Tower Australia Group Limited, in the matter of Tower Australia Group Limited (No 2) [2011] FCA 432

Tower Australia Group Limited, in the matter of Tower Australia Group Limited (No 2) [2011] FCA 432

All statutory, procedural, and evidentiary requirements for approval of the scheme under s 411 of the Corporations Act have been satisfied; the definition of 'Target Shareholder' is sufficiently clear and does not present practical ambiguity or uncertainty; the scheme was fairly and fully presented and there is no evidence of oppression.

Jurisdiction
Australia
Judgment Date
05 May 2011
Procedural Posture
Scheme of Arrangement Application / Approval Hearing
Outcome
scheme approved
Legal Topics
['scheme of Arrangement' 'share Acquisition' 'court Approval of Scheme' 'supervisory Jurisdiction']
['corporations Law'] ['scheme of Arrangement' 'share Acquisition' 'court Approval of Scheme' 'supervisory Jurisdiction']

Case Brief

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Procedural Posture

Scheme of Arrangement Application / Approval Hearing

Legal Issues

  1. 1 ['Whether the scheme of arrangement should be approved under s 411 of the Corporations Act 2001 (Cth)' 'Whether all statutory preconditions and procedural steps have been complied with' "Whether the identification of 'associate' in the definition of 'Target Shareholder' causes ambiguity or uncertainty"]

Ratio Decidendi

All statutory, procedural, and evidentiary requirements for approval of the scheme under s 411 of the Corporations Act have been satisfied; the definition of 'Target Shareholder' is sufficiently clear and does not present practical ambiguity or uncertainty; the scheme was fairly and fully presented and there is no evidence of oppression.

Court Disposition

scheme approved

Orders

  • ['Scheme of arrangement between the plaintiff and holders of ordinary shares (other than The Dai-ichi Life Insurance Company, Limited or associates) approved pursuant to s 411(4)(b) and s 411(6) of the Corporations Act 2001 (Cth)' 'Plaintiff exempted from compliance with s 411(11) of the Act as per s 411(12)'...