Re Mainstream Group Holdings Ltd
[2021] FCA 948
Para 44
…ew in Re Citadel Group Ltd [2020] FCA 1580 and Re RXP Services Ltd [2021] FCA 38 and Perram J also took that view in Re Mainstream Group Holdings Ltd [2021] FCA 948. I accept that Mr Francis’ interest does not prevent him from making a voting recommendation to securityholders where that interest is sufficiently d…
Re Isentia Group Ltd
[2021] NSWSC 910
Para 33
…y to the Deed Poll, should not lead the Court to decline to convene a scheme meeting at the first Court hearing. As I noted in Re Isentia Group Ltd [2021] NSWSC 910, any issue as to conditionality of that funding can be addressed at the second Court hearing, when the Court can have regard to evidence whether the co…
Re BINGO Industries Ltd
[2021] NSWSC 798
Para 44
…nd Re Navitas Ltd (No 2) [2019] WASC 218. I have more recently taken the former approach in Re Coca-Cola Amatil Ltd above and Re BINGO Industries Ltd [2021] NSWSC 798, Beach J took the same view in Re Citadel Group Ltd [2020] FCA 1580 and Re RXP Services Ltd [2021] FCA 38 and Perram J also took that view in Re Main…
Re Vocus Group Ltd
[2021] NSWSC 630
Para 31
…d party lenders which is presently conditional. Spark RE initially relied on the decisions in Re QMS Media Ltd [2019] FCA 2172 and Re Vocus Group Ltd [2021] NSWSC 630 and submitted that these cases reflect an “established practice” of not obtaining deeds poll from consortium members in addition to the bidding entit…
In the matter of Mortgage Choice Limited
[2021] NSWSC 553
Para 38
…that similar restrictions have been accepted in Re Healthscope Ltd (2019) 139 ACSR 608; [2019] FCA 542 at [154]–[158] and in Re Mortgage Choice Ltd [2021] NSWSC 553 at [17].…
Application of Rinehart: 2020/142504 (No 2)
[2021] NSWSC 364
Para 25
…o those decisions) in Re Rinehart [2020] NSWSC 1624 at [111]-[113]; Ballard v Ballard (No 2) [2020] NSWSC 1687 at [29] and Re Rinehart (No 2) [2021] NSWSC 364 at [50], although his Honour also held that, in any event, the Court could exercise the corresponding cross-vested jurisdiction of another state. I do not co…
Re Coca-Cola Amatil Ltd
[2021] NSWSC 270
Para 37
…Mr Jackman also refers to my observation in Re Coca-Cola Amatil Ltd [2021] NSWSC 270 at [24] that:…
Re RXP Services Ltd
[2021] FCA 38
Para 44
…il Ltd above and Re BINGO Industries Ltd [2021] NSWSC 798, Beach J took the same view in Re Citadel Group Ltd [2020] FCA 1580 and Re RXP Services Ltd [2021] FCA 38 and Perram J also took that view in Re Mainstream Group Holdings Ltd [2021] FCA 948. I accept that Mr Francis’ interest does not prevent him from mak…
Ballard v Ballard (No 2)
[2020] NSWSC 1687
Para 25
…(in a different context, and without reference to those decisions) in Re Rinehart [2020] NSWSC 1624 at [111]-[113]; Ballard v Ballard (No 2) [2020] NSWSC 1687 at [29] and Re Rinehart (No 2) [2021] NSWSC 364 at [50], although his Honour also held that, in any event, the Court could exercise the corresponding cross-v…
Re Application of Rinehart
[2020] NSWSC 1624
Para 25
…otes that approach has been recently questioned by Parker J (in a different context, and without reference to those decisions) in Re Rinehart [2020] NSWSC 1624 at [111]-[113]; Ballard v Ballard (No 2) [2020] NSWSC 1687 at [29] and Re Rinehart (No 2) [2021] NSWSC 364 at [50], although his Honour also held that, in an…
Citadel Group Limited, in the matter of Citadel Group Limited
