Australian Strategic Materials Limited, in the matter of Australian Strategic Materials Limited (No 2)

[2026] FCA 988

Federal Court of Australia27 July 2026

Built by Barristers,
For Australian Law.

1. Corporations
1. concurrent shareholder and option holder schemes of arrangement
1. change in circumstances after dispatch of scheme material following hearing of application to convene scheme meetings
1. supplementary disclosure required

Where circumstances change after dispatch of scheme materials but before scheme meetings, the company must approach the court for orders before dispatching supplementary material, and the same disclosure standard (proper disclosure, nothing misleading or deceptive in any material sense) applies to supplementary scheme booklets as to the original explanatory statement.
Administrative errors in dispatch of scheme meeting materials (such as sending proxy forms to wrong classes of security holders or using ordinary rather than priority prepaid envelopes) are procedural irregularities within s 1322 of the Corporations Act; where the errors are inadvertent and no substantial injustice is caused, the court may extend time for compliance or treat the irregularity as cured by s 1322(2).
The court's power under s 1319 of the Corporations Act to vacate or vary orders made under s 411 extends to adjourning scheme meetings, authorising dispatch of supplementary materials, and making consequential orders regarding existing proxies and voting eligibility.