Diversa Limited, in the matter of Diversa Limited (No 2) [2016] FCA 1142

Diversa Limited, in the matter of Diversa Limited (No 2) [2016] FCA 1142

It was appropriate for Diversa's members to receive the supplementary scheme booklet because it contained updated audited and preliminary financial information, updates about two transactions, information about a new OneVue director, and Grant Thornton's updated confirmatory view that the information did not materially affect its earlier conclusion that the proposed scheme was fair, reasonable and in shareholders' best interests.

Jurisdiction
Australia
Judgment Date
02 September 2016
Procedural Posture
Application Under S 411 of the Corporations Act 2001 (cth) Concerning a Scheme of Arrangement / Application for Approval to Dispatch a Supplementary Scheme Booklet to Members
Outcome
Supplementary scheme booklet approved for dispatch to members of the plaintiff.
Legal Topics
['scheme of Arrangement' 'supplementary Scheme Booklet' 'court Approval for Dispatch to Members']
['corporations Law'] ['scheme of Arrangement' 'supplementary Scheme Booklet' 'court Approval for Dispatch to Members']

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Procedural Posture

Application Under S 411 of the Corporations Act 2001 (cth) Concerning a Scheme of Arrangement / Application for Approval to Dispatch a Supplementary Scheme Booklet to Members

Legal Issues

  1. 1 ['Whether the supplementary scheme booklet should be approved for dispatch to members of Diversa Limited.' "Whether the updated financial and transaction information, new director information, and independent expert's confirmatory view should be provided to members before the scheme meeting."]

Ratio Decidendi

It was appropriate for Diversa's members to receive the supplementary scheme booklet because it contained updated audited and preliminary financial information, updates about two transactions, information about a new OneVue director, and Grant Thornton's updated confirmatory view that the information did not materially affect its earlier conclusion that the proposed scheme was fair, reasonable and in shareholders' best interests.

Court Disposition

Supplementary scheme booklet approved for dispatch to members of the plaintiff.

Orders

  • ['The supplementary scheme booklet, in the form of Exhibit 2 in the proceeding, be approved for dispatch to members of the plaintiff.' 'The supplementary scheme booklet be dispatched electronically in respect of those members of the plaintiff for whom the plaintiff has an electronic address for the purposes of...