PAYCE Consolidated Limited; In the Matter of PAYCE Consolidated Limited (No 1) [2016] FCA 1412

PAYCE Consolidated Limited; In the Matter of PAYCE Consolidated Limited (No 1) [2016] FCA 1412

Orders are made to convene meetings of ordinary and preference shareholders to consider the proposed schemes because the schemes are adequately disclosed, are not obviously unfair, satisfy the procedural requirements of the Corporations Act, and there is no clear bar to their ultimate approval if supported by the requisite majority.

Jurisdiction
Australia
Judgment Date
23 September 2016
Procedural Posture
Corporations Scheme of Arrangement / Application for Orders to Convene Scheme Meetings
Outcome
Orders made to convene scheme meetings
Legal Topics
['schemes of Arrangement' 'reduction of Capital' 'shareholder Meetings' 'explanatory Statements']
['corporations Law'] ['schemes of Arrangement' 'reduction of Capital' 'shareholder Meetings' 'explanatory Statements']

Case Brief

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Procedural Posture

Corporations Scheme of Arrangement / Application for Orders to Convene Scheme Meetings

Legal Issues

  1. 1 ['Whether to order meetings of ordinary shareholders and preference shareholders of PAYCE Consolidated Limited to consider schemes of arrangement under s 411(1) of the Corporations Act 2001 (Cth)' 'Whether scheme arrangements are adequately disclosed and fair for consideration by shareholders' 'Class constitution for voting purposes']

Ratio Decidendi

Orders are made to convene meetings of ordinary and preference shareholders to consider the proposed schemes because the schemes are adequately disclosed, are not obviously unfair, satisfy the procedural requirements of the Corporations Act, and there is no clear bar to their ultimate approval if supported by the requisite majority.

Court Disposition

Orders made to convene scheme meetings

Orders

  • ['PAYCE to convene a meeting of ordinary shareholders and a meeting of preference shareholders to consider the respective schemes of arrangement pursuant to s 411(1) of the Corporations Act 2001 (Cth)' "Scheme Meetings to be held on Monday 31 October 2016 at 'Pulse', 9 The Crescent, Wentworth Point NSW 2127" 'Record...