[2020] FCA 1580
Para 44
…the former approach in Re Coca-Cola Amatil Ltd above and Re BINGO Industries Ltd [2021] NSWSC 798, Beach J took the same view in Re Citadel Group Ltd [2020] FCA 1580 and Re RXP Services Ltd [2021] FCA 38 and Perram J also took that view in Re Mainstream Group Holdings Ltd [2021] FCA 948. I accept that Mr Francis’…
Re Webcentral Group Ltd
[2020] NSWSC 1279
Para 30
…heme and are unlikely to be a matter which could influence voting at the scheme meeting: Re Cytopia Ltd [2009] VSC 560; Re Webcentral Group Ltd [2020] NSWSC 1279 at [30]. While there is limited evidence as to the out of pocket or opportunity costs of [the acquire] that support the reimbursement fee, and it seems tha…
Re Ellerston Global Investments Ltd
[2020] NSWSC 879
Para 22
…SC 1309 at [23]. Mr Jackman also referred to my summary of the applicable principles for a first Court hearing in Re Ellerston Global Investments Ltd [2020] NSWSC 879 at [25]-[27] in this respect. The Court is not required to be satisfied that no better scheme could have been proposed, and the question is whether i…
Re TPG Telecom Ltd
[2020] NSWSC 772
Para 35
…2019] NSWSC 1502 at [24]; Re Prime Media Group Limited [2019] NSWSC 1805; Re Windlab Ltd above at [18] and Re TPG Telecom Ltd [2020] NSWSC 772. Although the “no shop” restriction and “matching right” are not subject to fiduciary carve-outs, that approach has also been accepted in the case law: Re DUET Finance Ltd a…
Re Windlab Ltd
[2020] NSWSC 571
Para 34
…nagement Company 1 Ltd above at [23]; Re Ardent Leisure Ltd [2018] NSWSC 1665 at [26]; Re Villa World Ltd [2019] NSWSC 1207 at [25]; Re Windlab Ltd [2020] NSWSC 571 at [21]. This matter also does not provide reason not to order the convening of the scheme meeting or give the advice sought in respect of the Trust Sc…
Re Prime Media Group Ltd
[2019] NSWSC 1805
Para 35
…similar “no talk” restrictions have been accepted in Re ERM Power Ltd [2019] NSWSC 1502 at [24]; Re Prime Media Group Limited [2019] NSWSC 1805; Re Windlab Ltd above at [18] and Re TPG Telecom Ltd [2020] NSWSC 772. Although the “no shop” restriction and “matching right” are not subject to fiduciary carve-outs, that…
Re QMS Media Ltd
[2019] FCA 2172
Para 31
…onsortium members and funding from third party lenders which is presently conditional. Spark RE initially relied on the decisions in Re QMS Media Ltd [2019] FCA 2172 and Re Vocus Group Ltd [2021] NSWSC 630 and submitted that these cases reflect an “established practice” of not obtaining deeds poll from consortium…
Re ERM Power Ltd
[2019] NSWSC 1502
Para 35
…e SID. Mr Jackman also submits, and I also accept, that similar “no talk” restrictions have been accepted in Re ERM Power Ltd [2019] NSWSC 1502 at [24]; Re Prime Media Group Limited [2019] NSWSC 1805; Re Windlab Ltd above at [18] and Re TPG Telecom Ltd [2020] NSWSC 772. Although the “no shop” restriction and “matchi…
Re GBST Holdings Ltd
[2019] NSWSC 1280
Para 44
…MS Management & Technology Ltd [2017] VSC 257; Re Kidman Resources Ltd [2019] FCA 1226, Re Villa World Ltd [2019] NSWSC 1207 and Re GBST Holdings Ltd [2019] NSWSC 1280 to that taken in Re Gazal Corporation Ltd [2019] FCA 701 and Re Navitas Ltd (No 2) [2019] WASC 218. I have more recently taken the former approach in…
Re Villa World Ltd
[2019] NSWSC 1207
Para 29
