In the matter of Virtus Health Limited [2022] NSWSC 597

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Virtus Health Limited [2022] NSWSC 597 Hearing dates: 28 April 2022, 2 May 2022, 4 May 2022 Date of orders: 4 May 2022 Decision date: 16 May 2022 Jurisdiction: Equity - Corporations List Before: Black J Decision: Court makes order convening scheme meeting and approving the transaction booklet for distribution to shareholders. 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 – requirements for valid resolution to effect capital reduction and necessary disclosure Legislation Cited: Corporations Act 2001 (Cth), ss 256A, 256C, 411 Cases Cited: - Chequepoint Securities Ltd v Claremont Petroleum NL (1986) 11 ACLR 94 at 96; 4 ACLC 711 - Devereaux Holdings Pty Ltd v Pelsart Resources NL (No 2) (1985) 9 ACLR 956; 4 ACLC 12 - DHSE Holdings (recs and mgrs apptd) (admins apptd) v Abboud (No 3) (2021) 155 ACSR 1 - ENT Pty Ltd v Sunraysia Television Ltd (2007) 61 ACSR 626; 25 ACLC 399; [2007] NSWSC 270 - 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 Asaleo Care Ltd [2021] FCA 406 - Re Ausnet Services Ltd [2022] NSWSC 21 - Re Crown Resorts Ltd [2022] FCA 367 - Re CSR Ltd (2010) 77 ACSR 592 - Re DUET Management Company 1 Ltd (2013) 95 ACSR 34; [2013] NSWSC 817 - Re Ellerston Global Investments Ltd [2020] NSWSC 879 - Re Healthscope Ltd (2019) 139 ACSR 608 - Re Huon Aquaculture Group Ltd [2021] FCA 1170 - Re Redflex Holdings Ltd [2021] FCA 417 - Re Simavita Holdings Ltd [2013] FCA 1274 - Re Spark Infrastructure RE Limited [2021] NSWSC 1385 - Re TPG Telecom Ltd [2020] NSWSC 772 - Re Villa World Ltd (2019) 139 ACSR 550 - Westchester Financial Services Pty Ltd v Acclaim Exploration NL (1999) 32 ACSR 499; [1999] WASC 87 Category: Principal judgment Parties: Virtus Health Limited (Plaintiff) Representation: Counsel: I M Jackman SC/B Ng (Plaintiff) T L Wong SC (Bidders) P Crutchfield QC/J Rudd (Interested Parties)