Court Hearing
Outcome
Orders made as sought to convene shareholder meeting and approve explanatory statement.
Legal Topics
Scheme of Arrangement, Shareholder Meeting, Explanatory Statement Approval
Corporations Scheme of Arrangement Shareholder Meeting Explanatory Statement Approval

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Parties

BlueFreeway Limited

Plaintiff

Procedural Posture

Scheme of Arrangement Application / First Court Hearing

Legal Issues

  1. 1 Whether a meeting of ordinary shareholders should be convened to consider a proposed scheme of arrangement under s 411(1) of the Corporations Act 2001 (Cth)
  2. 2 Whether the explanatory statement in relation to the proposed scheme should be approved under ss 411(3) and 412 of the Corporations Act 2001 (Cth)

Ratio Decidendi

Given the independent expert's evidence that the scheme is fair and reasonable, ASIC's lack of objection, and the supporting submissions, it was appropriate to make orders for convening the shareholders' meeting and approving the distribution of the explanatory statement so shareholders could consider the scheme.

Court Disposition

Orders made as sought to convene shareholder meeting and approve explanatory statement.

Orders

  • BlueFreeway Limited to convene a meeting of its ordinary shareholders (other than IPMG Administration Pty Limited) to consider and, if thought fit, agree to the scheme of arrangement.
  • Meeting to be held at 1pm on 23 June 2009 at FX Centre, 4th Floor, 184 Bourke Road, Alexandria, NSW.