The Court ordered the convening of scheme meetings for a stapled security acquisition of National Storage REIT (implied equity value ~$4 billion) and provided judicial advice that the responsible entity was justified in propounding the trust scheme resolutions. The Court confirmed that a break fee of approximately 1% of implied equity value was consistent with Takeovers Panel guidance, that accelerated vesting of performance rights did not create a separate class of shareholders, and that NSW had jurisdiction to give judicial advice under s 63 of the Trustee Act 1925 (NSW) for a Victorian-governed trust where sufficient connection to NSW was established through securityholder residence and business operations.
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