BlueFreeway Limited, in the matter of BlueFreeway Limited (No 2) [2009] FCA 708

BlueFreeway Limited, in the matter of BlueFreeway Limited (No 2) [2009] FCA 708

The Court approved the scheme because the Scheme Meeting had been duly convened and held, the scheme was approved by both statutory majorities referred to in s 411(4)(a)(ii)(A) and (B), the second court hearing was duly advertised, no person appeared to oppose approval, ASIC did not wish to be heard in opposition, and the Court relied on its earlier reasons and BlueFreeway's submissions.

Jurisdiction
Australia
Judgment Date
30 June 2009
Procedural Posture
Application for Approval of a Scheme of Arrangement Under S 411(4) of the Corporations Act 2001 (cth) / Second Court Hearing; Orders Made Approving the Scheme
Outcome
Scheme of arrangement approved and exemption from s 411(11) granted.
Legal Topics
['scheme of Arrangement' 'shareholder Approval' 'court Approval Under S 411(4) of the Corporations Act 2001 (cth)' 'exemption From S 411(11) of the Corporations Act 2001 (cth)']
['corporations Law'] ['scheme of Arrangement' 'shareholder Approval' 'court Approval Under S 411(4) of the Corporations Act 2001 (cth)' 'exemption From S 411(11) of the Corporations Act 2001 (cth)']

Case Brief

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Procedural Posture

Application for Approval of a Scheme of Arrangement Under S 411(4) of the Corporations Act 2001 (cth) / Second Court Hearing; Orders Made Approving the Scheme

Legal Issues

  1. 1 ['Whether the scheme of arrangement between BlueFreeway Limited and its ordinary shareholders other than IPMG Administration Pty Limited should be approved pursuant to s 411(4) of the Corporations Act 2001 (Cth).' 'Whether BlueFreeway Limited should be exempted from compliance with s 411(11) of the Corporations Act 2001 (Cth) in respect of the scheme.']

Ratio Decidendi

The Court approved the scheme because the Scheme Meeting had been duly convened and held, the scheme was approved by both statutory majorities referred to in s 411(4)(a)(ii)(A) and (B), the second court hearing was duly advertised, no person appeared to oppose approval, ASIC did not wish to be heard in opposition, and the Court relied on its earlier reasons and BlueFreeway's submissions.

Court Disposition

Scheme of arrangement approved and exemption from s 411(11) granted.

Orders

  • ['The scheme of arrangement between the plaintiff and its ordinary shareholders (other than IPMG Administration Pty Limited), which is annexed hereto and marked "A", is approved pursuant to s 411(4) of the Corporations Act 2001 (Cth).' 'The plaintiff is exempted from compliance with s 411(11) of the Corporations Act...