In the matter of Commonwealth Managed Investments Limited [2014] NSWSC 244

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Commonwealth Managed Investments Limited [2014] NSWSC 244 Hearing dates: 10 March 2014 Decision date: 10 March 2014 Jurisdiction: Equity Division - Corporations List Before: Brereton J Decision: The plaintiff would be justified in giving effect to and implementing the transactions contemplated by the implementation deed dated 18 December 2013, and in giving effect to the amendments of the constitution of CFX 1 and CFX 2 approved at the scheme meeting, and in doing all things necessary to implement the transaction contemplated by the implementation deed. The costs of the plaintiff be paid out of the funds of the CFX Retail Property Trust 1 and CFX Retail Property Trust 2 on the trustee basis pursuant to Trustee Act 1925 s 93 pro rata to the paid up capital of those funds. Catchwords: CORPORATIONS - scheme of arrangement - judicial advice - transaction effecting internalisation of management of two listed managed investment schemes - second hearing - where the requirements for convening and conducting the scheme meeting are met - where overwhelming support for proposal by security holders - where no security holder appeared in opposition - advice given Legislation Cited: (Cth) Corporations Act 2001, s 209, s 210, s 601QA, s 601FC Cases Cited: ASIC v Australian Property Custodian Holdings Limited No 3 [2013] FCA 1342 In the Matter of Commonwealth Management Investments Limited [2014] NSWSC 74 Re Abacus Funds Management Limited (2006) 56 ACSR 693 Re Cromwell Property Securities Ltd [2006] NSWSC 1449 Category: Principal judgment Parties: Commonwealth Managed Investments Limited (ACN 084 098 180) (Applicant) Commonwealth Bank of Australia (Interested Party) Representation: Counsel: Mr P Wood (Applicant) Mr R Dick SC (Commonwealth Bank of Australia) Solicitors: Ashurst Australia (Applicant) Herbert Smith Freehills (Commonwealth Bank of Australia) File Number(s): 2014/35993