Application for orders approving scheme under s 411(4)(b) of the Corporations Act 2001 (Cth)
Orders made approving scheme
Quick Take
1Relatively low voter turnout at a scheme meeting does not, of itself, prevent the court from approving a scheme of arrangement, but the court should consider whether the low turnout indicates a procedural irregularity or that shareholders were deterred from attending or voting.
2Where court orders approving a scheme of arrangement do not affect any change to the company's constitution, there is no utility in requiring those orders to be annexed to the constitution, and an exemption under s 411(12) of the Corporations Act 2001 (Cth) from compliance with s 411(11) is appropriate.
