Little World Beverages Limited, in the matter of Little World Beverages Limited (No 2) [2012] FCA 1058

Little World Beverages Limited, in the matter of Little World Beverages Limited (No 2) [2012] FCA 1058

All requirements of s 411 of the Corporations Act are satisfied, including proper notice, shareholder approval by required majorities (with relevant exclusions), compliance with court orders, regulatory non-objection, and overall fairness; therefore, the scheme is to be approved and exemption from s 411(11) is granted.

Parties
Plaintiff: Little World Beverages Limited; Excluded Shareholder/related Party: Anglo-Gaelic Investments Pty Ltd
Jurisdiction
Australia
Judgment Date
26 September 2012
Procedural Posture
Scheme of Arrangement/corporations / Final Court Approval Under S 411(4)(b) Corporations Act
Outcome
Scheme approved, statutory exemption granted
Legal Topics
Scheme of Arrangement, Court Approval of Scheme, Exemption From S 411(11)
Corporations Scheme of Arrangement Court Approval of Scheme Exemption From S 411(11)

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Parties

Little World Beverages Limited

Plaintiff

Anglo-Gaelic Investments Pty Ltd

Excluded Shareholder/related Party

Procedural Posture

Scheme of Arrangement/corporations / Final Court Approval Under S 411(4)(b) Corporations Act

Legal Issues

  1. 1 Whether all statutory and procedural requirements for approval of a scheme of arrangement under s 411(4)(b) of the Corporations Act 2001 (Cth) have been met
  2. 2 Whether the scheme is fair and reasonable

Ratio Decidendi

All requirements of s 411 of the Corporations Act are satisfied, including proper notice, shareholder approval by required majorities (with relevant exclusions), compliance with court orders, regulatory non-objection, and overall fairness; therefore, the scheme is to be approved and exemption from s 411(11) is granted.

Court Disposition

Scheme approved, statutory exemption granted

Orders

  • Scheme of arrangement between Little World Beverages Limited and its ordinary shareholders (other than Anglo-Gaelic Investments Pty Ltd and related bodies corporate and their nominees) approved under s 411(4)(b) of the Corporations Act 2001 (Cth), in the terms of Annexure A to the orders.
  • Little World Beverages Limited exempted from compliance with s 411(11) of the Act in relation to the Scheme, under s 411(12).