In the matter of Intecq Limited [2016] NSWSC 1429

In the matter of Intecq Limited [2016] NSWSC 1429

The requirements for making orders to convene a meeting of members and approving the explanatory statement under s 411 of the Corporations Act are satisfied because the scheme is within s 411, disclosure is adequate, ASIC has had a reasonable opportunity to be heard and has not opposed, and procedural requirements, including electronic notification, are met.

Jurisdiction
Australia
Judgment Date
22 September 2016
Procedural Posture
Corporations Scheme of Arrangement / First Court Hearing for Orders to Convene Meeting of Members
Outcome
Orders made to convene a scheme meeting and approve the explanatory statement.
Legal Topics
['schemes of Arrangement' 'meetings of Members' 'disclosure Requirements' 'break Fees' 'electronic Notice']
['corporations Law' 'equity'] ['schemes of Arrangement' 'meetings of Members' 'disclosure Requirements' 'break Fees' 'electronic Notice']

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Procedural Posture

Corporations Scheme of Arrangement / First Court Hearing for Orders to Convene Meeting of Members

Legal Issues

  1. 1 ['Whether the requirements for convening a meeting of members under s 411 of the Corporations Act are satisfied' 'Whether the scheme is bona fide and properly proposed' 'Whether the explanatory statement provides proper disclosure to members' 'Whether electronic notification to shareholders is permitted by law']

Ratio Decidendi

The requirements for making orders to convene a meeting of members and approving the explanatory statement under s 411 of the Corporations Act are satisfied because the scheme is within s 411, disclosure is adequate, ASIC has had a reasonable opportunity to be heard and has not opposed, and procedural requirements, including electronic notification, are met.

Court Disposition

Orders made to convene a scheme meeting and approve the explanatory statement.

Orders

  • ['Plaintiff to convene a meeting of shareholders to consider and, if thought fit, agree to the proposed scheme of arrangement in the form presented.' 'Notice of the meeting to be given, including by email, to shareholders who have elected to receive notices electronically.' 'Ancillary orders as appropriate.']