Mantra Group Limited, in the matter of Mantra Group Limited (No 2) [2018] FCA 805

Mantra Group Limited, in the matter of Mantra Group Limited (No 2) [2018] FCA 805

All statutory and procedural requirements for approving the scheme of arrangement under s 411(4)(b) were satisfied; there was sufficient notice and disclosure, the scheme was fair and reasonable, and there was no evidence of impropriety or oppression. The scheme is approved.

Parties
Plaintiff: Mantra Group Limited; Other Party: AAPC Ltd
Jurisdiction
Australia
Judgment Date
23 May 2018
Procedural Posture
Scheme of Arrangement Approval / Second Court Hearing (approval of Scheme Under S 411(4)(b) of the Corporations Act 2001 (cth))
Outcome
Scheme of arrangement approved
Legal Topics
Scheme of Arrangement, Court Approval, Procedural Requirements, Statutory Majorities
Corporations Law Scheme of Arrangement Court Approval Procedural Requirements Statutory Majorities

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Parties

Mantra Group Limited

Plaintiff

AAPC Ltd

Other Party

Procedural Posture

Scheme of Arrangement Approval / Second Court Hearing (approval of Scheme Under S 411(4)(b) of the Corporations Act 2001 (cth))

Legal Issues

  1. 1 Whether to approve a scheme of arrangement under s 411(4)(b) of the Corporations Act 2001 (Cth) between Mantra Group Limited and its shareholders

Ratio Decidendi

All statutory and procedural requirements for approving the scheme of arrangement under s 411(4)(b) were satisfied; there was sufficient notice and disclosure, the scheme was fair and reasonable, and there was no evidence of impropriety or oppression. The scheme is approved.

Court Disposition

Scheme of arrangement approved

Orders

  • The scheme of arrangement between the plaintiff and the holders of ordinary shares in the plaintiff (in the form of Annexure C of Exhibit 1) is approved pursuant to s 411(4)(b) of the Corporations Act 2001 (Cth).
  • The plaintiff is to lodge with the Australian Securities and Investments Commission a copy of the approved Scheme at the time of lodging a copy of these Orders.