Fed Court approves Home-StateWest scheme documentation

Home Building Society and StateWest Credit Society have announced the Federal Court in Perth has made orders allowing StateWest to convene a meeting of members to consider the proposed merger by way of scheme of arrangement and to approve dispatch of the scheme booklet to StateWest members.

The orders were issued late yesterday my Justice Siopis after a hearing earlier in the day when he reserved his decision to consider submissions on the application from StateWest and Home.

StateWest members can now exercise their vote through post or in person at a meeting in Perth on 21 June, 2006.

StateWest members have already approved the demutalisation of the Society, the first in the two step merger approval process.

Home shareholders approved the merger proposal at the company's AGM in Perth on 28 November 2005.

In April, StateWest members voted for demutualisation for the second time as part of a rerun of its proposed merger with Home.

Around 50 per cent of StateWest's total membership cast votes, and of the 29,426 votes, nearly 90 per cent were cast in favour of the demutualisation proposal.