Barbeques Galore Ltd (In the matter of Barbeques Galore Ltd) [2005] FCA 1519

Barbeques Galore Ltd (In the matter of Barbeques Galore Ltd) [2005] FCA 1519

The Court was satisfied, having regard to the independent expert's report and taxation reports, that the proposed share scheme and option scheme were capable of being rationally adopted by the persons affected by them; accordingly it was appropriate to convene meetings of shareholders and option holders under s 411 of the Corporations Act 2001 (Cth).

Jurisdiction
Australia
Judgment Date
16 September 2005
Procedural Posture
Application Under S 411 of the Corporations Act 2001 (cth) for Orders Convening Meetings for Schemes of Arrangement / First Court Hearing; Orders Made Convening Shareholder and Option Holder Meetings
Outcome
Orders made convening the share scheme meeting and option scheme meeting and granting ancillary relief.
Legal Topics
['schemes of Arrangement' 'shareholder Meeting' 'option Holder Meeting' 'explanatory Statement' 'share Buy Back' 'confidential Evidence']
['corporations Law'] ['schemes of Arrangement' 'shareholder Meeting' 'option Holder Meeting' 'explanatory Statement' 'share Buy Back' 'confidential Evidence']

Case Brief

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Procedural Posture

Application Under S 411 of the Corporations Act 2001 (cth) for Orders Convening Meetings for Schemes of Arrangement / First Court Hearing; Orders Made Convening Shareholder and Option Holder Meetings

Legal Issues

  1. 1 ['Whether meetings of ordinary shareholders and option holders should be convened under s 411 of the Corporations Act 2001 (Cth) to consider proposed schemes of arrangement.' 'Whether the proposed explanatory statements for the share scheme and option scheme should be approved.' 'Whether commercially sensitive evidence should be subject to limited access orders.']

Ratio Decidendi

The Court was satisfied, having regard to the independent expert's report and taxation reports, that the proposed share scheme and option scheme were capable of being rationally adopted by the persons affected by them; accordingly it was appropriate to convene meetings of shareholders and option holders under s 411 of the Corporations Act 2001 (Cth).

Court Disposition

Orders made convening the share scheme meeting and option scheme meeting and granting ancillary relief.

Orders

  • ['Pursuant to subsection 411(1) of the Corporations Act 2001 (Cth), Barbeques Galore Ltd was ordered to convene a Share Scheme Meeting of ordinary shareholders and an Option Scheme Meeting of option holders.' 'The Share Scheme Meeting was ordered to be held on 14 October 2005 at 10:00 am at Building A2, Campus...