Diverger Limited, in the matter of Diverger Limited

Diverger Limited sought orders for the convening of a meeting of its shareholders to consider and vote on a scheme of arrangement involving a takeover by Count Acquisition Pty Limited. The Federal Court was asked to approve the convening of the meeting and the distribution of certain documents to the shareholders. The court had to decide whether the scheme met the requirements of the Corporations Act 2001 (Cth) and if the proposed communications to the shareholders were adequate. The court found that the scheme was fair and reasonable, and the communications plan was acceptable, provided certain conditions were met. The court allowed the application and ordered the convening of the meeting and the distribution of the relevant documents to the shareholders. The further hearing for the approval of the scheme was adjourned to a later date.