Symbio Holdings Limited, in the matter of Symbio Holdings Limited (No 3) [2024] FCA 118

Symbio Holdings Limited, in the matter of Symbio Holdings Limited (No 3) [2024] FCA 118

The scheme of arrangement is approved as the statutory majorities were attained, all procedural requirements were substantially met or validated, the amendment to the scheme was properly disclosed and voted upon, no opposition was raised, and exemption from compliance with s 411(11) is granted.

Parties
Plaintiff: Symbio Holdings Limited; Interested Person: Aussie Broadband Limited
Jurisdiction
Australia
Judgment Date
16 February 2024
Procedural Posture
Scheme of Arrangement / Second Court Hearing
Outcome
scheme approved
Legal Topics
Scheme of Arrangement, Court Approval of Scheme, Alterations to Scheme, Shareholder Meeting, Statutory Majorities, Notice to Auditors
Corporations Law Scheme of Arrangement Court Approval of Scheme Alterations to Scheme Shareholder Meeting Statutory Majorities Notice to Auditors

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 2 Authorities cited 5 Party arguments 2 Amounts and remedies 5
Sign in to unlock

Parties

Symbio Holdings Limited

Plaintiff

Aussie Broadband Limited

Interested Person

Procedural Posture

Scheme of Arrangement / Second Court Hearing

Legal Issues

  1. 1 Whether the scheme of arrangement between Symbio Holdings Limited and its shareholders should be approved under ss 411(4) and 411(6) of the Corporations Act 2001 (Cth) subject to alterations
  2. 2 Whether procedural irregularities regarding notification to shareholders or auditors preclude approval
  3. 3 Whether the Court should grant exemption from compliance with s 411(11) under s 411(12)

Ratio Decidendi

The scheme of arrangement is approved as the statutory majorities were attained, all procedural requirements were substantially met or validated, the amendment to the scheme was properly disclosed and voted upon, no opposition was raised, and exemption from compliance with s 411(11) is granted.

Court Disposition

scheme approved

Orders

  • Approval of the Scheme of Arrangement between Symbio and its shareholders as set out in Annexure A pursuant to ss 411(4)(b) and 411(6) of the Corporations Act 2001 (Cth)
  • Symbio to lodge a copy of the approved Scheme with ASIC at the time of lodging an office copy of the orders under s 411(10)