Real Energy Corporation Limited, in the matter of Real Energy Corporation Limited

Real Energy Corporation Limited sought an order for the convening of a meeting of its shareholders to consider a proposed scheme of arrangement. The Federal Court of Australia was required to determine whether the meeting could proceed under the Corporations Act 2001 (Cth). The primary legal issue was whether the court should grant an order under section 411(1) of the Act for the convening of a meeting of the corporation's shareholders to consider the proposed scheme of arrangement.

The court considered the requirements of section 411(1) of the Act and noted that the plaintiff had provided sufficient information for the shareholders to make an informed decision. The court also noted the necessity for the meeting to comply with the relevant provisions of the Corporations Act, including the use of technology for voting and participation, as well as the need to accommodate shareholders both within and outside Australia. The court concluded that the proposed scheme of arrangement and the meeting procedures met the statutory requirements and granted the order sought by the plaintiff.

The court ordered the convening of a meeting of the shareholders of Real Energy Corporation Limited to consider the proposed scheme of arrangement. The meeting was to be held on 11 December 2020 and could be attended in person or virtually. The court also ordered that the scheme booklet be approved for distribution and that the plaintiff publish a notice of the hearing in The Australian newspaper. The court further directed the plaintiff to execute a Deed of Variation within seven days of the court approving the calling of the Scheme Meeting and to serve the executed Deed on each shareholder in the same manner as the Scheme Booklet.