According to what the following section (RG 60.18) is saying, shareholders should not be put at a disadvantage between a full blown out takeover and a Scheme of Arrangement.
That is my interpretation of it all, and that is how ASIC will be looking at it, if and so required.
Once again, read below and tell me what you make out of it yourselves.
RG 60.18 - Shareholders should, however, receive equivalent (although not necessarily identical) treatment and protection, whether an acquisition is made under a scheme of arrangement or by any other type of acquisition (including capital reductions). As long as these protections are equivalent in nature, we do not favour one legal method over another.
