In the matter of Redcape Property Fund Limited and The Trust Company (RE Services) Limited as the Responsible Entity for the Redcape Property Trust [2012] NSWSC 486

In the matter of Redcape Property Fund Limited and The Trust Company (RE Services) Limited as the Responsible Entity for the Redcape Property Trust [2012] NSWSC 486

The Court was satisfied that the procedural requirements for the approval of the scheme were met, that the proposed schemes and amendments were fair and reasonable, and within the powers of alteration, and accordingly approved the share scheme and alterations and gave judicial advice to the trustee.

Jurisdiction
Australia
Judgment Date
20 April 2012
Procedural Posture
Scheme of Arrangement and Judicial Advice Application / Second Court Hearing/approval of Scheme
Outcome
Share scheme and amendments approved; judicial advice provided to responsible entity; orders made as sought by plaintiffs.
Legal Topics
['scheme of Arrangement' 'judicial Advice to Trustee' 'alteration of Trust Constitution' 'recapitalisation' 'arrangement With Shareholders']
['corporations Law' 'equity' 'trusts'] ['scheme of Arrangement' 'judicial Advice to Trustee' 'alteration of Trust Constitution' 'recapitalisation' 'arrangement With Shareholders']

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Procedural Posture

Scheme of Arrangement and Judicial Advice Application / Second Court Hearing/approval of Scheme

Legal Issues

  1. 1 ['Whether the Court should approve the share scheme under s 411(4)(b) of the Corporations Act 2001 (Cth) and related scheme alterations' "Whether the responsible entity for the trust is justified in acting on the members' resolutions and proposed amendments under s 63 Trustee Act 1925 (NSW) and s 601GC Corporations Act" "Whether amendments to the scheme and trust deed are within the power of alteration and not adverse to members' rights"]

Ratio Decidendi

The Court was satisfied that the procedural requirements for the approval of the scheme were met, that the proposed schemes and amendments were fair and reasonable, and within the powers of alteration, and accordingly approved the share scheme and alterations and gave judicial advice to the trustee.

Court Disposition

Share scheme and amendments approved; judicial advice provided to responsible entity; orders made as sought by plaintiffs.

Orders

  • ["Scheme of arrangement between Redcape Property Fund Limited and its ordinary shareholders approved, subject to alterations to 'Record Date' and 'Implementation Date'." 'Redcape Property Fund Limited exempted from compliance with s 411(11) of the Corporations Act 2001 (Cth) in relation to the share scheme.' "The...