In the matter of Aveo Group Limited and Aveo Funds Management Limited [2019] NSWSC 1348

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Aveo Group Limited and Aveo Funds Management Limited [2019] NSWSC 1348 Hearing dates: 27 September 2019 Date of orders: 27 September 2019 Decision date: 04 October 2019 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 Aveo Funds RE is justified in propounding resolutions to implement the proposed Trust Scheme and proceeding on the basis that constitutional amendments to implement the Trust Scheme is within the constitutional powers of alteration conferred 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 scheme 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 scheme – whether proposed amendments are within the constitutional powers of alteration and s 601GC of the Corporations Act. Legislation Cited: - Corporations Act 2001 (Cth) Ch 5C; Pt 5.1; ss 411, 411(1), 411(17), 411(17)(b), 601GC, 611 - Corporations Regulations 2001 (Cth) Sch 8, reg 8301(a) - Supreme Court (Corporations) Rules 1999 (NSW) r 2.15 - Trustee Act 1925 (NSW) s 63 Cases Cited: - Australian Securities Commission v Marlborough Gold Mines Ltd (1993) 177 CLR 485 - F T Eastment & Sons Pty Ltd v Metal Roof Decking Supplies Pty Ltd (1977) 3 ACLR 69 - Re Abacus Funds Management Ltd [2005] NSWSC 1309; (2006) 24 ACLC 211 - Re APN News & Media Ltd [2007] FCA 770; (2007) 62 ACSR 400 - Re Ardent Leisure Ltd [2018] NSWSC 1665 - Re Arthur Yates & Co Ltd [2001] NSWSC 40; (2001) 36 ACSR 758 - Re Atlas Iron Ltd [2015] FCA 366; (2016) 112 ACSR 554 - Re Bigair Group Ltd [2016] FCA 1296 - Re BIS Finance Pty Ltd [2017] NSWSC 1713 - Re Bolnisi Gold NL (No 2) (2007) 65 ACSR 510 - Re Capilano Honey Ltd [2018] FCA 1568 - Re Centrebet International Ltd [2011] FCA 870 - Re CSR Ltd (2010) 183 FCR 358 - Re DUET Finance Ltd [2017] NSWSC 415 - Re DUET Management Company 1 Ltd [2013] NSWSC 817; (2013) 95 ACSR 34 - Re eircom Holdings Ltd [2009] FCA 1418 - Re Foster's Group Ltd (No 2) [2011] VSC 547 - Re Foundation Healthcare Ltd [2002] FCA 742; (2002) 42 ACSR 252 - Re Gazal Corporation Ltd [2019] FCA 701 - Re GBST Holdings Ltd [2019] NSWSC 1280 - Re Hills Motorway Ltd (2002) 43 ACSR 101 - Re Kidman Resources Ltd [2019] FCA 1226 - Re Macquarie Goodman Funds Management Ltd (2004) 52 ACSR 194 - Re Macquarie Private Capital A Ltd [2008] NSWSC 323 - Re Mirvac Ltd [1999] NSWSC 457; (1999) 32 ACSR 107 - Re Mosaic Oil NL [2010] FCA 985 - Re Navitas Ltd (No 2) [2019] WASC 218 - Re SAI Global Ltd [2016] FCA 1312 - Re SFE Corporation Ltd [2006] FCA 670; (2006) 59 ACSR 82 - Re SMS Management & Technology Ltd [2017] VSC 257 - Re Staging Connections Group Ltd [2015] FCA 1012 - Re Sydney Airport Holdings Limited [2013] NSWSC 1665 - Re Villa World Ltd [2019] NSWSC 1207 - Re Viralytics Ltd [2018] FCA 637 Category: Principal judgment Parties: Aveo Group Limited (First Plaintiff) Aveo Funds Management Limited (Second Plaintiff) Hydra RL BidCo Pty Ltd and Hydra RL TopCo Pty Ltd (Interested Party) Representation: Counsel: J Williams (Plaintiffs) S Nixon SC/N Bender (Interested Party)