The Court approved a scheme of arrangement between Magnetic Resources NL and Genesis Minerals Ltd under s 411(4)(b) of the Corporations Act, being satisfied that all statutory and procedural requirements were met and that the discretionary factors favoured approval. The Court also authorised supplementary disclosure under s 1319 following post-dispatch ASX announcements updating mineral resource information, and treated the inability to confirm postal dispatch of the supplementary booklet to 78 shareholders as a procedural irregularity under s 1322 that did not cause substantial injustice, as even assuming all 78 voted against, the requisite majorities would still have been achieved. Low voter turnout by number of shareholders (9.08%) did not preclude approval where turnout by shares was 77.48% and exceeded prior AGM participation.
The full text is available to signed-in members.