In the matter of Webster Limited (No 2) [2020] NSWSC 40

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Webster Limited (No 2) [2020] NSWSC 40 Hearing dates: 5 February 2020 Date of orders: 06 February 2020 Decision date: 06 February 2020 Jurisdiction: Equity - Corporations List Before: Gleeson J Decision: (1) Pursuant to s 411(4)(b) of the Corporations Act 2001 (Cth) (the Act), the scheme of arrangement between the plaintiff and the holders of its ordinary shares, other than Excluded Ordinary Shareholders as defined therein (Ordinary Scheme), being in the form contained in Annexure C to the Scheme Booklet which is Exhibit P1 in this proceeding, be approved.

(2) Pursuant to s 411(12) of the Act, the plaintiff be exempted from compliance with s 411(11) of the Act in relation to the Ordinary Scheme.

(3) These orders be entered forthwith. Catchwords: CORPORATIONS – scheme of arrangement – transfer scheme – approval of scheme under Corporations Act 2001 (Cth) s 411(4)(b) – where ordinary scheme agreed to but preference scheme not agreed to – where ordinary scheme not conditional on court approval of preference scheme – whether court approval of ordinary scheme affects preference shareholders in general sense – scheme approved Legislation Cited: Australian Securities and Investments Commission, Regulatory Guide, par 60 Corporations Act 2001 (Cth), ss 9, 411(4), 411(11), 411(12), 411(17), 602, 664A,.667C, Ch 6 Supreme Court (Corporations) Rules 1999, r 2.13(1) Cases Cited: Capricorn Diamond's Investments Pty Ltd v Catto (2002) 5 VR 61; [2002] VSC 105 Central Pacific Minerals NL (2002) FCA 239 Centro Properties Ltd v PricewaterhouseCoopers [2011] NSWSC 1465; (2011) 86 ACSR 584 Macquarie Private Capital A Limited [2008] NSWSC 323 Nicron Resources Ltd v Catto (1992) 8 ACSR 219 Re Boart Longyear Ltd [2017] NSWSC 567; (2017) 121 ACSR 328 Re Boart Longyear Ltd (No 2) [2017] NSWSC 1105; (2017) 122 ACSR 437 Re Bluebrook Ltd [2009] EWHC 2114 (Ch); [2010] 1 BCLC 338 Re Equinox Resources Ltd (2004) 49 ACSR 692 Re Mosaic Oil NL (No 2) [2010] FCA 1186 Re Permanent Trustee Co Ltd (2002) 43 ACSR 601 Re Seven Network Limited (No 3) (2010) 77 ACSR 701 W D & H O Wills Holdings Ltd Application [1999] NSWSC 866 Category: Principal judgment Parties: Webster Limited (Plaintiff) Henslow Acquisitionco Pty Ltd (Interested Party) Representation: Counsel: Mr S Goodman SC / Mr J Williams (Plaintiff) Mr I Jackman SC (Interested Party - Henslow Acquisitionco Pty Ltd)