The case confirms the settled approach to court approval of demerger schemes of arrangement under s 411 of the Corporations Act 2001 (Cth), restating the five considerations from Re Seven Network Ltd (No 3) and the supervisory role of the court at the approval stage. It also confirms the practice of granting exemptions under s 411(12) from the requirement to annex the court order to the company's constitution in demerger cases, and the practice of noting reliance on the s 3(a)(10) exemption under the US Securities Act 1933 in the court's approval order.
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