Climax Mining Ltd, in the matter of Climax Mining Ltd [2006] FCA 1276

Climax Mining Ltd, in the matter of Climax Mining Ltd [2006] FCA 1276

The Court was satisfied, based on the evidence including an independent expert report, that the proposed Share Scheme and Option Scheme should be placed before the relevant classes of shareholders and optionholders for their consideration.

Parties
Plaintiff: Climax Mining Ltd; Interested Party: Oceana Gold Limited
Jurisdiction
Australia
Judgment Date
01 October 2006
Procedural Posture
Scheme of Arrangement Application / First Court Hearing (directions for Scheme Meetings)
Outcome
Meetings of shareholders and listed option holders ordered to be convened; associated scheme documents approved for distribution; proceeding stood over for further hearing.
Legal Topics
Schemes of Arrangement, Mergers and Acquisitions
Corporations Law Schemes of Arrangement Mergers and Acquisitions

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Parties

Climax Mining Ltd

Plaintiff

Oceana Gold Limited

Interested Party

Procedural Posture

Scheme of Arrangement Application / First Court Hearing (directions for Scheme Meetings)

Legal Issues

  1. 1 Whether meetings of shareholders and listed option holders of Climax Mining Ltd should be convened to consider proposed schemes of arrangement under s 411 of the Corporations Act 2001 (Cth)

Ratio Decidendi

The Court was satisfied, based on the evidence including an independent expert report, that the proposed Share Scheme and Option Scheme should be placed before the relevant classes of shareholders and optionholders for their consideration.

Court Disposition

Meetings of shareholders and listed option holders ordered to be convened; associated scheme documents approved for distribution; proceeding stood over for further hearing.

Orders

  • Meetings of shareholders and listed option holders to be convened to consider the Share Scheme and Option Scheme under s 411 of the Corporations Act 2001 (Cth) on 30 October 2006.
  • Scheme documents approved for distribution to relevant parties.