In the matter of Bowen Coking Coal Limited (subject to deed of company arrangement) (receivers and managers appointed) ACN 064 874 620

The Court granted leave under s 444GA(1)(b) to transfer all shares in BCC to the DOCA proponent, finding no unfair prejudice to members where the independent expert report established the shares had nil value in both DOCA and liquidation scenarios, secured creditor claims exceeded asset values by $125–221 million, and no shareholder opposed the application. The Court also made orders under s 447A(1) extending the s 444GA regime to cover share options, warrants, performance rights and convertible instruments, following the approach in Clubb (Toys 'R' Us) and Freeman (Regional Express), on the basis that if the underlying shares are worthless, derivative instruments must also be worthless and their compulsory transfer occasions no prejudice.