Publishing and Broadcasting Limited, in the matter of Publishing and Broadcasting Limited (No 2) [2007] FCA 1944

Publishing and Broadcasting Limited, in the matter of Publishing and Broadcasting Limited (No 2) [2007] FCA 1944

The court was satisfied that the requirements under s 411 of the Corporations Act 2001 (Cth) were met, the appropriate majorities of shareholders approved both schemes, all procedural steps were complied with, ASIC did not oppose the schemes, and there was no shareholder opposition. Consequently, the court confirmed the two schemes of arrangement.

Jurisdiction
Australia
Judgment Date
07 December 2007
Procedural Posture
Corporations Scheme of Arrangement / Second Court Hearing – Application for Confirmation of Schemes
Outcome
Schemes confirmed; orders made approving the schemes of arrangement for both companies
Legal Topics
['schemes of Arrangement' 'demerger' "companies Shareholders' Meetings" 'court Confirmation']
['corporations Law'] ['schemes of Arrangement' 'demerger' "companies Shareholders' Meetings" 'court Confirmation']

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Procedural Posture

Corporations Scheme of Arrangement / Second Court Hearing – Application for Confirmation of Schemes

Legal Issues

  1. 1 ['Whether schemes of arrangement between Publishing and Broadcasting Limited and its shareholders and Crown Limited and its shareholders should be confirmed under s 411 of the Corporations Act 2001 (Cth)']

Ratio Decidendi

The court was satisfied that the requirements under s 411 of the Corporations Act 2001 (Cth) were met, the appropriate majorities of shareholders approved both schemes, all procedural steps were complied with, ASIC did not oppose the schemes, and there was no shareholder opposition. Consequently, the court confirmed the two schemes of arrangement.

Court Disposition

Schemes confirmed; orders made approving the schemes of arrangement for both companies

Orders

  • ['Pursuant to s 411(4)(b) of the Corporations Act 2001 (Cth), the scheme of arrangement between Publishing and Broadcasting Limited and its shareholders is approved.' 'Pursuant to s 411(12) of the Act, Publishing and Broadcasting Limited is exempted from compliance with the requirements of s 411(11) of the Act.'...