The established two-stage judicial advice procedure for stapling securities (preliminary advice on adequacy of disclosure and power, followed by final advice after resolutions are passed) extends to proposals for further stapling of already-stapled securities. Where the further stapling can be achieved through trust deed amendments and distributions without a scheme of arrangement for the companies, only judicial advice to the trustee is required. The question whether the Gambotto principle applies to interests under a unit trust remains open.
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