In the matter of Mortgage Choice Limited [2021] NSWSC 819

In the matter of Mortgage Choice Limited [2021] NSWSC 819

All statutory requirements for approving the scheme under s 411 were satisfied, the scheme was fair and reasonable, shareholders had adequate opportunity and information, ASIC had no objection, and no opposition was received; therefore, approval and orders were granted.

Parties
Plaintiff: Mortgage Choice Limited; Acquirer: REA Group Limited
Jurisdiction
Australia
Judgment Date
06 July 2021
Procedural Posture
Scheme of Arrangement Approval / Final Orders After Second Court Hearing
Outcome
Scheme of arrangement approved. Orders made under s 411(4)(b) of the Corporations Act exempting compliance with s 411(11).
Legal Topics
Schemes of Arrangement, Court Approval of Schemes, Shareholder Voting Requirements
Corporations Law Schemes of Arrangement Court Approval of Schemes Shareholder Voting Requirements

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Parties

Mortgage Choice Limited

Plaintiff

REA Group Limited

Acquirer

Procedural Posture

Scheme of Arrangement Approval / Final Orders After Second Court Hearing

Legal Issues

  1. 1 Whether formal requirements of Corporations Act s 411 for approving a scheme of arrangement were satisfied
  2. 2 Whether scheme of arrangement is fair and reasonable and should be approved

Ratio Decidendi

All statutory requirements for approving the scheme under s 411 were satisfied, the scheme was fair and reasonable, shareholders had adequate opportunity and information, ASIC had no objection, and no opposition was received; therefore, approval and orders were granted.

Court Disposition

Scheme of arrangement approved. Orders made under s 411(4)(b) of the Corporations Act exempting compliance with s 411(11).

Orders

  • Approval of scheme of arrangement between Mortgage Choice Limited and shareholders under s 411(4)(b) of the Corporations Act 2001 (Cth)
  • Exemption from compliance with s 411(11) of the Corporations Act 2001 (Cth)