Black Range Minerals Limited, in the matter of Black Range Minerals Limited [2015] FCA 1162

Black Range Minerals Limited, in the matter of Black Range Minerals Limited [2015] FCA 1162

The scheme of arrangement between Black Range Minerals Limited and its members meets the statutory requirements, is fair and reasonable, and the existence and terms of the credit facility do not render the scheme unfair or improper. Accordingly, the scheme is approved and compliance with s 411(11) of the Corporations Act 2001 is exempted.

Jurisdiction
Australia
Judgment Date
29 October 2015
Procedural Posture
Corporations Scheme of Arrangement Application / Second Court Hearing for Scheme Approval
Outcome
Scheme of arrangement approved and exemption granted from compliance with s 411(11) Corporations Act 2001 (Cth)
Legal Topics
['scheme of Arrangement' 'court Approval of Scheme' 'fairness of Scheme' 'credit Facility and Coercion']
['corporations Law'] ['scheme of Arrangement' 'court Approval of Scheme' 'fairness of Scheme' 'credit Facility and Coercion']

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 1 Authorities cited 2 Party arguments 1 Amounts and remedies 1
Sign in to unlock

Procedural Posture

Corporations Scheme of Arrangement Application / Second Court Hearing for Scheme Approval

Legal Issues

  1. 1 ['Whether statutory requirements for approval of the scheme of arrangement under s 411(4)(b) of the Corporations Act 2001 (Cth) are met' 'Whether the scheme is fair and reasonable' 'Whether the credit facility terms could have coerced shareholders or deterred competing bidders']

Ratio Decidendi

The scheme of arrangement between Black Range Minerals Limited and its members meets the statutory requirements, is fair and reasonable, and the existence and terms of the credit facility do not render the scheme unfair or improper. Accordingly, the scheme is approved and compliance with s 411(11) of the Corporations Act 2001 is exempted.

Court Disposition

Scheme of arrangement approved and exemption granted from compliance with s 411(11) Corporations Act 2001 (Cth)

Orders

  • ['Pursuant to section 411(4)(b) of the Corporations Act 2001 (Cth), the scheme of arrangement is approved.' 'Pursuant to section 411(12) of the Corporations Act, exemption from section 411(11) is granted.' 'Plaintiff to lodge office copy of orders with ASIC as soon as practicable.']