In the matter of Aveo Group Limited and Aveo Funds Management Limited [2019] NSWSC 1679

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Aveo Group Limited and Aveo Funds Management Limited [2019] NSWSC 1679 Hearing dates: 13 November 2019 Date of orders: 13 November 2019 Decision date: 28 November 2019 Jurisdiction: Equity - Corporations List Before: Black J Decision: Orders made approving the Company Scheme. Judicial advice given to the effect that the Second Plaintiff is justified in implementing the Trust Scheme. Catchwords: CORPORATIONS – arrangements and reconstructions – schemes of arrangement or compromise – application under s 411 of the Corporations Act 2001 (Cth) for orders approving scheme of arrangement – where formal requirements satisfied – whether scheme of arrangement should be approved.

CORPORATIONS – managed investments – application for judicial advice by responsible entity under s 63 of the Trustee Act 1925 (NSW) – where procedural requirements to obtain approval of unitholders has been satisfied – whether responsible entity would be justified in implementing the proposed trust scheme – whether advice sought should be given. Legislation Cited: - Corporations Act 2001 (Cth) ss 411, 411(4), 411(4)(b), 411(11), 411(12), 411(17)(b), 601GC(1)(b), 1319 - Financial Markets Conduct Act 2013 (NZ) - Trustee Act 1925 (NSW) s 63 Cases Cited: - Australian Securities and Investments Commission v Lewski [2018] HCA 63; (2018) 362 ALR 286 - Re Aveo Group Limited and Aveo Funds Management Limited [2019] NSWSC 1348 - 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 Homemaker Retail Management Ltd (2001) 40 ACSR 116 - Re International Coal Holdings Limited [2011] FCA 209 - Re Macquarie Goodman Funds Management Ltd (2004) 52 ACSR 194 - Re Mirvac Limited (1999) 32 ACSR 107 - Re Permanent Trustee Co Ltd (2002) 43 ACSR 601; [2002] NSWSC 1177 - Re Redcape Property Fund Ltd and The Trust Company (RE Services) Ltd (as the responsible entity for the Redcape Property Trust) [2012] NSWSC 486 - Re Seven Network Ltd (No 3) [2010] FCA 400 Category: Principal judgment Parties: Aveo Group Limited (First Plaintiff) Aveo Funds Management Limited (Second Plaintiff) Hydra RL BidCo Pty Ltd (Interested Party) Representation: Counsel: J Williams (Plaintiffs) S Nixon SC/N Bender (Interested Party)