…tlements to be received under a scheme is relevant to the exercise of the Court’s discretion whether to convene scheme meetings: Re Villa World Ltd [2019] NSWSC 1207 at [22]. He also recognises that a similar consideration can arise in a trust scheme where a third party is providing consideration or benefits: Re Syd…
Re Kidman Resources Ltd
[2019] FCA 1226
Para 44
…or give the judicial advice sought. I here prefer the approach adopted in Re SMS Management & Technology Ltd [2017] VSC 257; Re Kidman Resources Ltd [2019] FCA 1226, Re Villa World Ltd [2019] NSWSC 1207 and Re GBST Holdings Ltd [2019] NSWSC 1280 to that taken in Re Gazal Corporation Ltd [2019] FCA 701 and Re Navi…
Re Navitas Ltd (No 2)
[2019] WASC 218
Para 44
…d Ltd [2019] NSWSC 1207 and Re GBST Holdings Ltd [2019] NSWSC 1280 to that taken in Re Gazal Corporation Ltd [2019] FCA 701 and Re Navitas Ltd (No 2) [2019] WASC 218. I have more recently taken the former approach in Re Coca-Cola Amatil Ltd above and Re BINGO Industries Ltd [2021] NSWSC 798, Beach J took the same…
Re Gazal Corporation Ltd
[2019] FCA 701
Para 44
…ources Ltd [2019] FCA 1226, Re Villa World Ltd [2019] NSWSC 1207 and Re GBST Holdings Ltd [2019] NSWSC 1280 to that taken in Re Gazal Corporation Ltd [2019] FCA 701 and Re Navitas Ltd (No 2) [2019] WASC 218. I have more recently taken the former approach in Re Coca-Cola Amatil Ltd above and Re BINGO Industries Lt…
Re Healthscope Ltd
[2019] FCA 542
Para 38
…ion to Consortium Sub subject to certain exceptions. I accept that similar restrictions have been accepted in Re Healthscope Ltd (2019) 139 ACSR 608; [2019] FCA 542 at [154]–[158] and in Re Mortgage Choice Ltd [2021] NSWSC 553 at [17].…
Re Ardent Leisure Ltd
[2018] NSWSC 1665
Para 34
…ged: Re APN News & Media Ltd (2007) 62 ACSR 400; [2007] FCA 770 at [57]–[63]; Re DUET Management Company 1 Ltd above at [23]; Re Ardent Leisure Ltd [2018] NSWSC 1665 at [26]; Re Villa World Ltd [2019] NSWSC 1207 at [25]; Re Windlab Ltd [2020] NSWSC 571 at [21]. This matter also does not provide reason not to order t…
Re Tawana Resources NL
[2018] FCA 1456
Para 37
…y been accepted by the Court: Re Tatts Group Ltd [2017] VSC 552 at [36]–[39]; Re Sirtex Medical Ltd [2018] FCA 1315 at [37]; Re Tawana Resources NL [2018] FCA 1456 at [32]; Re Vocus Group Ltd above at [16]–[17]. I accept the exclusivity period is justifiable given the complexity of the transaction and the need for…
Re Sirtex Medical Ltd
[2018] FCA 1315
Para 37
…ity periods in other schemes that have previously been accepted by the Court: Re Tatts Group Ltd [2017] VSC 552 at [36]–[39]; Re Sirtex Medical Ltd [2018] FCA 1315 at [37]; Re Tawana Resources NL [2018] FCA 1456 at [32]; Re Vocus Group Ltd above at [16]–[17]. I accept the exclusivity period is justifiable given th…
Re BIS Finance Pty Ltd
[2017] NSWSC 1713
Para 19
…[19]-[20]; Re Atlas Iron Ltd (2016) 112 ACSR 554; [2016] FCA 366 at [30]; Re DUET Finance Ltd [2017] NSWSC 415 at [15]; Re BIS Finance Pty Ltd [2017] NSWSC 1713 at [20].…
Re Signature Gold Ltd
[2017] FCA 1481
Para 46
…ders to be made by the Courts in relation to notices of scheme meetings: Re Staging Connections Group Ltd above at [49]-[52]; Re Signature Gold Ltd [2017] FCA 1481 at [55]; Re Ardent Leisure Limited above at [27]; Re ERM Power Limited above at [26]; Re TPG Telecom Ltd above at [32]. Spark securityholders who have…
Re Tatts Group Ltd
[2017] VSC 552
Para 37
