Re AGL Limited

COURT OR TRIBUNAL

Supreme Court of New South Wales

DATE FILED (OR FIRST HEARING DATE)

21/04/2022

LITIGATION TYPE

Corporate Accountability

SUBJECT MATTER

Corporate form

REVIEW TYPE

Judicial review

SUMMARY

Corporations — Arrangements and reconstructions — Scheme of arrangement — Convening of meeting Application to convene meeting of shareholders. Applicant was integrated essential service provider delivering gas, electricity, and telecommunications services to residential, small and large business and wholesale customers. Proposed scheme of arrangement was for demerger of applicant into two new entities which contemplates that applicant would undertake capital reduction. Independent Expert opined scheme was fair and reasonable and in best interests of shareholders. Australian Securities and Investment Commission notified of hearing of approval of scheme. Finding that demerger had consequence that same pool of assets would be held in two companies in which same shareholders would hold same interests. Finding that capital reduction associated with demerger did not materially prejudice applicant's ability to pay creditors. Finding that formal requirements for scheme were established. Application granted.See analysis here: https://www.unimelb.edu.au/__data/assets/pdf_file/0007/4152652/Working-Paper_21-June-2022.pdf

CASE DOCUMENTS

Re AGL Limited [2022] NSWSC 576