WCM Global Long Short Limited, in the matter of WCM Global Long Short Limited [2022] FCA 1447

WCM Global Long Short Limited, in the matter of WCM Global Long Short Limited [2022] FCA 1447

The court was satisfied all requirements for the making of orders convening a scheme meeting under s 411(1) and s 1319 of the Corporations Act were met, including proper disclosure, bona fides, notification to and opportunity for ASIC to be heard, and satisfaction of procedural rules. The scheme was of a nature that, if approved by the statutory majority, the court would likely approve it at a later stage.

Jurisdiction
Australia
Judgment Date
07 November 2022
Procedural Posture
Corporations Scheme of Arrangement / First Court Hearing (convening Scheme Meeting)
Outcome
Application allowed
Legal Topics
['scheme of Arrangement' 'shareholder Meeting' 'disclosure Requirements' 'court Approval Process']
['corporations Law'] ['scheme of Arrangement' 'shareholder Meeting' 'disclosure Requirements' 'court Approval Process']

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Procedural Posture

Corporations Scheme of Arrangement / First Court Hearing (convening Scheme Meeting)

Legal Issues

  1. 1 ['Whether orders should be made under s 411(1) and s 1319 of the Corporations Act 2001 (Cth) to convene a meeting of WLS shareholders to consider a proposed scheme of arrangement' 'Whether the Scheme Booklet provides adequate disclosure to members']

Ratio Decidendi

The court was satisfied all requirements for the making of orders convening a scheme meeting under s 411(1) and s 1319 of the Corporations Act were met, including proper disclosure, bona fides, notification to and opportunity for ASIC to be heard, and satisfaction of procedural rules. The scheme was of a nature that, if approved by the statutory majority, the court would likely approve it at a later stage.

Court Disposition

Application allowed

Orders

  • ['WLS to convene a meeting of shareholders for the purpose of considering the proposed scheme of arrangement.' 'Scheme meeting to be held as a hybrid meeting on 12 November 2022 at 11:00am AEDT.' 'Chairperson of the scheme meeting appointed, with power to adjourn at discretion.' 'Scheme booklet to be distributed to...