Panbio Limited (ABN 19 010 728 220) No 2, in the matter of Panbio Limited (ABN 19 010 728 220) [2007] FCA 2101

Panbio Limited (ABN 19 010 728 220) No 2, in the matter of Panbio Limited (ABN 19 010 728 220) [2007] FCA 2101

The scheme meeting was properly convened and held, the requisite statutory majorities approved the scheme, ASIC did not object and all conditions precedent (other than court approval) were satisfied. No opposition was raised, and there is no bar in s 411(17). It was appropriate to approve the scheme under s 411(4)(b) and grant exemption from compliance with s 411(11).

Jurisdiction
Australia
Judgment Date
20 December 2007
Procedural Posture
Scheme of Arrangement Application / Application for Approval of Scheme of Arrangement After Shareholders' Meeting
Outcome
scheme of arrangement approved; exemption granted
Legal Topics
['schemes of Arrangement' 'court Approval Under S 411 of the Corporations Act' 'shareholder Meetings']
['corporations Law'] ['schemes of Arrangement' 'court Approval Under S 411 of the Corporations Act' 'shareholder Meetings']

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Procedural Posture

Scheme of Arrangement Application / Application for Approval of Scheme of Arrangement After Shareholders' Meeting

Legal Issues

  1. 1 ['Whether to approve the scheme of arrangement under s 411(4)(b) of the Corporations Act 2001 (Cth)' 'Whether exemption from compliance with s 411(11) should be granted']

Ratio Decidendi

The scheme meeting was properly convened and held, the requisite statutory majorities approved the scheme, ASIC did not object and all conditions precedent (other than court approval) were satisfied. No opposition was raised, and there is no bar in s 411(17). It was appropriate to approve the scheme under s 411(4)(b) and grant exemption from compliance with s 411(11).

Court Disposition

scheme of arrangement approved; exemption granted

Orders

  • ['The scheme of arrangement between Panbio Limited and holders of ordinary shares (other than Excluded Shares) is approved pursuant to s 411(4)(b) of the Corporations Act 2001 (Cth).' 'Panbio Limited is exempted from compliance with s 411(11) of the Corporations Act 2001 (Cth) in relation to Order 1.' 'Orders to be...