Huon Aquaculture Group Limited, in the matter of Huon Aquaculture Group Limited (No 2) [2021] FCA 1385

Huon Aquaculture Group Limited, in the matter of Huon Aquaculture Group Limited (No 2) [2021] FCA 1385

The court was satisfied based on evidence that all procedural requirements were fulfilled, the scheme was fair and reasonable, shareholder and ASIC support were shown, and there was full disclosure; thus, the Primary Scheme was approved and exemption from s 411(11) was granted as the scheme did not affect the constitution or shareholders' rights.

Jurisdiction
Australia
Judgment Date
03 November 2021
Procedural Posture
Corporations – Scheme of Arrangement / Second Court Hearing – Approval of Scheme Under S 411(4)(b) and Exemption Under S 411(12) Corporations Act 2001 (cth)
Outcome
Orders made approving the Primary Scheme of arrangement and exempting Huon from compliance with s 411(11).
Legal Topics
['scheme of Arrangement' 'court Approval' 'section 411(4)(b)' 'exemption From Compliance With Section 411(11)']
['corporations Law'] ['scheme of Arrangement' 'court Approval' 'section 411(4)(b)' 'exemption From Compliance With Section 411(11)']

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Procedural Posture

Corporations – Scheme of Arrangement / Second Court Hearing – Approval of Scheme Under S 411(4)(b) and Exemption Under S 411(12) Corporations Act 2001 (cth)

Legal Issues

  1. 1 ['Whether the court should approve the scheme of arrangement pursuant to s 411(4)(b) of the Corporations Act 2001 (Cth)' 'Whether exemption from compliance with s 411(11) should be granted under s 411(12)']

Ratio Decidendi

The court was satisfied based on evidence that all procedural requirements were fulfilled, the scheme was fair and reasonable, shareholder and ASIC support were shown, and there was full disclosure; thus, the Primary Scheme was approved and exemption from s 411(11) was granted as the scheme did not affect the constitution or shareholders' rights.

Court Disposition

Orders made approving the Primary Scheme of arrangement and exempting Huon from compliance with s 411(11).

Orders

  • ['Scheme of arrangement between Huon Aquaculture Group Limited and its ordinary shareholders (other than Surveyors Investments Pty Ltd) approved pursuant to s 411(4)(b) of the Corporations Act 2001 (Cth).' 'Exemption from compliance with s 411(11) granted pursuant to s 411(12) of the Act in relation to the order...