In the matter of Sydney Airport Limited and The Trust Company (Sydney Airport) Limited as responsible entity for Sydney Airport Trust 1 [2022] NSWSC 25

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Sydney Airport Limited and The Trust Company (Sydney Airport) Limited as responsible entity for Sydney Airport Trust 1 [2022] NSWSC 25 Hearing dates: 17 December 2021 Date of orders: 17 December 2021 Decision date: 21 January 2022 Jurisdiction: Equity - Corporations List Before: Black J Decision: Order made convening company scheme meeting and approving the scheme booklet for distribution to shareholders. Direct that the Second Plaintiff is justified in convening meetings of unitholders 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: - Competition and Consumer Act 2010 (Cth) - Corporations Act 2001 (Cth), s 411 - Foreign Acquisition and Takeovers Act 1975 (Cth) - Trustee Act 1925 (NSW), s 63 Cases Cited: - Australian Securities Commissions v Marlborough Gold Mines Ltd (1993) 177 CLR 485; (1993) 112 ALR 627; (1993) 10 ACSR 230; [1993] HCA 15 - F T Eastment & Sons Pty Ltd v Metal Roof Decking Supplies Pty Ltd (1977) 3 ACLR 69 - First Pacific 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 Abacus Funds Management Ltd (2006) 24 ACLC 211 - 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 Arthur Yates & Co Ltd (2001) 36 ACSR 758; [2001] NSWSC 40 - Re Atlas Iron Ltd (2016) 112 ACSR 554; [2016] FCA 366 - Re Australian Leisure and Entertainment Property Management Ltd [2021] NSWSC 1421 - Re Bigair Group Ltd [2016] FCA 1296 - Re BIS Finance Pty Ltd [2017] NSWSC 1713 - Re Bolnisi Gold NL (No 2) (2007) 243 ALR 545; (2007) 65 ACSR 510; [2007] FCA 2078 - Re Cashcard Australia Ltd (2004) 48 ACSR 7 - Re Centrebet International Ltd [2011] FCA 870 - Re CSR Ltd (2010) 183 FCR 358; (2010) 265 ALR 703; (2010) 77 ACSR 592; [2010] FCAFC 34 - Re DUET Finance Ltd (2013) 95 ACSR 34; [2017] NSWSC 415 - Re DUET Management Company 1 Ltd (2013) 95 ACSR 34; [2013] NSWSC 817 - Re ERM Power Ltd [2019] NSWSC 1502 - Re Foster's Group Ltd (No 2) [2011] VSC 547 - Re Foundation Healthcare Ltd (2002) 42 ACSR 252; [2002] FCA 742 - Re GBST Holdings Ltd [2019] NSWSC 1280 Re Macquarie Private Capital A Ltd (2008) 26 ACLC 366 - Re Magellan Asset Management Ltd (as responsible entity of Magellan Global Fund) (2020) 150 ACSR 23; [2020] NSWSC 1535 - Re Mirvac Funds Management Ltd [2014] NSWSC 1569 - Re Mirvac Ltd (1999) 32 ACSR 107; [1999] NSWSC 457 - Re Prime Media Group Ltd [2019] NSWSC 1805 - Re rhipe Ltd [2021] NSWSC 1170 - Re SAI Global Ltd [2016] FCA 1312 - Re SFE Corporation Ltd (2006) 59 ACSR 82; [2006] FCA 670 - Re Sirtex Medical Ltd [2018] FCA 1315 - Re Spark Infrastructure RE Ltd [2021] NSWSC 1385 - Re Spark Infrastructure RE Limited [2021] NSWSC 1564 - Re Staging Connections Group Ltd [2015] FCA 1012 - Re Sydney Airport Holdings [2013] NSWSC 1665 - Re Tawana Resources NL [2018] FCA 1456 - Re TPG Telecom Ltd [2020] NSWSC 772 - Re Webcentral Group Ltd [2020] NSWSC 1279 - Re Villa World Ltd [2019] NSWSC 1207 Category: Principal judgment Parties: Sydney Airport Limited (First Plaintiff) The Trust Company (Sydney Airport) Limited as responsible entity for Sydney Airport Trust 1 (Second Plaintiff) Representation: Counsel: J Williams SC/T O'Brien (Plaintiffs) I Jackman SC (Acquirer)