In the matter of Crestone Holdings Limited [2022] NSWSC 578

In the matter of Crestone Holdings Limited [2022] NSWSC 578

The statutory and procedural requirements for the scheme were satisfied and shareholders strongly supported the scheme; there was full and fair disclosure, ASIC had no objection, and the scheme was fair and reasonable so the Court approved the scheme.

Jurisdiction
Australia
Judgment Date
12 May 2022
Procedural Posture
Scheme of Arrangement Approval / Final Approval Hearing
Outcome
Scheme of arrangement approved
Legal Topics
['scheme of Arrangement' 'approval Procedure' 'shareholder Meeting' 'statutory Requirements']
['corporations'] ['scheme of Arrangement' 'approval Procedure' 'shareholder Meeting' 'statutory Requirements']

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Procedural Posture

Scheme of Arrangement Approval / Final Approval Hearing

Legal Issues

  1. 1 ['Whether the statutory and procedural requirements for approval of a scheme of arrangement under s 411 of the Corporations Act 2001 (Cth) were satisfied' 'Whether the scheme was fair and reasonable and should be approved']

Ratio Decidendi

The statutory and procedural requirements for the scheme were satisfied and shareholders strongly supported the scheme; there was full and fair disclosure, ASIC had no objection, and the scheme was fair and reasonable so the Court approved the scheme.

Court Disposition

Scheme of arrangement approved

Orders

  • ['Order approving scheme of arrangement under s 411 of the Corporations Act 2001 (Cth)' 'Order exempting Crestone from compliance with s 411(11) of the Corporations Act 2001 (Cth)']