Symbio Holdings Limited, in the matter of Symbio Holdings Limited (No 2) [2024] FCA 40

Symbio Holdings Limited, in the matter of Symbio Holdings Limited (No 2) [2024] FCA 40

The Court granted the directions for supplementary disclosure, finding the amendments to the scheme material, the announcement adequate, shareholders appropriately notified with sufficient time to consider the information, no opposition from ASIC, and no factors weighing against the directions.

Parties
Plaintiff: Symbio Holdings Limited; Bidder: Aussie Broadband Limited
Jurisdiction
Australia
Judgment Date
30 January 2024
Procedural Posture
Corporations Scheme of Arrangement / Interlocutory Application for Directions on Supplementary Disclosure
Outcome
Application granted
Legal Topics
Scheme of Arrangement, Supplementary Disclosure, Shareholder Communication, Court Approval
Corporations Law Scheme of Arrangement Supplementary Disclosure Shareholder Communication Court Approval

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Parties

Symbio Holdings Limited

Plaintiff

Aussie Broadband Limited

Bidder

Procedural Posture

Corporations Scheme of Arrangement / Interlocutory Application for Directions on Supplementary Disclosure

Legal Issues

  1. 1 Whether supplementary disclosure regarding amendments to the proposed scheme should be approved and the manner in which it should be communicated to shareholders

Ratio Decidendi

The Court granted the directions for supplementary disclosure, finding the amendments to the scheme material, the announcement adequate, shareholders appropriately notified with sufficient time to consider the information, no opposition from ASIC, and no factors weighing against the directions.

Court Disposition

Application granted

Orders

  • Plaintiff directed to make available on ASX market announcements platform an announcement regarding the amendments on or by 31 January 2024.
  • Plaintiff may send the announcement to Symbio Shareholders using same methods as for scheme meeting notification: by email (if elected), prepaid post or courier (if hard copy elected or no election made).