NetComm Wireless Limited, in the matter of NetComm Wireless Limited (No 2) [2019] FCA 1109

NetComm Wireless Limited, in the matter of NetComm Wireless Limited (No 2) [2019] FCA 1109

Given that all procedural and statutory requirements for the scheme meeting were complied with, adequate and fair disclosure was made to shareholders, and objections were considered but not substantiated by admissible expert evidence, the court found the scheme fair, reasonable, and properly disclosed, warranting approval under s 411(4)(b) of the Corporations Act 2001 (Cth).

Jurisdiction
Australia
Judgment Date
20 June 2019
Procedural Posture
Scheme of Arrangement Approval / Second Court Hearing
Outcome
Scheme approved
Legal Topics
['scheme of Arrangement' 'disclosure Requirements' 'shareholder Rights' 'valuation of Shares']
['corporations'] ['scheme of Arrangement' 'disclosure Requirements' 'shareholder Rights' 'valuation of Shares']

Case Brief

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Procedural Posture

Scheme of Arrangement Approval / Second Court Hearing

Legal Issues

  1. 1 ['Whether the scheme of arrangement should be approved under s 411(4)(b) of the Corporations Act 2001 (Cth)' 'Whether there had been full and fair disclosure to shareholders' 'Adequacy of information and valuation methods provided to shareholders']

Ratio Decidendi

Given that all procedural and statutory requirements for the scheme meeting were complied with, adequate and fair disclosure was made to shareholders, and objections were considered but not substantiated by admissible expert evidence, the court found the scheme fair, reasonable, and properly disclosed, warranting approval under s 411(4)(b) of the Corporations Act 2001 (Cth).

Court Disposition

Scheme approved

Orders

  • ['Pursuant to s 411(4)(b) of the Corporations Act 2001 (Cth), the scheme of arrangement between NetComm Wireless Limited and its shareholders is approved.' 'NetComm to lodge an office copy of these Orders with the Australian Securities and Investments Commission.' 'NetComm exempted from compliance with s 411(11) of...