Equigold NL, in the matter of Equigold NL (No 3) [2008] FCA 894

Equigold NL, in the matter of Equigold NL (No 3) [2008] FCA 894

The Scheme was approved because the Court was satisfied that the meeting had been convened and documents dispatched in accordance with its orders, the shareholders had approved the Scheme, ASIC had provided a no-objection statement, the relevant conditions precedent had been satisfied or waived, there was no opposition, and the Scheme was appropriate for approval under s 411.

Jurisdiction
Australia
Judgment Date
03 June 2008
Procedural Posture
Application for Approval of a Scheme of Arrangement Under S 411 of the Corporations Act 2001 (cth) / Second Court Hearing on 3 June 2008 After Shareholder Meeting
Outcome
Scheme of arrangement approved and exemption from compliance with s 411(11) granted.
Legal Topics
['scheme of Arrangement' 'court Approval of Scheme' 'shareholder Meeting' 'asic No Objection' 'exemption From Annexing Court Order to Constitution']
['corporations Law'] ['scheme of Arrangement' 'court Approval of Scheme' 'shareholder Meeting' 'asic No Objection' 'exemption From Annexing Court Order to Constitution']

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Procedural Posture

Application for Approval of a Scheme of Arrangement Under S 411 of the Corporations Act 2001 (cth) / Second Court Hearing on 3 June 2008 After Shareholder Meeting

Legal Issues

  1. 1 ['Whether the scheme of arrangement between Equigold NL and holders of ordinary shares in Equigold should be approved pursuant to s 411 of the Corporations Act 2001 (Cth).' 'Whether Equigold should be exempted under s 411(12) of the Corporations Act 2001 (Cth) from compliance with s 411(11).']

Ratio Decidendi

The Scheme was approved because the Court was satisfied that the meeting had been convened and documents dispatched in accordance with its orders, the shareholders had approved the Scheme, ASIC had provided a no-objection statement, the relevant conditions precedent had been satisfied or waived, there was no opposition, and the Scheme was appropriate for approval under s 411.

Court Disposition

Scheme of arrangement approved and exemption from compliance with s 411(11) granted.

Orders

  • ['Pursuant to subsection 411(4)(b) of the Corporations Act 2001 (Cth), the scheme of arrangement between Equigold NL ABN 42 060 235 145 and the holders of ordinary shares in Equigold, other than the holders of Excluded Shares in respect of those Excluded Shares, in the form annexed and marked "A" be approved.'...