The Court approved the Share Scheme under s 411(4)(b) of the Corporations Act and gave judicial advice under s 63 of the Trustee Act 1925 (NSW) that the responsible entity would be justified in implementing the Trust Scheme, following scheme meetings at which all resolutions were passed by over 97% of votes cast. The Court was satisfied that all procedural requirements, statutory conditions, and conditions precedent were met, the independent expert opined the schemes were fair and reasonable, and no person appeared to oppose the schemes. Voter turnout of approximately 8.7% by securityholders was held not to indicate any failure in the convening process, given it compared favourably to participation rates at recent annual general meetings.
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