In the matter of Westfield Corporation Limited [2018] NSWSC 584

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Westfield Corporation Limited [2018] NSWSC 584 Hearing dates: 12 April 2018 Decision date: 02 May 2018 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 WAML is justified in propounding resolutions to implement the proposed trust schemes and proceeding on the basis that the amendments made to the WAT and WFDT constitutions to implement those trust schemes are within the powers of alteration conferred by those documents 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 schemes 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 schemes – whether proposed amendments are within the powers of alteration conferred by the constitution of the managed investment scheme and s 601GC of the Corporations Act. Legislation Cited: - Corporations Act 2001 (Cth) ss 411, 412, 601GC, 256B - Trustee Act 1925 (NSW) s 63 - Securities Act 1933 (US), s 3(a)(10) Cases Cited: - Re Adelaide Bank Limited [2007] FCA 1582 - Re APN News & Media Ltd [2007] FCA 770; (2007) 62 ACSR 400 - Re Brambles Industries Ltd [2006] FCA 1273; (2006) 59 ACSR 501 - Re Coles Group Limited (2007) 25 ACLC 1380 - Re Duet Finance Ltd [2017] NSWSC 415 - Re DUET Management Company 1 Ltd [2013] NSWSC 817; (2013) 95 ACSR 34 - Re Hills Motorway (2002) 43 ACSR 101 - Re Hostworks Group Ltd [2008] FCA 64; (2008) 26 ACLC 137 - Re Macquarie Capital Alliance Ltd [2008] NSWSC 745; (2008) 67 ACSR 484 - Re Macquarie Communications Infrastructure Group [2009] NSWSC 487 - Re Macquarie Private Capital A Limited (2008) 26 ACLC 366 - Re Mirvac Ltd [1999] NSWSC 457; (1999) 32 ACSR 107 - Re Orion Telecommunications Ltd [2007] FCA 1389 - Re Permanent Trustee Co Ltd (2002) 43 ACSR 601 - Re SAI Global Ltd [2016] FCA 1312 - Re SFE Corporation Ltd [2006] FCA 670; (2006) 59 ACSR 82 - Re Simavita Holdings Limited [2013] FCA 1274 - Re Sydney Airport Holdings Ltd [2013] NSWSC 1665 - Re Tatts Group Limited [2017] VSC 552 - Re The Trust Company Ltd [2013] NSWSC 1680 - Re Toll Holdings Ltd [2015] VSC 123 - Re Veda Group Ltd [2015] FCA 1506 - Re WebCentral Group Ltd [2006] FCA 937 - Re Westfield Holdings Limited (2004) 49 ACSR 734 - Re Wridgways Australia Ltd [2010] FCA 1187 Category: Principal judgment Parties: Westfield Corporation Limited (First Plaintiff) Westfield America Management Limited as responsible entity of the Westfield America Trust (Second Plaintiff) Westfield America Management Limited as responsible entity of the WFD Trust (Third Plaintiff) Representation: Counsel: I M Jackman SC/D F C Thomas (Plaintiffs) J R J Lockhart SC (Unibail-Rodamco SE)