Publishing and Broadcasting Limited, in the matter of Publishing and Broadcasting Limited [2007] FCA 1610

Publishing and Broadcasting Limited, in the matter of Publishing and Broadcasting Limited [2007] FCA 1610

The Court considered the application for orders under s 411 of the Corporations Act 2001 (Cth), found all procedural requirements for convening scheme meetings and approving explanatory statements had been satisfied, including notice to ASIC and ASX, consideration of independent reports, and directors’ recommendations. The Court granted the orders allowing shareholders the opportunity to consider the proposed schemes of arrangement, demerger, financial assistance, and capital reduction.

Jurisdiction
Australia
Judgment Date
02 November 2007
Procedural Posture
Corporations Schemes of Arrangement / First Court Hearing for Orders to Convene Scheme Meetings and Approval of Explanatory Statements
Outcome
Orders made to convene meetings and approve explanatory statements for schemes of arrangement.
Legal Topics
['schemes of Arrangement' 'demergers' 'financial Assistance' 'reduction of Capital' 'name Change' 'approval of Explanatory Statements']
['corporations Law'] ['schemes of Arrangement' 'demergers' 'financial Assistance' 'reduction of Capital' 'name Change' 'approval of Explanatory Statements']

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 1 Authorities cited 2 Party arguments 1 Amounts and remedies 1
Sign in to unlock

Procedural Posture

Corporations Schemes of Arrangement / First Court Hearing for Orders to Convene Scheme Meetings and Approval of Explanatory Statements

Legal Issues

  1. 1 ['Whether orders under s 411 of the Corporations Act 2001 (Cth) should be made to convene meetings of members to consider schemes of arrangement' 'Whether the explanatory statements meet the statutory requirements for approval' 'Whether the financial assistance, reduction of capital, and name change proposed are in accordance with the Corporations Act 2001 (Cth)']

Ratio Decidendi

The Court considered the application for orders under s 411 of the Corporations Act 2001 (Cth), found all procedural requirements for convening scheme meetings and approving explanatory statements had been satisfied, including notice to ASIC and ASX, consideration of independent reports, and directors’ recommendations. The Court granted the orders allowing shareholders the opportunity to consider the proposed schemes of arrangement, demerger, financial assistance, and capital reduction.

Court Disposition

Orders made to convene meetings and approve explanatory statements for schemes of arrangement.

Orders

  • ['PBL to convene scheme meeting of all shareholders to consider the PBL Scheme.' 'Approval of explanatory statement for PBL Scheme.' 'Crown Limited to convene scheme meeting of all shareholders to consider Demerger Scheme.' 'Approval of explanatory statement for Demerger Scheme.' 'Appointment of James Douglas Packer...