Coeur De Lion Investments Pty Limited v The President's Club Limited (No 2)

Coeur De Lion Investments Pty Limited (Second Plaintiff) brought proceedings against The President’s Club Limited (First Defendant) in the Federal Court of Australia. The dispute involved the proposed resolution of the proceeding and other related proceedings through a set of arrangements, including the consideration of the orders to be made in this proceeding. The case also involved discussions with the parties in Court regarding changes to the proposed orders, and the relationship between the various proceedings resolved by operation of a Deed of Settlement.

The court had to decide on the proposed orders to be made in the proceeding and whether changes to the proposed orders were appropriate. The court also had to consider the relationship between the various proceedings and ensure that the members who transferred their shares in the First Defendant and the corresponding stapled villa interest received the agreed purchase price of $65,013.

The court found that the proposed set of arrangements for the resolution of the proceeding and other related proceedings, including the proposed orders, were appropriate. The court varied the proposed orders and made orders in final form, taking into consideration the changes to the orders as proposed. The court also considered the relevant sections of the Corporations Act 2001 (Cth) and the Federal Court of Australia Act 1976 (Cth) in making its decision.

The court made orders that the Second Plaintiff must make an offer to every Member of the First Defendant to purchase all of their right title and interest in their shares in the First Defendant and the corresponding stapled villa interest. The offer must be unconditional, with a total of $65,013 for each stapled interest, and an expiry date for acceptance of the offer being on or before 30 days from the date of these orders. The court also made orders regarding the disbursement of the purchase price, the registration of the transfer of the stapled interests, and the supervision of the Court to ensure that all members who transferred their shares in the First Defendant and the corresponding stapled villa interest received the agreed purchase price.