…e is a reasonable period and comparable with exclusivity periods in other schemes that have previously been accepted by the Court: Re Tatts Group Ltd [2017] VSC 552 at [36]–[39]; Re Sirtex Medical Ltd [2018] FCA 1315 at [37]; Re Tawana Resources NL [2018] FCA 1456 at [32]; Re Vocus Group Ltd above at [16]–[17]. I…
Re SMS Management & Technology Ltd
[2017] VSC 257
Para 44
…ne to convene the Company Scheme meeting or give the judicial advice sought. I here prefer the approach adopted in Re SMS Management & Technology Ltd [2017] VSC 257; Re Kidman Resources Ltd [2019] FCA 1226, Re Villa World Ltd [2019] NSWSC 1207 and Re GBST Holdings Ltd [2019] NSWSC 1280 to that taken in Re Gazal C…
Re DUET Finance Ltd
[2017] NSWSC 415
Para 19
…Staging Connections Group Ltd [2015] FCA 1012 at [19]-[20]; Re Atlas Iron Ltd (2016) 112 ACSR 554; [2016] FCA 366 at [30]; Re DUET Finance Ltd [2017] NSWSC 415 at [15]; Re BIS Finance Pty Ltd [2017] NSWSC 1713 at [20].…
Re Atlas Iron Ltd
[2016] FCA 366
Para 19
…necessary majority of votes is achieved: Re Staging Connections Group Ltd [2015] FCA 1012 at [19]-[20]; Re Atlas Iron Ltd (2016) 112 ACSR 554; [2016] FCA 366 at [30]; Re DUET Finance Ltd [2017] NSWSC 415 at [15]; Re BIS Finance Pty Ltd [2017] NSWSC 1713 at [20].…
Re Staging Connections Group Ltd
[2015] FCA 1012
Para 19
…scheme should not, in due course, receive the Court’s approval if the necessary majority of votes is achieved: Re Staging Connections Group Ltd [2015] FCA 1012 at [19]-[20]; Re Atlas Iron Ltd (2016) 112 ACSR 554; [2016] FCA 366 at [30]; Re DUET Finance Ltd [2017] NSWSC 415 at [15]; Re BIS Finance Pty Ltd [2017] NS…
Nepal v Minister for Immigration and Border Protection
[2015] FCA 366
…Leisure Ltd [2018] NSWSC 1665 - Re Arthur Yates & Co Ltd (2001) 36 ACSR 758; [2001] NSWSC 40 - Re Atlas Iron Ltd (2016) 112 ACSR 554; [2015] FCA 366 - Re BINGO Industries Ltd [2021] NSWSC 798 - Re BIS Finance Pty Ltd [2017] NSWSC 1713 - Re Bolnisi Gold NL (No 2) (2007) 65 ACSR 510; [2007] FCA 2078 - Re Centrebet…
Re Mirvac Funds Management Ltd
[2014] NSWSC 1569
Para 29
…trust scheme where a third party is providing consideration or benefits: Re Sydney Airport Holding s above at [17]; Re Mirvac Funds Management Ltd [2014] NSWSC 1569 at [7]. He refers to my observation in Re Ellerston Global Investments Ltd above at [29] that a practice has developed to address performance risk, by…
Re Simavita Holdings Limited
[2013] FCA 1274
Para 31
…aging performance risk by binding a non-party to the scheme to perform its obligations under the scheme by way of deed poll: Re Simavita Holdings Ltd [2013] FCA 1274 at [43]. A potential issue arose in respect of that Deed Poll, because it is apparent that Consortium Sub does not have the capacity to perform its o…
Re Sydney Airport Holdings Ltd
[2013] NSWSC 1665
Para 26
…Pt 5.1 of the Act : Re Mirvac Ltd above; Re DUET Management Company 1 Ltd (2013) 95 ACSR 34; [2013] NSWSC 817; Re Sydney Airport Holdings Ltd [2013] NSWSC 1665. This practice typically includes an application by the responsible entity of the trust, at the first Court hearing, for judicial advice that it is justified…
Re DUET Management Company 1 Ltd
[2013] NSWSC 817
Para 26
…e process by analogy with a company scheme under Pt 5.1 of the Act : Re Mirvac Ltd above; Re DUET Management Company 1 Ltd (2013) 95 ACSR 34; [2013] NSWSC 817; Re Sydney Airport Holdings Ltd [2013] NSWSC 1665. This practice typically includes an application by the responsible entity of the trust, at the first Court…
