In the matter of Ardent Leisure Limited trading as Ardent Leisure Limited; Ardent Leisure Management Limited in its capacity as the responsible entity of the Ardent Leisure Trust (No 2) [2018] NSWSC 1990

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Ardent Leisure Limited trading as Ardent Leisure Limited; Ardent Leisure Management Limited in its capacity as the responsible entity of the Ardent Leisure Trust (No 2) [2018] NSWSC 1990 Hearing dates: 28 November 2018 Decision date: 20 December 2018 Jurisdiction: Equity - Corporations List Before: Black J Decision: The scheme of arrangement between Ardent Leisure Limited and its members is approved under s 411 of the Corporations Act 2001 (Cth) and the judicial advice sought with respect to the implementation of the Ardent Leisure Trust scheme is given under s 63 of the Trustee Act 1925 (NSW). Catchwords: CORPORATIONS – arrangements and reconstructions – schemes of arrangement or compromise – application under s 411 of the Corporations Act 2001 (Cth) for orders approving proposed scheme of arrangement – application under s 63 of the Trustee Act 1925 (NSW) for judicial advice with respect to the implementation of trust scheme – whether scheme is fair and reasonable so that an intelligent and honest person who was a member of the relevant class, properly informed and acting alone, might approve it. Legislation Cited: - Corporations Act 2001 (Cth) ss 411, 412 - Trustee Act 1925 (NSW) s 63 Cases Cited: - Re Anaconda Nickel Holdings Pty Ltd [2003] WASC 19; (2003) 44 ACSR 229 - Re Atlantic Gold NL [2014] FCA 869 - Re Australand Holdings Limited [2005] NSWSC 835; (2005) 219 ALR 728 - Re Central Pacific Minerals NL [2002] FCA 239 - Re Commonwealth Managed Investments Ltd [2014] NSWSC 244 - Re Cromwell Property Securities Ltd [2006] NSWSC 1449 - Re Equinox Resources Ltd [2004] WASC 143; (2004) 49 ACSR 692 - Re Permanent Trustee Co Limited [2002] NSWSC 1177; (2002) 43 ACSR 601 - Re Seven Network Limited (No 3) [2010] FCA 400; (2010) 77 ACSR 701 - Re Simavita Holdings Ltd [2013] FCA 1274 - Re The Hills Motorway Ltd [2002] NSWSC 897; (2002) 43 ACSR 101 - Re Westfield Corporation Limited (No 2) [2018] NSWSC 921 Category: Principal judgment Parties: 2018/297453 Ardent Leisure Limited trading as Ardent Leisure Limited (Plaintiff)