SILK Laser Australia Limited, in the matter of SILK Laser Australia Limited (No 2) [2023] FCA 1418

SILK Laser Australia Limited, in the matter of SILK Laser Australia Limited (No 2) [2023] FCA 1418

The scheme was approved as the statutory requirements and procedural steps had been satisfied, the requisite statutory majorities achieved, disclosure requirements fulfilled, the scheme was found to be fair and reasonable with no opposition, and no evidence suggested oppression or procedural irregularity.

Jurisdiction
Australia
Judgment Date
16 November 2023
Procedural Posture
Scheme of Arrangement Approval / Second Court Hearing; Final Approval of Scheme
Outcome
Scheme of arrangement approved; exemption from s 411(11) granted; alteration under s 411(6) made
Legal Topics
['scheme of Arrangement' 'court Approval of Scheme' "members' Meetings" 'discretionary Approval' 'minority Oppression' 'disclosure Obligations']
['corporations Law'] ['scheme of Arrangement' 'court Approval of Scheme' "members' Meetings" 'discretionary Approval' 'minority Oppression' 'disclosure Obligations']

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 2 Amounts and remedies 1
Sign in to unlock

Procedural Posture

Scheme of Arrangement Approval / Second Court Hearing; Final Approval of Scheme

Legal Issues

  1. 1 ['Whether the scheme of arrangement should be approved under s 411(4)(b) of the Corporations Act 2001 (Cth)' 'Whether exemption from compliance with s 411(11) of the Corporations Act 2001 (Cth) should be granted' 'Whether correction under s 411(6) is appropriate']

Ratio Decidendi

The scheme was approved as the statutory requirements and procedural steps had been satisfied, the requisite statutory majorities achieved, disclosure requirements fulfilled, the scheme was found to be fair and reasonable with no opposition, and no evidence suggested oppression or procedural irregularity.

Court Disposition

Scheme of arrangement approved; exemption from s 411(11) granted; alteration under s 411(6) made

Orders

  • ['The scheme of arrangement between SILK Laser Australia Limited and Scheme Shareholders was approved with the Deed Poll definition date corrected to 29 September 2023.' 'Plaintiff to lodge a copy of the approved scheme with the Australian Securities and Investments Commission.' 'Plaintiff exempted from compliance...