CCI HOLDINGS LIMITED (ABN 51 000 680 740), in the matter of CCI Holdings Limited (ABN 51 000 680 740) [2007] FCA 1283

CCI HOLDINGS LIMITED (ABN 51 000 680 740), in the matter of CCI Holdings Limited (ABN 51 000 680 740) [2007] FCA 1283

The requirements for court approval of the scheme of arrangement under s 411 of the Corporations Act 2001 (Cth) were fulfilled; therefore, the scheme is approved. Execution of the deed poll by counterpart is accepted as satisfying s 127(1) of the Act due to its treatment as a single instrument, making approval appropriate.

Parties
Plaintiff: CCI Holdings Limited; Offeror: Bureau Veritas Australia Pty Ltd
Jurisdiction
Australia
Judgment Date
20 June 2007
Procedural Posture
Scheme of Arrangement / Final Approval Hearing
Outcome
Scheme of arrangement approved
Legal Topics
Scheme of Arrangement, Approval Process, Execution of Deed Poll, Share Acquisition
Corporations Law Scheme of Arrangement Approval Process Execution of Deed Poll Share Acquisition

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Parties

CCI Holdings Limited

Plaintiff

Bureau Veritas Australia Pty Ltd

Offeror

Procedural Posture

Scheme of Arrangement / Final Approval Hearing

Legal Issues

  1. 1 Whether the requirements under s 411 of the Corporations Act 2001 (Cth) for approval of a scheme of arrangement have been met
  2. 2 Whether the deed poll has been validly executed in accordance with s 127(1) of the Corporations Act 2001 (Cth)

Ratio Decidendi

The requirements for court approval of the scheme of arrangement under s 411 of the Corporations Act 2001 (Cth) were fulfilled; therefore, the scheme is approved. Execution of the deed poll by counterpart is accepted as satisfying s 127(1) of the Act due to its treatment as a single instrument, making approval appropriate.

Court Disposition

Scheme of arrangement approved

Orders

  • Pursuant to section 411(4)(b) of the Corporations Act 2001 the scheme of arrangement between the Plaintiff and its members be approved in the annexed form.
  • Pursuant to section 411(12) of the Corporations Act 2001, the Plaintiff is exempted from compliance with section 411(11) in relation to the approval order.