Re Foster's Group Ltd (No 2)
[2011] VSC 547
Para 45
…rk securityholders are not in a separate class of securityholders by reason only that they also hold incentive rights: Re Foster’s Group Ltd (No 2) [2011] VSC 547 at [38]-[43]; Re Villa World Ltd above at [29].…
Re Centrebet International Ltd
[2011] FCA 870
Para 22
…reasonable to suppose that sensible business people might consider the arrangement proposed is of benefit to members: Re Centrebet International Ltd [2011] FCA 870 at [29]; Re DUET Finance Ltd above at [14].…
Re Mosaic Oil NL
[2010] FCA 985
Para 41
…l’s Guidance Note 7: Lock-up devices , and payment of break fees of that percentage is also commonplace in schemes of this kind: Re Mosaic Oil NL [2010] FCA 985 at [19].…
Re CSR Ltd
[2010] FCAFC 34
Para 20
…ealthcare Ltd (2002) 42 ACSR 252; [2002] FCA 742 at [36] and [44], approved in Re CSR Ltd (2010) 183 FCR 358; (2010) 265 ALR 703; (2010) 77 ACSR 592; [2010] FCAFC 34 at [58], French J observed that:…
Re Cytopia Ltd
[2009] VSC 560
…holders did not vote in favour of the scheme and are unlikely to be a matter which could influence voting at the scheme meeting: Re Cytopia Ltd [2009] VSC 560; Re Webcentral Group Ltd [2020] NSWSC 1279 at [30]. While there is limited evidence as to the out of pocket or opportunity costs of [the acquire] that supp…
Re Macquarie Private Capital A Ltd
[2008] NSWSC 323
Para 48
…ess the question raised by s 411(17) of the Act on an application to approve a scheme at the second Court hearing: Re Macquarie Private Capital A Ltd [2008] NSWSC 323 at [25]-[37].…
Re Bolnisi Gold NL (No 2)
[2007] FCA 2078
Para 39
…rk securityholders taking that approach, if they wish, in their consideration of the proposal: Re Bolnisi Gold NL (No 2) (2007) 65 ACSR 510 at 513; [2007] FCA 2078. Consortium Sub is also required to pay an expense reimbursement amount of $52 million (excluding GST) to Spark RE if Spark RE terminates the SID as a…
Re APN News & Media Ltd
[2007] FCA 770
Para 34
…o ensure that a scheme participant whose shares are subject to an encumbrance is not unfairly advantaged: Re APN News & Media Ltd (2007) 62 ACSR 400; [2007] FCA 770 at [57]–[63]; Re DUET Management Company 1 Ltd above at [23]; Re Ardent Leisure Ltd [2018] NSWSC 1665 at [26]; Re Villa World Ltd [2019] NSWSC 1207 a…
Re Cromwell Property Securities Ltd
[2006] NSWSC 1449
Para 25
…Victoria. Mr Jackman points out that that decision has since been followed in Re Mirvac Ltd above and in Re Cromwell Property Securities Ltd [2006] NSWSC 1449, both of which involved trust schemes. Mr Jackman fairly notes that approach has been recently questioned by Parker J (in a different context, and without re…
Re Abacus Funds Management Ltd
[2005] NSWSC 1309
Para 22
…in the scheme, such that it would be inappropriate even for it to be submitted for consideration: Re Abacus Funds Management Ltd (2006) 24 ACLC 211; [2005] NSWSC 1309 at [23]. Mr Jackman also referred to my summary of the applicable principles for a first Court hearing in Re Ellerston Global Investments Ltd [2020]…
Re Hills Motorway Ltd
[2002] NSWSC 897
Para 11
…and Trust Scheme. Mr McTaggart indicates his intention to follow the procedure set out by Barrett J in Re Hills Motorway Ltd (2002) 43 ACSR 101; [2002] NSWSC 897 in respect of convening the relevant meeting. By his affidavit dated 15 October 2021, Mr Gregory Martin, who is also an independent non-executive directo…