In the matter of Kyckr Limited (No 2) [2022] NSWSC 1562

In the matter of Kyckr Limited (No 2) [2022] NSWSC 1562

The scheme of arrangement satisfied all statutory and procedural requirements, achieved the required shareholder majorities, was fair and reasonable per the independent expert and the unopposed shareholder vote, ASIC had no objection, and it was an appropriate exercise of the Court’s discretion to approve the scheme under s 411(4)(b) of the Corporations Act 2001 (Cth), granting exemption from s 411(11) as requested.

Parties
Plaintiff: Kyckr Limited; Bidder: RealWise KYK AV Pty Ltd
Jurisdiction
Australia
Judgment Date
16 November 2022
Procedural Posture
Scheme of Arrangement Application / Second Court Hearing (scheme Approval)
Outcome
Scheme of arrangement approved.
Legal Topics
Schemes of Arrangement, Arrangements and Reconstructions, Shareholder Meetings
Corporations Law Equity Schemes of Arrangement Arrangements and Reconstructions Shareholder Meetings

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 3 Authorities cited 12 Party arguments 1 Amounts and remedies 5
Sign in to unlock

Parties

Kyckr Limited

Plaintiff

RealWise KYK AV Pty Ltd

Bidder

Procedural Posture

Scheme of Arrangement Application / Second Court Hearing (scheme Approval)

Legal Issues

  1. 1 Whether the scheme of arrangement under s 411 of the Corporations Act 2001 (Cth) should be approved
  2. 2 Whether procedural requirements and statutory majorities are satisfied
  3. 3 Whether exemption from s 411(11) of the Act should be granted

Ratio Decidendi

The scheme of arrangement satisfied all statutory and procedural requirements, achieved the required shareholder majorities, was fair and reasonable per the independent expert and the unopposed shareholder vote, ASIC had no objection, and it was an appropriate exercise of the Court’s discretion to approve the scheme under s 411(4)(b) of the Corporations Act 2001 (Cth), granting exemption from s 411(11) as requested.

Court Disposition

Scheme of arrangement approved.

Orders

  • Scheme of arrangement between Kyckr Limited and scheme shareholders approved under s 411(4)(b) of the Corporations Act 2001 (Cth).
  • Exemption from compliance with s 411(11) granted under s 411(12) of the Corporations Act 2001 (Cth), so the Court order is not required to be annexed to every copy of Kyckr's constitution.