Peak Coal Limited (ACN 125 884 031), in the matter of Peak Coal Limited (ACN 125 884 031) (No 2)

Peak Coal Limited, an Australian company, sought approval from the Federal Court of Australia for a proposed scheme of arrangement under the Corporations Act 2001 (Cth) to transfer its entire share capital to Wildhorse Energy Limited. The case involved two main meetings: one for the company's members and another for option holders. The Court had to determine if all legal conditions were met, if the parties acted in good faith, and if the scheme was fair and reasonable. McKerracher J found that the meetings were properly convened and conducted according to the law, and that the Australian Securities and Investments Commission had sufficient opportunity to review the scheme and provide submissions. The Court noted that ASIC had no objections to the scheme, implying satisfaction with the fairness and reasonableness of the proposal. The judge concluded that the scheme was proposed in good faith and for a legitimate purpose, and was fair and reasonable for the shareholders and option holders to approve. The Court approved the scheme, exempting the company from certain compliance requirements under the Act, and mandated the lodgement of an office copy of the order with ASIC.

The orders approved the Schemes of Arrangement between Peak Coal Limited and its members and option holders. The company was exempted from complying with certain provisions of the Corporations Act. McKerracher J also ordered that an office copy of the judgment be lodged with ASIC within 14 days and that the orders take effect from the date of the judgment. The company was granted liberty to apply for further orders if necessary.