Bathurst Resources Limited, in the matter of Bathurst Resources Limited [2013] FCA 517

Bathurst Resources Limited, in the matter of Bathurst Resources Limited [2013] FCA 517

The Court ordered the convening of the scheme meeting because the proposed scheme was one that may be approved under s 411(1) of the Corporations Act 2001 (Cth), the draft scheme booklet provided satisfactory disclosure, an independent expert stated the scheme was on balance in the best interests of Bathurst shareholders, all necessary procedural matters for calling and conducting the meeting had been met, ASIC had been notified and did not propose to make submissions at that point, and the proposed ancillary exemptions and orders were appropriate.

Jurisdiction
Australia
Judgment Date
10 May 2013
Procedural Posture
Corporations Act Scheme of Arrangement Application / Application Under S 411(1) of the Corporations Act 2001 (cth) for Orders Convening a Meeting of Members and Ancillary Orders
Outcome
Orders made convening the Scheme Meeting and granting ancillary orders.
Legal Topics
['scheme of Arrangement' 'court Ordered Shareholders Meeting' 'explanatory Statement and Scheme Booklet' 'shareholder Voting and Proxies' 'asic Notice' 'exemption From Corporations Rules Requirements']
['corporations Law'] ['scheme of Arrangement' 'court Ordered Shareholders Meeting' 'explanatory Statement and Scheme Booklet' 'shareholder Voting and Proxies' 'asic Notice' 'exemption From Corporations Rules Requirements']

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Procedural Posture

Corporations Act Scheme of Arrangement Application / Application Under S 411(1) of the Corporations Act 2001 (cth) for Orders Convening a Meeting of Members and Ancillary Orders

Legal Issues

  1. 1 ['Whether the proposed scheme was one that may be approved under s 411(1) of the Corporations Act 2001 (Cth).' 'Whether the draft scheme booklet provided a satisfactory level of disclosure.' 'Whether necessary procedural matters under the Act concerning the calling and conduct of the meeting had been met.' 'Whether the proposed chairperson was appropriate to chair the scheme meeting.' 'Whether exemptions from requirements under the Federal Court (Corporations) Rules 2000 should be granted.']

Ratio Decidendi

The Court ordered the convening of the scheme meeting because the proposed scheme was one that may be approved under s 411(1) of the Corporations Act 2001 (Cth), the draft scheme booklet provided satisfactory disclosure, an independent expert stated the scheme was on balance in the best interests of Bathurst shareholders, all necessary procedural matters for calling and conducting the meeting had been met, ASIC had been notified and did not propose to make submissions at that point, and the proposed ancillary exemptions and orders were appropriate.

Court Disposition

Orders made convening the Scheme Meeting and granting ancillary orders.

Orders

  • ['Pursuant to section 411(1) of the Corporations Act 2001 (Cth), the plaintiff convenes a meeting of its members holding ordinary shares for the purpose of considering and, if thought fit, approving (with or without modification) the scheme of arrangement referred to in paragraph 9 of the supporting affidavit of...