PAYCE Consolidated Limited; In the Matter of PAYCE Consolidated Limited (No 1) [2016] FCA 1412

FEDERAL COURT OF AUSTRALIA

PAYCE Consolidated Limited; In the Matter of PAYCE Consolidated Limited (No 1) [2016] FCA 1412 File number: NSD 1575 of 2016

Judge: FOSTER J

Date of Judgment: 23 September 2016

Date of Orders: 23 September 2016

Date of Publication of Reasons: 24 November 2016

Catchwords: CORPORATIONS – whether, pursuant to s 411(1) of the Corporations Act 2001 (Cth), the Court should order that a meeting of the ordinary shareholders of the plaintiff and a meeting of the preference shareholders of the plaintiff be convened for the purpose of considering two inter-dependent schemes of arrangement propounded by the plaintiff whereby all of the ordinary shares issued by the plaintiff are to be acquired by a bidder and all of the preference shares issued by the plaintiff are to be the subject of a reduction of capital and consequential cancellation

Legislation: Corporations Act 2001 (Cth), ss 256B, 256C, 260B, 411(1), 1319, Pt 2J.1, Pt 2G.2 Federal Court (Corporations) Rules 2000 (Cth), r 2.15 Corporations Regulations (Cth), reg 5.6.13

Cases cited: FT Eastment & Sons Pty Ltd v Metal Roof Decking Supplies Pty Ltd (1977) 3 ACLR 69 Re Abacus Funds Management Ltd (2006) 24 ACLC 211 Re Aston Resources Ltd [2012] FCA 229 Re Central Pacific Minerals NL [2002] FCA 239 Re Centrebet International Ltd [2011] FCA 870 Re CSR Ltd (2010) 183 FCR 358 Re Hills Motorway Ltd (2002) 43 ACSR 101 Re Macquarie Private Capital A Ltd (2008) 26 ACLC 366 Re Village Roadshow Ltd (2003) 176 FLR 436 Village Roadshow Ltd v Boswell Film GmbH (2004) 182 FLR 37