In the matter of DUET Finance Limited; In the matter of DUET Company Limited; In the matter of DUET Investment Holdings Limited; In the matter of DUET Finance Limited as responsible entity of DUET Finance Trust

The case before the court involved DUET Finance Limited, DUET Company Limited, DUET Investment Holdings Limited, and DUET Finance Limited as responsible entity of DUET Finance Trust. The plaintiffs sought approval for schemes of arrangement whereby their shareholders would transfer their shares to a purchaser for cash consideration. The schemes had been approved by significant majorities of the members. The court was required to decide whether it should approve the schemes of arrangement.

The primary legal issue was whether the Court should approve the schemes of arrangement. The court considered the statutory requirements for approving schemes of arrangement under the Corporations Act 2001 (Cth), particularly the need for the court to be satisfied that the scheme was fair and reasonable to the members and creditors of the company. The court also examined the significant majorities with which the schemes had been approved by the members. Furthermore, the court considered the impact of the schemes on the plaintiffs' shareholders and the overall fairness of the transaction.

The court determined that it was satisfied that the schemes were fair and reasonable to the members and creditors, and that the significant majorities with which the schemes had been approved demonstrated the members' support for the transaction. The court held that the schemes of arrangement should be approved, as they met the statutory requirements and were in the best interests of the members and creditors of the plaintiffs. The court also considered the responsible entity's application for judicial advice under section 63 of the Trustee Act 1925 (NSW) and concluded that the responsible entity would be justified in implementing the trust scheme approved by a significant majority of unitholders.

The court approved the schemes of arrangement and granted the plaintiffs' application for approval. The court also provided judicial advice to the responsible entity, confirming that it would be justified in implementing the trust scheme approved by a significant majority of unitholders. The final orders included the approval of the schemes of arrangement and the provision of judicial advice to the responsible entity.