In the matter of Ellerston Global Investments Limited [2020] NSWSC 879

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Ellerston Global Investments Limited [2020] NSWSC 879 Hearing dates: 15 May, 21 May, 26 May, 10 June 2020 Date of orders: 10 June 2020 Decision date: 08 July 2020 Jurisdiction: Equity - Corporations List Before: Black J Decision: Orders made convening scheme meeting. Catchwords: CORPORATIONS – Arrangements and reconstructions – Schemes of arrangement or compromise – Application under s 411 of the Corporations Act 2001 (Cth) for orders convening meeting of members to consider and, if thought fit, approve a proposed scheme of arrangement – Whether requirements to order scheme meeting are satisfied – Performance risk – Consideration transferred to custodian for shareholders who have not yet provided KYC information at implementation. Legislation Cited: - Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth), s 32 - Corporations Act 2001 (Cth), ss 210, 249S, 411, 1362, Ch 2E - Public Health Act 2010 (NSW) - Public Health (COVID-19 Restrictions on Gathering and Movement) Order 2020 - Supreme Court (Corporations) Rules 1999 (NSW) - Securities Act 1933 (US), s 3(a)(10) Cases Cited: - Centrebet International Ltd [2011] FCA 870 - F T Eastment & Sons Pty Ltd v Metal Roof Decking Supplies Pty Ltd (1977) 3 ACLR 69 - First Pacific Advisers LLC v Boart Longyear Ltd (2017) 320 FLR 78 - Re Abacus Funds Management Ltd (2006) 24 ACLC 211 - Re APN News & Media Ltd (2007) 62 ACSR 400 - Re Atlas Iron Ltd (2016) 112 ACSR 554 - Re BIS Finance Pty Ltd Finance Pty Ltd [2017] NSWSC 1713 - Re Brambles Industries Ltd (2006) 59 ACSR 501 - Re CSR Ltd (2010) 183 FCR 358 - Re Duet Finance Ltd [2017] NSWSC 415 - Re Foundation Healthcare Ltd [2002] FCA 742; (2002) 42 ACSR 252 - Re Healthscope Ltd [2019] FCA 542 - Re Hills Motorway Ltd [2002] 43 ACSR 101 - Re Macquarie Capital Alliance Ltd (2008) 67 ACSR 484 - Re SAI Global Ltd [2016] FCA 1312 - Re SFE Corporation Ltd (2006) 59 ACSR 82 - Re Simavita Holdings Ltd [2013] FCA 1274 - Re Staging Connections Group Ltd [2015] FCA 1012 - Re TPG Ltd [2020] NSWSC 772 - Re Villa World Ltd [2019] NSWSC 1207 at [15] - Sovereign Life Assurance Co v Dodd [1892] 2 QB 573 Texts Cited: - T Damien & A Rich, Schemes, Takeovers and Himalayan Peaks: The Use of Schemes of Arrangement to Effect Change of Control Transactions, [5.5.2] Category: Principal judgment Parties: Ellerston Global Investments Limited Representation: Counsel: M Oakes SC (Plaintiff)