In the matter of Australian Leisure and Entertainment Property Management Limited [2021] NSWSC 1421

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Australian Leisure and Entertainment Property Management Limited [2021] NSWSC 1421 Hearing dates: 28 October 2021 Date of orders: 28 October 2021 Decision date: 04 November 2021 Jurisdiction: Equity - Corporations List Before: Black J Decision: Order made convening scheme meetings and approving the scheme booklet for distribution to shareholders. Judicial advice given that the Plaintiff is justified in propounding resolutions to implement the proposed trust scheme and proceeding on the basis that constitutional amendments to implement the trust scheme is within the constitutional powers of alteration conferred and s 601GC of the Corporations Act 2001 (Cth). Catchwords: CORPORATIONS – Arrangements and reconstructions – Schemes of arrangement or compromise – Application under s 411 of the Corporations Act 2001 (Cth) for orders convening meetings of members to consider and, if thought fit, to agree to proposed scheme of arrangement – Whether requirements to order scheme meetings are satisfied. CORPORATIONS – Managed investments – Application for judicial advice by responsible entity under s 63 of the Trustee Act 1925 (NSW) – Whether responsible entity would be justified in propounding resolutions to implement the proposed trust scheme – Whether proposed amendments are within the constitutional powers of alteration and s 601GC of the Corporations Act. Legislation Cited: - Corporations Act 2001 (Cth), Ch 5C; Pt 5.1; ss 411, s 601GC - Trustee Act 1925 (NSW), s 63 Cases Cited: - Australian Securities Commission v Marlborough Gold Mines Ltd (1993) 177 CLR 485; (1993) 112 ALR 627; (1993) 10 ACSR 230; [1993] HCA 15 - First Pacific Advisers LLC v Boart Longyear Ltd (2017) 121 ACSR 136; [2017] NSWCA 116 - F T Eastment & Sons Pty Ltd v Metal Roof Decking Supplies Pty Ltd (1977) 3 ACLR 69 - Re Abacus Funds Management Ltd (2006) 24 ACLC 211; [2005] NSWSC 1309 - Re APN News & Media Ltd (2007) 62 ACSR 400; [2007] FCA 770 - Re Ardent Leisure Ltd [2018] NSWSC 1665 - Re Arthur Yates & Co Ltd (2001) 36 ACSR 758; [2001] NSWSC 40 - Re Atlas Iron Ltd (2016) 112 ACSR 554; [2015] FCA 366 - Re Bigair Group Ltd [2016] FCA 1296 - Re BINGO Industries Ltd [2021] NSWSC 798 - Re BIS Finance Pty Ltd [2017] NSWSC 1713 - Re Bolnisi Gold NL (No 2) (2007) 65 ACSR 510; [2007] FCA 2078 - Re Centrebet International Ltd [2011] FCA 870 - Re Citadel Group Ltd (2020) 148 ACSR 598; [2020] FCA 1580 - Re Coca-Cola Amatil Ltd [2021] NSWSC 270 - Re CSR Ltd (2003) 45 ACSR 34; [2003] FCA 82 - Re CSR Ltd (2010) 183 FCR 358; (2010) 265 ALR 703; (2010) 77 ACSR 592; [2010] FCAFC 34 - Re DUET Finance Ltd [2017] NSWSC 415 - Re DUET Management Company 1 Ltd (2013) 95 ACSR 34; [2013] NSWSC 817 - Re Ellerston Global Investments Ltd [2020] NSWSC 879 - Re Foster's Group Ltd (No 2) [2011] VSC 547 - Re Foundation Healthcare Ltd (2002) 42 ACSR 252; [2002] FCA 742 - Re Gazal Corporation Ltd [2019] FCA 701 - Re GBST Holdings Ltd [2019] NSWSC 1280 - Re Hills Motorway Ltd (2002) 43 ACSR 101; [2002] NSWSC 897 - Re Kidman Resources Ltd (2019) 375 ALR 760; (2019) 139 ACSR 122; [2019] FCA 1226 - Re Macquarie Private Capital A Ltd [2008] NSWSC 323 - Re Mainstream Group Holdings Ltd [2021] FCA 948 - Re Mirvac Ltd (1999) 32 ACSR 107; [1999] NSWSC 457 - Re Mirvac Funds Management Ltd [2014] NSWSC 1569 - Re Mortgage Choice Ltd [2021] NSWSC 553 - Re Mosaic Oil NL [2010] FCA 985 - Re Navitas Ltd (No 2) [2019] WASC 218 - Re OneVue Holdings Ltd [2020] FCA 1321 - Re Prime Infrastructure Holdings Ltd (2010) 80 ASCR 193 - Re Real Energy Corporation Ltd [2020] FCA 1634 - Re Recall Holdings Ltd [2015] FCA 1142 - Re RXP Services Ltd [2021] FCA 38 - Re SFE Corporation Ltd [2006] FCA 670 - Re Simavita Holdings Ltd [2013] FCA 1274 - Re Sirtex Medical Ltd [2018] FCA 1315 - Re SMS Management & Technology Ltd [2017] VSC 257 - Re Staging Connections Group Ltd [2015] FCA 1012 - Re Sydney Airport Holdings Ltd [2013] NSWSC 1665 - Re Tatts Group Ltd [2017] VSC 552 - Re Tawana Resources NL [2018] FCA 1456 - Re TPG Telecom Ltd [2020] NSWSC 772 - Re Villa World Ltd [2019] NSWSC 1207 - Re Windlab Ltd [2020] NSWSC 571 Category: Principal judgment Parties: Australian Leisure and Entertainment Property Management Limited (Plaintiff) Representation: Counsel: J Williams SC (Plaintiff) M Izzo SC (Acquirer)