Altona Mining Limited, in the matter of Altona Mining Limited [2018] FCA 614

Altona Mining Limited, in the matter of Altona Mining Limited [2018] FCA 614

The scheme of arrangement between Altona Mining Limited and its members is fair, reasonable, and not proposed for the purpose of avoiding the operation of Chapter 6 of the Corporations Act 2001 (Cth); all statutory and procedural requirements have been met and statutory majorities achieved. The scheme is therefore approved, and an exemption from compliance with s 411(11) is granted under s 411(12) as annexure of the order serves no further purpose.

Jurisdiction
Australia
Judgment Date
04 May 2018
Procedural Posture
Corporations – Scheme of Arrangement / Second Court Hearing on Approval of Scheme of Arrangement Under S 411(4)(b) of the Corporations Act 2001 (cth)
Outcome
Scheme of arrangement approved; exemption from s 411(11) granted
Legal Topics
['schemes of Arrangement' 'statutory Majorities' 'takeovers' 'court Approval Process' 'disclosure Requirements']
['corporations Law'] ['schemes of Arrangement' 'statutory Majorities' 'takeovers' 'court Approval Process' 'disclosure Requirements']

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Procedural Posture

Corporations – Scheme of Arrangement / Second Court Hearing on Approval of Scheme of Arrangement Under S 411(4)(b) of the Corporations Act 2001 (cth)

Legal Issues

  1. 1 ['Whether the statutory requirements and court directions for the scheme of arrangement have been met' 'Whether the scheme is fair and reasonable to members' 'Whether the scheme has the purpose of avoiding the operation of Chapter 6 of the Corporations Act 2001 (Cth)' 'Whether exemption from s 411(11) should be granted']

Ratio Decidendi

The scheme of arrangement between Altona Mining Limited and its members is fair, reasonable, and not proposed for the purpose of avoiding the operation of Chapter 6 of the Corporations Act 2001 (Cth); all statutory and procedural requirements have been met and statutory majorities achieved. The scheme is therefore approved, and an exemption from compliance with s 411(11) is granted under s 411(12) as annexure of the order serves no further purpose.

Court Disposition

Scheme of arrangement approved; exemption from s 411(11) granted

Orders

  • ['The scheme of arrangement between Altona Mining Limited and holders of fully paid ordinary shares is approved under s 411(4)(b) of the Corporations Act 2001 (Cth).' 'Exemption granted under s 411(12) from compliance with s 411(11) in relation to the scheme.' 'An office copy of these orders to be lodged with ASIC...