Ecosave Holdings Limited, in the matter of Ecosave Holdings Limited (No 2)

Ecosave Holdings Limited (No 2) was a case before the Federal Court of Australia, where the plaintiff, Ecosave Holdings Limited, sought approval for two separate schemes of arrangement. The first scheme was a share scheme, and the second was an option scheme. The plaintiff aimed to gain statutory majorities for the approval of both schemes. The court was required to determine whether the statutory majorities were attained and whether the plaintiff should be granted approval for the schemes, despite non-compliance with certain procedural requirements.

The court examined the evidence provided through affidavits from several individuals, including Thaddeus J. Weaver, Robin Archibald, Ajay Raju, Nicholas O’Hagan, Sanushka Seomangal, and Tracy Jill Rafferty. These affidavits addressed the validity of the schemes, the proceedings of the meetings where the schemes were proposed, and the satisfaction of the conditions precedent to the schemes. The court also considered the non-compliance with Order 7, which required the despatch of the scheme booklet to members and optionholders. Despite this non-compliance, the court had to decide whether the statutory majorities were achieved and if the plaintiff should still be granted approval for the schemes.

The court approved both the share and option schemes, noting that the statutory majorities required for approval were attained. The court acknowledged the non-compliance with Order 7 but found that the overall process was conducted fairly and in accordance with the Corporations Act 2001. The court also exempted the plaintiff from compliance with certain requirements of the Act and ordered that the plaintiff's solicitors not seek or obtain payment for certain court attendances. The court granted the plaintiff's application for approval of the schemes, while also noting the need for better compliance with procedural orders in future proceedings.