Re Aurora Oil & Gas Ltd

Aurora Oil & Gas Ltd, in the matter of Aurora Oil & Gas Ltd was a case heard by Gilmour J in the Federal Court of Australia. The plaintiff, Aurora Oil & Gas Ltd, had previously sought orders under s 411(1) of the Corporations Act 2001 (Cth) for the convening of a scheme meeting of the company to consider and, if thought fit, approve a scheme for arrangement proposed to be made between the company and its shareholders. An increase in the consideration offered in relation to the scheme from $4.10 to $4.20 was proposed and the plaintiff sought further orders arising from that alteration in the consideration. The legal issue before the court was the appropriate approach to be taken in relation to the shareholders who had lodged proxy forms. The court found that the appropriate approach was to treat the proxy forms as still valid unless revoked. The court ordered that the meeting of Aurora’s shareholders proceed in accordance with those orders, these orders and the Revised Notice of Scheme Meeting dated 14 May 2014. Valid proxy forms for the Scheme Meeting that had been lodged by any Aurora shareholder were deemed still to be valid unless revoked, and members who voted or who had voted in favour of the Scheme were deemed to have voted in favour of the two resolutions in the Revised Notice of Scheme Meeting dated 14 May 2014 to be considered at the Scheme Meeting.