In the matter of Aventus Holdings Limited and Aventus Capital Limited as responsible entity of The Aventus Retail Property Fund [2021] NSWSC 1711

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Aventus Holdings Limited and Aventus Capital Limited as responsible entity of The Aventus Retail Property Fund [2021] NSWSC 1711 Hearing dates: 7 December 2021 Date of orders: 7 December 2021 Decision date: 29 December 2021 Jurisdiction: Equity - Corporations List Before: Black J Decision: Order made convening scheme meeting and approving the scheme booklet for distribution to shareholders. Direct that the Second Plaintiff is justified in convening meetings of unitholders in fund to consider proposed trust scheme. Direct that the Second Plaintiff is justified in proceeding on the basis that, if approved by unitholders, consequential amendments to the constitution of the fund would be within powers conferred by each constitution and s 601GC of the Corporations Act. 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, to agree to proposed scheme of arrangement – Whether requirements to order scheme meeting are satisfied.

CORPORATIONS – Managed investments – Judicial advice sought under s 63 of the Trustee Act 1925 (NSW) by responsible entity – Whether to convene meetings of unitholders – Whether responsible entity would be justified in treating consequential constitution amendments as within power. Legislation Cited: - Corporations Act 2001 (Cth), s 411, s 601GC - Trustee Act 1925 (NSW), s 63 Cases Cited: - F T Eastment & Sons Pty Ltd v Metal Roof Decking Supplies Pty Ltd (1977) 3 ACLR 69 - First Pacific Capital Advisors LLC v Boart Longyear Ltd [2017] NSWCA 116 - Macedonian Orthodox Church St Petka Inc v His Eminence Petar (2008) 237 CLR 66; (2008) 249 ALR 250; [2008] HCA 42 - Re Adelaide Bank Ltd [2007] FCA 1582 - Re Afterpay Ltd [2021] NSWSC 1435 - Re APN News & Media Ltd (2007) 62 ACSR 400; [2007] FCA 770 - Re Ardent Leisure Ltd [2018] NSWSC 1665 - Re Aston Resources Ltd [2012] FCA 229 - Re BINGO Industries Ltd [2021] NSWSC 798 - Re Bolnisi Gold NL (No 2) (2007) 243 ALR 545; 65 ACSR 510; [2007] FCA 2078 - Re Cashcard Australia Ltd (2004) 48 ACSR 738; [2004] FCA 223 - Re Coca-Cola Amatil Ltd [2021] NSWSC 270 - Re Cytopia Ltd [2009] VSC 560 - Re DUET Management Company 1 Ltd [2013] NSWSC 817 - Re DWS Ltd [2020] FCA 1590 - Re Ellerston Global Investments Ltd [2020] NSWSC 879 - Re Foster's Group Ltd (No 2) [2011] VSC 547 - Re GBST Holdings Ltd [2019] NSWSC 1280 - Re Hills Motorway Ltd (2002) 43 ACSR 101; [2002] NSWSC 897 - Re Homemaker Retail Management Ltd (2001) 40 ACSR 116; [2001] NSWSC 1058 - Re Huon Aquaculture Group Ltd [2021] FCA 1170 - Re Investa Listed Funds Management Ltd [2018] NSWSC 1766 - Re Macquarie Private Capital A Ltd [2008] NSWSC 323 - Re Macquarie Communications Group [2009] NSWSC 487 - Re Mainstream Group Holdings Ltd [2021] FCA 948 - Re Mirvac Funds Management Ltd [2014] NSWSC 1569 - Re Mirvac Ltd (1999) 32 ACSR 107; [1999] NSWSC 457 - Re Permanent Trustee Co Ltd (2002) 43 ACSR 601; [2002] NSWSC 1177 - Re RXP Services Ltd [2021] FCA 38 - Re SFE Corporation Ltd [2006] FCA 670 - 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 Vocus Group Ltd [2021] NSWSC 630 - Re Webcentral Group Ltd [2020] NSWSC 1279 - Re Windlab Ltd [2020] NSWSC 571 Category: Principal judgment Parties: Aventus Holdings Limited (First Plaintiff) Aventus Capital Limited as responsible entity of The Aventus Retail Property Fund (Second Plaintiff) Representation: Counsel: IM Jackman SC (Plaintiffs) T Wong SC (Acquirer) J Arnott SC (Acquirer)