In the matter of Energy Developments Limited (No 2) [2015] NSWSC 2138

In the matter of Energy Developments Limited (No 2) [2015] NSWSC 2138

The procedural requirements were complied with, statutory majorities achieved, ASIC had no objection, conditions precedent were met, and there was no shareholder opposition; accordingly, the scheme is fair, reasonable, and should be approved.

Jurisdiction
Australia
Judgment Date
12 October 2015
Procedural Posture
Scheme of Arrangement / Approval Hearing
Outcome
scheme approved
Legal Topics
['schemes of Arrangement' 'procedural Compliance' 'shareholder Approval']
['corporations Law'] ['schemes of Arrangement' 'procedural Compliance' 'shareholder Approval']

Case Brief

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Procedural Posture

Scheme of Arrangement / Approval Hearing

Legal Issues

  1. 1 ['Whether procedural requirements for convening the shareholder meeting were complied with' 'Whether statutory majorities for approval of the scheme by shareholders were met' 'Whether ASIC has objected to the scheme' 'Whether conditions precedent to the scheme taking effect have been satisfied' 'Whether the scheme is fair and reasonable']

Ratio Decidendi

The procedural requirements were complied with, statutory majorities achieved, ASIC had no objection, conditions precedent were met, and there was no shareholder opposition; accordingly, the scheme is fair, reasonable, and should be approved.

Court Disposition

scheme approved

Orders

  • ['Scheme of arrangement between Energy Developments Limited and holders of fully paid ordinary shares approved pursuant to Corporations Act 2001 (Cth) s 411(4)(b).' 'Dispensation of requirements of Corporations Act 2001 (Cth) s 411(11) pursuant to s 411(12).' 'Plaintiff to lodge approved scheme with ASIC at time of...