The Court approved a scheme of arrangement under s 411 of the Corporations Act for the acquisition of all issued ordinary shares in Blue Ocean Monitoring Limited by Helsing Australia Pty Ltd, being satisfied that all statutory requirements were met, the scheme was approved by the requisite majorities, and the scheme was fair and reasonable. The Court also exempted BLM from compliance with s 411(11) on the basis that the scheme involved no modification of shareholder or creditor rights, and approved an uncontroversial amendment to the Scheme Implementation Agreement under s 411(6) to conform payment arrangements to those disclosed in the scheme booklet.
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