In the matter of Templeton Global Growth Fund Limited [2021] NSWSC 1351

In the matter of Templeton Global Growth Fund Limited [2021] NSWSC 1351

The scheme was approved as all statutory and procedural requirements were satisfied, adequate and fair disclosure was made to members, required majorities were met, there were no valid objections, ASIC raised no objection, and the scheme was fair and reasonable.

Jurisdiction
Australia
Judgment Date
21 October 2021
Procedural Posture
Application for Orders Approving Scheme of Arrangement / Approval Hearing (second Court Hearing)
Outcome
Orders made approving the scheme of arrangement.
Legal Topics
['schemes of Arrangement' 'arrangements and Reconstructions' 'section 411 of Corporations Act' 'approval of Scheme' 'procedural Fairness']
['corporations Law' 'equity'] ['schemes of Arrangement' 'arrangements and Reconstructions' 'section 411 of Corporations Act' 'approval of Scheme' 'procedural Fairness']

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Procedural Posture

Application for Orders Approving Scheme of Arrangement / Approval Hearing (second Court Hearing)

Legal Issues

  1. 1 ['Whether the scheme of arrangement should be approved under s 411 of the Corporations Act 2001 (Cth)' 'Whether statutory and procedural requirements for approval of the scheme have been satisfied' 'Whether sufficient disclosure and fairness to members is established']

Ratio Decidendi

The scheme was approved as all statutory and procedural requirements were satisfied, adequate and fair disclosure was made to members, required majorities were met, there were no valid objections, ASIC raised no objection, and the scheme was fair and reasonable.

Court Disposition

Orders made approving the scheme of arrangement.

Orders

  • ['Scheme of arrangement between Templeton Global Growth Fund Limited and its shareholders is approved under s 411 of the Corporations Act 2001 (Cth).' 'Exemption from compliance with s 411(11) granted.']