In the matter of Webcentral Group Limited [2020] NSWSC 1279

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Webcentral Group Limited [2020] NSWSC 1279 Hearing dates: 21 August 2020 Date of orders: 21 August 2020 Decision date: 18 September 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 – Length of exclusivity period – Whether appropriate to consider break fee as percentage of enterprise value rather than equity value. Legislation Cited: - Corporations Act 2001 (Cth), ss 191, 195, 249S, 250B, 411, 1362A - Corporations (Coronavirus Economic Response) Determination (No 1) 2020 (Cth), cl 5(1) Cases Cited: - Hostworks Group Limited ACN 008 010 820 (2008) 26 ACLC 137 - Re Adelaide Bank Ltd [2007] FCA 1582 - Re Andean Resources Ltd [2010] FCA 1190 - Re CSG Ltd [2019] NSWSC 1905 - Re Cytopia Ltd [2009] VSC 560 - Re DUET Finance Limited [2017] NSWSC 415 - Re Ellerston Global Investments Ltd [2020] NSWSC 879 - Re ERM Power Ltd [2019] NSWSC 1502 - Re Folkestone Ltd [2018] FCA 1412 - Re Gazal Corporation Ltd [2019] FCA 701 - Re GBST Holdings Ltd [2019] NSWSC 1280 - Re Macquarie Private Capital A Ltd [2008] NSWSC 323 - Re Prime Media Group Ltd [2019] NSWSC 1805 - Re Pulse Health Ltd [2017] NSWSC 140 - Re Simavita Holdings Ltd [2013] FCA 1274 - Re Sirtex Medical Ltd [2018] FCA 1315 - Re Staging Connections Group Ltd [2015] FCA 1012 - Re Talent2 International Ltd [2012] FCA 771 - Re Tawana Resources NL [2018] FCA 1456 - Re TPG Telecom Limited [2020] NSWSC 772 - Re Villa World Limited [2019] NSWSC 1207 - Re Windlab Ltd [2020] NSWSC 571 Category: Principal judgment Parties: Webcentral Group Limited (Plaintiff) Representation: Counsel: I Jackman (Plaintiff) D Sulan (Acquirer)