Nexus Energy Ltd, in the matter of Nexus Energy Ltd [2014] FCA 558

REASONS FOR JUDGMENT 1 The Court made orders on 7 May 2014 at the first court hearing of this matter to convene a meeting of the shareholders of the plaintiff in Melbourne on 12 June 2014 to consider a proposed scheme of arrangement. 2 Since the first court hearing on 7 May 2014, there has been a development about the acquirer's intentions not to increase the scheme consideration which the Australian Securities and Investments Commission (ASIC) has requested that the plaintiff bring to the attention of its shareholders. 3 ASIC has requested that this be by dispatch of information additional to the Scheme Booklet already approved by the Court. 4 Pursuant to s 1319 of the Corporations Act 2001 (Cth), Nexus seeks orders concerning supplementary disclosure. These are set out in a minute of proposed orders lodged by Nexus.

Basis for the relief sought 5 Section 1319 of the Corporations Act provides that: Where, under this Act, the Court orders a meeting to be convened, the Court may, subject to this Act, give such directions with respect to the convening, holding or conduct of the meeting, and such ancillary or consequential directions in relation to the meeting, as it thinks fit. 6 Under this section the Court can give ancillary or consequential directions in relation to court-ordered meetings, including, for example, to vacate or vary orders made under s 411 in relation to meetings in respect of a scheme of arrangement, adjourn a meeting convened under that section or authorise the dispatch of further explanatory material in respect of such a meeting: Re Australian Gas Light Company (2006) 57 ACSR 67; In the matter of Lend Lease Primelife Ltd; In the matter of Lend Lease Villages Responsible Entity Ltd (2009) 27 ACLC 1,831; Re Cellestis Limited (No 2) [2011] VSC 329.