Milton Corporation Limited, in the matter of Milton Corporation Limited (First Scheme Hearing)

The case of Milton Corporation Limited, in the matter of Milton Corporation Limited (First Scheme Hearing) involved an application by Milton Corporation Limited for orders convening a meeting of its members to consider and agree upon a proposed scheme of arrangement. The scheme in question involved the acquisition of shares in the target company in exchange for consideration. The application was made under sections 411 and 1319 of the Corporations Act 2001 (Cth). The legal issues the court was required to decide included whether the scheme was fair and reasonable, whether the court should approve the scheme, and whether the proposed meeting of shareholders was properly convened. The court considered the evidence provided by the directors of Milton, an independent committee of directors, and an independent expert who had evaluated the terms of the scheme. The court concluded that the scheme was fair and reasonable and in the best interests of Milton shareholders. The court also found that the proposed meeting of shareholders was properly convened and that the application should be granted. The final orders of the court included convening a meeting of Milton shareholders to consider and, if thought fit, agree to the proposed scheme of arrangement. The meeting was to be held electronically and in person, with specific instructions for shareholders to receive notice and voting information. The court also made orders for the publication of a notice of hearing and the adjournment of the originating process.