Aldridge Uranium Limited, in the matter of Aldridge Uranium Limited [2010] FCA 1263

Aldridge Uranium Limited, in the matter of Aldridge Uranium Limited [2010] FCA 1263

The Scheme of Arrangement proposed by Aldridge Uranium Limited is fit for consideration at a shareholder meeting under s 411 of the Corporations Act; the explanatory statement contains adequate information as required by the Act and Regulations; orders should be made to convene the scheme meeting and approve the Scheme Booklet for dispatch to shareholders.

Parties
Plaintiff: Aldridge Uranium Limited (ACN 144 941 097)
Jurisdiction
Australia
Judgment Date
17 November 2010
Procedural Posture
Scheme of Arrangement Application / Preliminary Orders (application to Convene Scheme Meeting)
Outcome
Orders made to convene a Scheme Meeting for shareholders and approve the Scheme Booklet for dispatch; leave granted to apply for approval of the scheme post-meeting.
Legal Topics
Scheme of Arrangement, External Administration, Shareholder Meetings, Explanatory Statement Disclosure
Corporations Law Scheme of Arrangement External Administration Shareholder Meetings Explanatory Statement Disclosure

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Parties

Aldridge Uranium Limited (ACN 144 941 097)

Plaintiff

Procedural Posture

Scheme of Arrangement Application / Preliminary Orders (application to Convene Scheme Meeting)

Legal Issues

  1. 1 Whether the Scheme of Arrangement proposed by Aldridge Uranium Limited should be allowed to proceed to a shareholder meeting for approval under s 411 of the Corporations Act 2001 (Cth)
  2. 2 Whether the explanatory statement (Scheme Booklet) contains the prescribed statutory and regulatory information required under the Corporations Act and Regulations
  3. 3 Whether the Scheme is fit for consideration by shareholders and not so blatantly unfair or inappropriate as to warrant refusal to convene the scheme meeting

Ratio Decidendi

The Scheme of Arrangement proposed by Aldridge Uranium Limited is fit for consideration at a shareholder meeting under s 411 of the Corporations Act; the explanatory statement contains adequate information as required by the Act and Regulations; orders should be made to convene the scheme meeting and approve the Scheme Booklet for dispatch to shareholders.

Court Disposition

Orders made to convene a Scheme Meeting for shareholders and approve the Scheme Booklet for dispatch; leave granted to apply for approval of the scheme post-meeting.

Orders

  • Plaintiff to convene a meeting of shareholders (Scheme Meeting) at 9.00 am (WST) on Friday, 3 December 2010 at The Celtic Club, 48 Ord Street, West Perth for consideration and approval of the Scheme of Arrangement.
  • Scheme Meeting to be convened, held and conducted in accordance with Part 2G.2 of the Act and Plaintiff's Constitution, with voting by poll demanded by the Chairman.