| IN THE SUPREME COURT OF VICTORIA | Not Restricted |
AT MELBOURNE
COMMERCIAL COURT
CORPORATIONS LIST
S ECI 2021 01961
IN THE MATTER OF APN PROPERTY GROUP LIMITED
BETWEEN:
| APN PROPERTY GROUP LIMITED (ACN 109 846 068) | Plaintiff |
S ECI 2021 01963
IN THE MATTER OF APN RE LIMITED
BETWEEN:
| APN RE LIMITED (ACN 627 612 202) IN ITS CAPACITY AS THE RESPONSIBLE ENTITY OF THE APD TRUST (ARSN 629 330 007) | Plaintiff |
---
JUDGE: | Riordan J |
WHERE HELD: | Melbourne |
DATE OF HEARING: | 15 June 2021 |
DATE OF JUDGMENT: | 15 June 2021 |
CASE MAY BE CITED AS: | In the matters of APN Property Group Ltd and APN RE Ltd |
MEDIUM NEUTRAL CITATION: | [2021] VSC 389 |
---
CORPORATIONS LAW — Members’ scheme of arrangement — Where order sought under s 411(1) of the Corporations Act 2001 (Cth) — Preconditions for orders convening a meeting – Discretionary considerations considered — Orders that a meeting be convened.
TRUSTEES – Judicial advice under r 54.02(2)(c) of the Supreme Court (General Civil Procedure) Rules 2015 (Vic) – Whether trustee justified in convening a meeting of trust unitholders for the purpose of considering a proposed acquisition of units — Orders that the trustee was justified in convening a meeting.
---
APPEARANCES: | Counsel | Solicitors |
| For the Plaintiffs | Mr P D Crutchfield QC with Mr B K Holmes | Gilbert & Tobin |
| For Dexus Nominee Pty Ltd and Dexus Funds Management Ltd | Mr N De Young QC | King & Wood Mallesons |
HIS HONOUR:
The plaintiff in proceeding S ECI 2021 01961 (‘APN PG’) is a corporation operating as a specialist real estate investment manager.
The plaintiff in proceeding S ECI 2021 01963 (‘APN RE’) is the responsible entity of the APD Trust, which is a registered managed investment scheme.
As at 11 May 2021, there were 329,548,043 shares in APN PG and the same number of units in the APD Trust (collectively referred to as ‘APD Securities’). The shares and the units are stapled together and admitted to the Official List of the Australian Securities Exchange under the ticker code ‘APD’. The holders of the APD Securities are collectively referred to as ‘APD Security Holders’.
By Scheme Implementation Deed dated 11 May 2021, APN PG and APN RE entered into an agreement with Dexus Nominee Pty Ltd (‘the Bidder’) and Dexus Funds Management Ltd (‘the Guarantor’) under which the Bidder would acquire 100% of the APD Securities (‘the Proposed Transaction’).
Under the Proposed Transaction, the following two schemes are proposed:
(a)the shares in APN PG would be acquired by the Bidder pursuant to a scheme of arrangement (‘the APN PG Scheme’); and
(b)the units in the APD Trust would be acquired by amendments to the constitution of the APD Trust to give effect to a trust scheme (‘the Trust Scheme’),
(collectively referred to as ‘the Schemes’).
By originating process filed 7 June 2021 in proceeding S ECI 2021 01961, APN PG applies for orders under ss 411 and 1319 of the Corporations Act 2001 (Cth) (‘the Act’) including, with respect to…
Keep reading for free
Create a free CaseChat account to read Re APN Property Group Ltd and APN RE Ltd and more:
- Read every judgment in full
- Ask AI and get answers linked to paragraphs
- See how each paragraph was cited in later cases
- Download judgments as PDF or Word
One click creates your free account or signs you in.
By continuing you agree to the Terms and Privacy Policy.
- Case
- [2021] VSC 389
- Decision Date
CaseChat Overview and Summary
The central legal issues revolved around the interpretation and application of section 411 of the Corporations Act, specifically whether the court should exercise its discretion to order a meeting of members. The court also had to consider the advice provided to the trustee by a judicial officer under rule 54.02(2)(c) of the Supreme Court (General Civil Procedure) Rules 2015 (Vic), which addressed whether the trustee was justified in convening a meeting to consider a proposed acquisition of units.
In its decision, the court found that the preconditions for convening the meeting were indeed met. The court emphasised the importance of the statutory provisions and the role of the judicial officer's advice in its decision-making process. It concluded that the trustee was justified in convening the meeting, thereby upholding the trustee’s decision. The court granted the orders that a meeting be convened and that the trustee was justified in convening the meeting.
The final orders of the court mandated that the meeting be convened, affirming the trustee's actions and providing clarity on the procedural steps required under the relevant sections of the Corporations Act and the Supreme Court Rules.
Orders
Orders of the court
Full text does not contain this section.
Background
Background to the litigation
Full text does not contain this section.
Evidence
Evidence Before The Court
Full text does not contain this section.
Decision
Reasons for decision
Full text does not contain this section.
Ratio Decidendi
Legal Principle Established
Full text does not contain this section.