In the matter of Prime Media Group Limited [2019] NSWSC 1888

The Court approved the despatch of the supplementary disclosure because the special dividend announcement is a material change, the disclosure is accurate, verified, timely, substantially benefits shareholders, and meets all legal requirements, including process, notice to ASIC, and case law principles.

Jurisdiction: Australia
Judgment Date: 22 December 2019
Procedural Posture: Corporations – Schemes of Arrangement / Interlocutory Application for Approval of Supplementary Disclosure Prior to Scheme Meeting
Outcome: Orders made approving supplementary disclosure for distribution to shareholders prior to the scheme meeting.
Legal Topics: ['schemes of Arrangement' 'supplementary Disclosure' 'court Approval Process']

['corporations Law' 'equity'] ['schemes of Arrangement' 'supplementary Disclosure' 'court Approval Process']

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Procedural Posture

Corporations – Schemes of Arrangement / Interlocutory Application for Approval of Supplementary Disclosure Prior to Scheme Meeting

Legal Issues

1 ['Whether the Court should approve the despatch of supplementary disclosure information to shareholders in connection with a proposed scheme of arrangement']

Ratio Decidendi

Court Disposition

Orders made approving supplementary disclosure for distribution to shareholders prior to the scheme meeting.

Orders

['Approval granted for despatch of supplementary disclosure concerning special dividend in connection with the scheme of arrangement.']