Cranswick Premium Wines Limited [2003] FCA 138

Cranswick Premium Wines Limited [2003] FCA 138

The statutory and procedural requirements for approval of the schemes of arrangement have been satisfied; support for the schemes among all classes was overwhelming; ASIC raised no objection; the schemes are fair and reasonable; accordingly, the court approves the schemes and grants dispensation from compliance with...

Source-derived case information.

Parties
Plaintiff: Cranswick Premium Wines Limited ACN 000 024 304
Jurisdiction
Australia
Judgment Date
04 March 2003
Procedural Posture
Corporations – Schemes of Arrangement / Final Approval of Schemes of Arrangement
Outcome
Approved the schemes of arrangement and granted the requested exemption.
Legal Topics
Merger, Schemes of Arrangement, Shareholders, Optionholders, Noteholders, Approval Process
Corporations Law Merger Schemes of Arrangement Shareholders Optionholders Noteholders Approval Process

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Parties

Cranswick Premium Wines Limited ACN 000 024 304

Plaintiff

Procedural Posture

Corporations – Schemes of Arrangement / Final Approval of Schemes of Arrangement

Legal Issues

  1. 1 Whether requirements for approval of schemes of arrangement under s 411 of the Corporations Act 2001 (Cth) have been satisfied
  2. 2 Whether the proposed schemes are fair and reasonable to the shareholders, optionholders, and noteholders
  3. 3 Whether to grant exemption from compliance with s 411(11) of the Corporations Act 2001 (Cth)

Ratio Decidendi

The statutory and procedural requirements for approval of the schemes of arrangement have been satisfied; support for the schemes among all classes was overwhelming; ASIC raised no objection; the schemes are fair and reasonable; accordingly, the court approves the schemes and grants dispensation from compliance with s 411(11) of the Corporations Act 2001 (Cth).

Court Disposition

Approved the schemes of arrangement and granted the requested exemption.

Orders

  • The schemes of arrangement between Cranswick and its shareholders, optionholders, and noteholders are approved pursuant to section 411(4) of the Corporations Act 2001 (Cth).
  • The applicant is exempted from compliance with section 411(11) of the Corporations Act 2001 (Cth) in relation to the schemes.