RHS Limited, in the matter of RHS Limited (No 2) [2018] FCA 935

RHS Limited, in the matter of RHS Limited (No 2) [2018] FCA 935

The scheme was approved because statutory and procedural requirements were met, the scheme was fair and reasonable, supported by independent expert and directors, ASIC did not object, required majorities were achieved, no evidence of oppression or improper purpose, and no public policy concerns arose.

Jurisdiction
Australia
Judgment Date
29 May 2018
Procedural Posture
Corporations – Scheme of Arrangement / Application for Approval of Scheme Under S 411(4)(b) of Corporations Act
Outcome
Scheme of arrangement approved; orders granted
Legal Topics
['scheme of Arrangement' 'approval of Scheme' 'corporate Insolvency']
['corporate Law'] ['scheme of Arrangement' 'approval of Scheme' 'corporate Insolvency']

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Procedural Posture

Corporations – Scheme of Arrangement / Application for Approval of Scheme Under S 411(4)(b) of Corporations Act

Legal Issues

  1. 1 ['Whether the scheme of arrangement between RHS Limited and its shareholders should be approved pursuant to s 411(4)(b) of the Corporations Act 2001 (Cth)' 'Whether the statutory requirements and procedural fairness have been complied with' 'Whether the proposal is fair and reasonable and does not oppress minority shareholders' 'Whether the scheme offends public policy']

Ratio Decidendi

The scheme was approved because statutory and procedural requirements were met, the scheme was fair and reasonable, supported by independent expert and directors, ASIC did not object, required majorities were achieved, no evidence of oppression or improper purpose, and no public policy concerns arose.

Court Disposition

Scheme of arrangement approved; orders granted

Orders

  • ['Approval of scheme of arrangement between RHS Limited and holders of fully paid ordinary shares pursuant to s 411(4)(b) of Corporations Act 2001 (Cth)' 'Exemption from compliance with s 411(11) pursuant to s 411(12) of Corporations Act' 'Orders to be entered forthwith']