Wellcom Group Limited, in the matter of Wellcom Group Limited (No 2)

In this case, Wellcom Group Limited sought approval from the Federal Court for a scheme of arrangement with its members, excluding SIDCOM Pty Ltd. The scheme, which had gained substantial support from the members at a meeting held on 8 November 2019, was outlined in Annexure B to the court's orders made on 4 October 2019. The applicant aimed to obtain the court's approval to bind dissenting members under section 411(4)(b) of the Corporations Act 2001 (Cth), as well as an exemption from certain disclosure requirements under section 411(12) of the Act.

The court was tasked with determining whether the scheme of arrangement received sufficient support from the members to warrant court approval. Additionally, the court needed to decide whether the applicant should be exempt from certain disclosure obligations under the Corporations Act.

The court found that the scheme had garnered strong support from the members, with a significant majority in favour. The court also concluded that the applicant had demonstrated that the scheme was fair and reasonable to all members, including those who did not vote in favour of it. The court approved the scheme and granted the applicant's request for an exemption from specific disclosure requirements. The orders were made pursuant to section 411(4)(b) and 411(12) of the Corporations Act 2001 (Cth) and rule 39.34 of the Federal Court Rules 2011 (Cth).

The Federal Court approved the scheme of arrangement and granted the applicant an exemption from certain disclosure requirements. The orders were to be entered forthwith as per rule 39.32 of the Federal Court Rules 2011 (Cth).