Patersons Securities Limited, in the matter of Patersons Securities Limited [2019] FCA 1438

Patersons Securities Limited, in the matter of Patersons Securities Limited [2019] FCA 1438

It is appropriate for the Court to make orders convening a meeting of members to consider the proposed scheme, as the scheme is commercial, recommended, supported by expert evidence, and all procedural and disclosure obligations have been sufficiently met.

Jurisdiction
Australia
Judgment Date
02 September 2019
Procedural Posture
Scheme of Arrangement Application / First Court Hearing (orders to Convene Scheme Meeting)
Outcome
Application granted; orders made to convene scheme meeting.
Legal Topics
['scheme of Arrangement' 'section 411 and 412 Compliance' 'share Acquisition' 'meeting of Members']
['corporations Law'] ['scheme of Arrangement' 'section 411 and 412 Compliance' 'share Acquisition' 'meeting of Members']

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Procedural Posture

Scheme of Arrangement Application / First Court Hearing (orders to Convene Scheme Meeting)

Legal Issues

  1. 1 ['Whether the proposed scheme of arrangement ought to proceed to a meeting of members under s 411(1) of the Corporations Act 2001 (Cth)' 'Whether the explanatory statement and scheme booklet are sufficient to permit members to make an informed decision on the scheme' 'Whether all statutory procedures (ss 411, 412) and practice requirements have been complied with']

Ratio Decidendi

It is appropriate for the Court to make orders convening a meeting of members to consider the proposed scheme, as the scheme is commercial, recommended, supported by expert evidence, and all procedural and disclosure obligations have been sufficiently met.

Court Disposition

Application granted; orders made to convene scheme meeting.

Orders

  • ['Plaintiff to convene and hold a meeting of holders of ordinary shares to consider and, if thought fit, agree to a scheme of arrangement as set out in the proposed booklet.' 'Scheme Meeting to be held at 10.00 am (AWST) on 1 October 2019.' 'Scheme Booklet (with approved modifications) to be distributed to...