In the matter of GBST Holdings Limited [2019] NSWSC 1280

Supreme Court New South Wales

Medium Neutral Citation: In the matter of GBST Holdings Limited [2019] NSWSC 1280 Hearing dates: 11 September 2019 Date of orders: 11 September 2019 Decision date: 24 September 2019 Jurisdiction: Equity - Corporations List Before: Black J Decision: Orders made convening scheme meeting and approving the scheme booklet for distribution. 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, approve a proposed scheme of arrangement – where chief executive officer and managing director who stands to benefit from implementation of scheme has recommended scheme – whether chief executive officer and managing director can make such a recommendation – whether requirements to order scheme meeting are satisfied. Legislation Cited: - Corporations Act 2001 (Cth) Pt 5.1; ss 411, 411(1), 412(1)(a)(ii), 1319 - Corporations Regulations 2001 (Cth) reg 5.1.01(1)(b); Sch 8, reg 8301(a) Cases Cited: - Mirvac Funds Management Ltd in its capacity as responsible entity of Mirvac Industrial Trust [2014] NSWSC 1569 - Re APN News & Media Ltd [2007] FCA 770; (2007) 62 ACSR 400 - Re Ardent Leisure Ltd [2018] NSWSC 1665 - Re Coles Group Ltd [2007] VSC 389; (2007) 25 ACLC 1380 - Re DUET Finance Ltd [2017] NSWSC 415 - Re Foster's Group Ltd (No 2) [2011] VSC 547 - Re Gazal Corporation Ltd [2019] FCA 701 - Re Hostworks Group Ltd [2008] FCA 64; (2008) 26 ACLC 137 - Re Investa Listed Funds Management Ltd as responsible entity for the Armstrong Jones Office Fund and the Prime Credit Property Trust [2018] NSWSC 1766 - Re Kidman Resources Ltd [2019] FCA 1226 - Re Macquarie Capital Alliance Ltd [2008] NSWSC 745; (2008) 67 ACSR 484 - Re Macquarie Private Capital A Ltd [2008] NSWSC 323; (2008) 26 ACLC 366 - Re Mitchell Communication Group [2010] VSC 423 - Re Navitas Ltd (No 2) [2019] WASC 218 - Re Nzuri Copper Ltd [2019] WASC 189 - Re Opes Prime Stockbroking Limited [2009] FCA 813; (2009) 179 FCR 20 - Re Ruralco Holdings Ltd [2019] FCA 878 - Re SAI Global Ltd [2016] FCA 1312 - Re SFE Corporation Ltd [2006] FCA 670; (2006) 59 ACSR 82 - Re Simavita Holdings Ltd [2013] FCA 1274 - Re SMS Management & Technology Ltd [2017] VSC 257 - Re Toll Holdings Ltd [2015] VSC 123 - Re Veda Group Ltd [2015] FCA 1506 - Re Villa World Ltd [2019] NSWSC 1207 - Sovereign Life Assurance Company v Dodd [1892] 2 QB 573 Category: Principal judgment Parties: GBST Holdings Limited (Plaintiff) FNZ (Australia) Bidco Pty Limited (Interested Party) Representation: Counsel: D F C Thomas SC (Plaintiff) J R Williams (Interested Party)