Champion Iron Limited, in the matter of Champion Iron Limited [2020] FCA 81

Champion Iron Limited, in the matter of Champion Iron Limited [2020] FCA 81

On the evidence, Champion Australia is a Part 5.1 body, the scheme is functionally within the concept of an arrangement and provides proper disclosure, is bona fide, properly proposed, and meets procedural requirements. Orders to convene the scheme meeting and approve the scheme booklet for dispatch are appropriate.

Jurisdiction
Australia
Judgment Date
04 February 2020
Procedural Posture
Members' Scheme of Arrangement Application / First Court Hearing
Outcome
Application granted. Orders made to convene scheme meeting and dispatch scheme documents.
Legal Topics
['scheme of Arrangement' 're Domiciliation' 'shareholder Meeting' 'disclosure Requirements' 'buy Back of Special Voting Share']
['corporations Law'] ['scheme of Arrangement' 're Domiciliation' 'shareholder Meeting' 'disclosure Requirements' 'buy Back of Special Voting Share']

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Procedural Posture

Members' Scheme of Arrangement Application / First Court Hearing

Legal Issues

  1. 1 ['Whether to convene a scheme meeting under ss 411(1) and 1319 of the Corporations Act 2001 (Cth)' 'Whether disclosure requirements under s 412 of the Corporations Act have been satisfied' 'Whether procedural requirements for convening the scheme meeting are met']

Ratio Decidendi

On the evidence, Champion Australia is a Part 5.1 body, the scheme is functionally within the concept of an arrangement and provides proper disclosure, is bona fide, properly proposed, and meets procedural requirements. Orders to convene the scheme meeting and approve the scheme booklet for dispatch are appropriate.

Court Disposition

Application granted. Orders made to convene scheme meeting and dispatch scheme documents.

Orders

  • ['Plaintiff to convene and hold a scheme meeting of holders of fully paid ordinary shares.' 'Scheme meeting to be held on 12 March 2020 at Ashurst Australia.' 'Voting Record Date set for 10 March 2020.' 'Chairperson of scheme meeting appointed with power to adjourn.' 'Quorum and voting procedures established.'...