Felix Resources Limited; In the matter of Felix Resources Limited (No. 3) [2009] FCA 1483

Felix Resources Limited; In the matter of Felix Resources Limited (No. 3) [2009] FCA 1483

The scheme of arrangement is overwhelmingly supported by shareholders, is fair and reasonable when assessed by an independent expert, is not for the purpose of avoiding provisions of Chapter 6 of the Act, and all statutory requirements have been satisfied. Therefore, the scheme is approved and Felix is exempted from s 411(11).

Jurisdiction
Australia
Judgment Date
10 December 2009
Procedural Posture
Scheme of Arrangement Approval / Final Approval of Scheme
Outcome
scheme of arrangement approved; exemption from s 411(11) granted
Legal Topics
['scheme of Arrangement' 'takeovers' 'court Approval of Schemes' 'corporate Acquisitions']
['corporations Law'] ['scheme of Arrangement' 'takeovers' 'court Approval of Schemes' 'corporate Acquisitions']

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Procedural Posture

Scheme of Arrangement Approval / Final Approval of Scheme

Legal Issues

  1. 1 ['Whether the scheme of arrangement between Felix Resources Limited and its members should be approved pursuant to s 411(4)(b) and s 411(6) of the Corporations Act 2001 (Cth)' 'Whether Felix should be exempted from compliance with s 411(11) of the Act (order annexing to constitution)' 'Whether the scheme was proposed for avoiding provisions of Chapter 6 (takeovers)']

Ratio Decidendi

The scheme of arrangement is overwhelmingly supported by shareholders, is fair and reasonable when assessed by an independent expert, is not for the purpose of avoiding provisions of Chapter 6 of the Act, and all statutory requirements have been satisfied. Therefore, the scheme is approved and Felix is exempted from s 411(11).

Court Disposition

scheme of arrangement approved; exemption from s 411(11) granted

Orders

  • ['Pursuant to ss 411(4)(b) and 411(6) of the Corporations Act 2001 (Cth), the scheme of arrangement between Felix Resources Limited and its members is approved.' 'Pursuant to s 411(12) of the Corporations Act 2001 (Cth), Felix Resources Limited is exempted from compliance with the requirements of s 411(11) of the...