In the matter of Flinders Ports Pty Limited (ACN 097 377 172) (No 2) [2008] FCA 384

In the matter of Flinders Ports Pty Limited (ACN 097 377 172) (No 2) [2008] FCA 384

The Scheme of Arrangement is fair and reasonable, has an understandable purpose, has been unanimously approved by shareholders, complies with s 411 procedural requirements, is not opposed by ASIC, and does not enable avoidance of Chapter 6; therefore, court approval is justified.

Jurisdiction
Australia
Judgment Date
13 March 2008
Procedural Posture
Scheme of Arrangement / Court Approval
Outcome
scheme of arrangement approved
Legal Topics
['scheme of Arrangement' 'corporate Restructuring']
['corporations Law'] ['scheme of Arrangement' 'corporate Restructuring']

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Procedural Posture

Scheme of Arrangement / Court Approval

Legal Issues

  1. 1 ['Whether the Scheme of Arrangement between Flinders Ports and its shareholders should be approved under s 411(4) of the Corporations Act 2001 (Cth)' 'Whether procedural requirements and fairness criteria under s 411 have been satisfied']

Ratio Decidendi

The Scheme of Arrangement is fair and reasonable, has an understandable purpose, has been unanimously approved by shareholders, complies with s 411 procedural requirements, is not opposed by ASIC, and does not enable avoidance of Chapter 6; therefore, court approval is justified.

Court Disposition

scheme of arrangement approved

Orders

  • ['Pursuant to s 411(4) of the Corporations Act 2001 (Cth) the Court approves the Scheme of Arrangement between the plaintiff and its shareholders as described in the Scheme Booklet which forms Schedule A to the order dated 8 February 2008.' 'Pursuant to s 411(12) of the Corporations Act 2001 (Cth) the Court exempts...