Coalspur Mines Limited, in the matter of Coalspur Mines Limited [2015] FCA 391

Coalspur Mines Limited, in the matter of Coalspur Mines Limited [2015] FCA 391

The Court was satisfied that the proposed scheme of arrangement falls within the statutory framework of s 411 of the Corporations Act 2001 (Cth), sufficient disclosure would be given to members, ASIC had input and opportunity to comment, and there was no apparent reason to deny approval at the next stage if members voted in favour.

Jurisdiction
Australia
Judgment Date
17 March 2015
Procedural Posture
Application Under S 411 of the Corporations Act 2001 (cth) for Convening a Members’ Meeting for a Scheme of Arrangement / First Hearing (application for Convening a Meeting)
Outcome
Application granted (orders made to convene scheme meeting and related steps)
Legal Topics
['scheme of Arrangement' 'shareholder Meeting' 'disclosure to Members']
['corporations Law'] ['scheme of Arrangement' 'shareholder Meeting' 'disclosure to Members']

Case Brief

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Procedural Posture

Application Under S 411 of the Corporations Act 2001 (cth) for Convening a Members’ Meeting for a Scheme of Arrangement / First Hearing (application for Convening a Meeting)

Legal Issues

  1. 1 ['Whether the proposed scheme of arrangement falls within s 411 of the Corporations Act 2001 (Cth)' 'Whether ASIC had reasonable opportunity to consider the scheme and scheme booklet' 'Whether shareholders have sufficient disclosure to make an informed decision' 'Whether there is any prima facie impediment to approval of the scheme at the final hearing']

Ratio Decidendi

The Court was satisfied that the proposed scheme of arrangement falls within the statutory framework of s 411 of the Corporations Act 2001 (Cth), sufficient disclosure would be given to members, ASIC had input and opportunity to comment, and there was no apparent reason to deny approval at the next stage if members voted in favour.

Court Disposition

Application granted (orders made to convene scheme meeting and related steps)

Orders

  • ['The plaintiff to convene a meeting of shareholders on 22 April 2015 or such other date as approved to consider the scheme of arrangement.' 'Scheme booklet and explanatory statement approved, subject to specific amendments and ASIC approval.' 'Scheme booklet to be dispatched to shareholders by 23 March 2015.'...