Onevue Holdings Limited, in the matter of Onevue Holdings Limited (No 3) [2020] FCA 1584

Onevue Holdings Limited, in the matter of Onevue Holdings Limited (No 3) [2020] FCA 1584

The scheme of arrangement was approved because it met all statutory requirements, was fair and reasonable to shareholders, was approved by the requisite majorities, full disclosure was provided, no evidence of oppression or objection was presented, and all procedural steps were properly followed.

Parties
Plaintiff: OneVue Holdings Limited; Bidder: Iress Limited
Jurisdiction
Australia
Judgment Date
28 October 2020
Procedural Posture
Corporations Scheme of Arrangement / Second Court Hearing Approval of Scheme
Outcome
Scheme of arrangement approved
Legal Topics
Scheme of Arrangement, Court Approval of Scheme, Member Meetings, Scheme Consideration
Corporations Law Scheme of Arrangement Court Approval of Scheme Member Meetings Scheme Consideration

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Parties

OneVue Holdings Limited

Plaintiff

Iress Limited

Bidder

Procedural Posture

Corporations Scheme of Arrangement / Second Court Hearing Approval of Scheme

Legal Issues

  1. 1 Whether to approve the scheme of arrangement under s 411(4)(b) and s 411(6) of the Corporations Act 2001 (Cth)
  2. 2 Whether the scheme is fair and reasonable to the shareholders
  3. 3 Whether all procedural and disclosure requirements have been met

Ratio Decidendi

The scheme of arrangement was approved because it met all statutory requirements, was fair and reasonable to shareholders, was approved by the requisite majorities, full disclosure was provided, no evidence of oppression or objection was presented, and all procedural steps were properly followed.

Court Disposition

Scheme of arrangement approved

Orders

  • Scheme of arrangement between the plaintiff and its shareholders, in the form of Exhibit 4, is approved under s 411(4)(b) and s 411(6) of the Corporations Act 2001 (Cth).
  • Plaintiff to lodge a copy of the approved scheme with ASIC at the time of lodging these Orders.