Dealt Holdings Ltd, in the matter of Dealt Holdings Ltd [2022] FCA 1104

Dealt Holdings Ltd, in the matter of Dealt Holdings Ltd [2022] FCA 1104

The Court was satisfied that the statutory and procedural requirements had been met for convening a scheme meeting, including company status, class composition, adequate disclosure, ASIC’s opportunity to comment, and no apparent reason the scheme should not eventually be approved. The Court therefore exercised its...

Source-derived case information.

Jurisdiction
Australia
Judgment Date
19 September 2022
Procedural Posture
Civil (corporations) / First Court Hearing on Application to Convene Meeting Under Scheme of Arrangement
Outcome
Application granted
Legal Topics
['scheme of Arrangement' 'court Approval of Scheme Meeting' 'section 411 Corporations Act' 'disclosure Requirements' 'asic Role in Schemes']
['corporations Law'] ['scheme of Arrangement' 'court Approval of Scheme Meeting' 'section 411 Corporations Act' 'disclosure Requirements' 'asic Role in Schemes']

Source-derived case record

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Procedural Posture

Civil (corporations) / First Court Hearing on Application to Convene Meeting Under Scheme of Arrangement

Legal Issues

  1. 1 ['Whether the Court should order the convening of a meeting of Dealt shareholders to consider a scheme of arrangement under s 411 of the Corporations Act 2001 (Cth) and approve the scheme booklet for distribution']

Ratio Decidendi

The Court was satisfied that the statutory and procedural requirements had been met for convening a scheme meeting, including company status, class composition, adequate disclosure, ASIC’s opportunity to comment, and no apparent reason the scheme should not eventually be approved. The Court therefore exercised its discretion to order the convening of the meeting and approve the scheme booklet.

Court Disposition

Application granted

Orders

  • ['The plaintiff, Dealt Holdings Limited, to convene and hold a meeting of its shareholders (excluding certain related entities) to consider and, if thought fit, approve a scheme of arrangement in the form provided.' 'Scheme meeting to be held on 19 October 2022 at 1pm, both in person and online.' 'Scheme booklet...