DDH1 Limited, in the matter of DDH1 Limited (No 3) [2023] FCA 1153

DDH1 Limited, in the matter of DDH1 Limited (No 3) [2023] FCA 1153

The Court was satisfied that all procedural and statutory requirements for the approval of the scheme of arrangement had been met, that there were no defects or irregularities in shareholder communications or turnout, that the scheme was fair and supported by a majority, and that it was appropriate to approve the...

Source-derived case information.

Parties
Plaintiff: DDH1 Limited (ACN 636 677 088); Interested Party: Perenti Limited (ACN 009 211 474)
Jurisdiction
Australia
Judgment Date
26 September 2023
Procedural Posture
Corporations Scheme of Arrangement / Final Approval Hearing
Outcome
Scheme of arrangement approved; orders made as sought
Legal Topics
Scheme of Arrangement, Court Approval, Shareholder Meeting, Procedural Compliance
Corporations Law Scheme of Arrangement Court Approval Shareholder Meeting Procedural Compliance

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Parties

DDH1 Limited (ACN 636 677 088)

Plaintiff

Perenti Limited (ACN 009 211 474)

Interested Party

Procedural Posture

Corporations Scheme of Arrangement / Final Approval Hearing

Legal Issues

  1. 1 Whether to approve a scheme of arrangement under s 411 of the Corporations Act 2001 (Cth)
  2. 2 Whether statutory and procedural requirements for scheme approval were met
  3. 3 Whether there were any procedural irregularities or grounds for concern regarding shareholder communications and turnout

Ratio Decidendi

The Court was satisfied that all procedural and statutory requirements for the approval of the scheme of arrangement had been met, that there were no defects or irregularities in shareholder communications or turnout, that the scheme was fair and supported by a majority, and that it was appropriate to approve the scheme, grant the requested exemptions and minor alterations.

Court Disposition

Scheme of arrangement approved; orders made as sought

Orders

  • Scheme of arrangement between DDH1 Limited and its shareholders approved under s 411(4)(b) of the Corporations Act 2001 (Cth), subject to specified alterations
  • Exemption granted from s 411(11) pursuant to s 411(12)