The Court approved two schemes of arrangement between Winsome Resources Ltd and Li-FT Power Ltd under s 411(4)(b) of the Corporations Act, being satisfied that all statutory and procedural requirements were met and the discretionary factors favoured approval. The Court also declared under s 1322(4)(a) that the Option Scheme Meeting and its resolution were not invalid despite the meeting commencing 15 minutes before the court-ordered start time, finding this was a procedural irregularity automatically cured under s 1322(2) as no substantial injustice was caused, particularly because the meeting was adjourned to the correct time before formal business was conducted. The Court also recorded matters relevant to the s 3(a)(10) exemption under the US Securities Act 1933 to facilitate Li-FT's reliance on the court's approval.
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