The Court ordered the convening of a scheme meeting for a proposed acquisition of Magnetic Resources NL by Genesis Minerals Ltd, finding all substantive and procedural requirements under s 411(1) were satisfied. The Court held that holders of fully paid ordinary shares and nil-paid contributing shares formed a single class for voting purposes, following established authority, but that contributing shareholders should be entitled to vote on the scheme notwithstanding their nil voting rights at general meetings, because their shares were being acquired under the scheme and s 411(4)(a)(ii) requires a majority vote of members 'in that class'. The Court also ordered the scheme meeting be held as a hybrid meeting to enable overseas shareholders to fully participate, prompted by concerns raised in a shareholder objection letter received shortly before the hearing.
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