application for orders approving schemes of arrangement
where statutory majorities for each scheme have been achieved
Quick Take
1At the second court hearing for approval of a scheme of arrangement, the court must be satisfied of compliance with convening orders, achievement of requisite statutory majorities, satisfaction of conditions precedent, and the absence of ASIC objection, while retaining a residual discretion not to approve even where statutory majorities are met.
2Unanimous shareholder support combined with high voter turnout and a favourable independent expert opinion provides a strong indication that a scheme of arrangement is fair and reasonable, particularly for an unlisted company with a smaller shareholder base.
