Felix Resources Pty Ltd; in the matter of Felix Resources Pty Ltd [2009] FCA 1182
Given the fairness of the offer, independent expert advice, directors' recommendation, secured funding, and no material prejudice from the dividend arrangements, it is appropriate to order the convening of a meeting for shareholders to consider the scheme of arrangement under s 411 of the Corporations Act.
- Jurisdiction
- Australia
- Judgment Date
- 28 September 2009
- Procedural Posture
- Corporations Act Application / Application for Orders Convening Shareholders' Meeting
- Outcome
- Application granted
- Legal Topics
- ["members' Scheme of Arrangement" 'acquisition of Shares' 'shareholder Meeting' 'financial Assistance' 'break Fee' 'no Shop/no Talk Restrictions']
Case Brief
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Procedural Posture
Corporations Act Application / Application for Orders Convening Shareholders' Meeting
Legal Issues
- 1 ['Whether to order the convening of a meeting of shareholders to consider scheme for acquisition of shares under s 411 of the Corporations Act' 'Whether dividend arrangements are inconsistent with s 260A of the Corporations Act' 'Whether acquisition arrangements raise risks for company creditors']
Ratio Decidendi
Given the fairness of the offer, independent expert advice, directors' recommendation, secured funding, and no material prejudice from the dividend arrangements, it is appropriate to order the convening of a meeting for shareholders to consider the scheme of arrangement under s 411 of the Corporations Act.
Court Disposition
Application granted
Orders
- ["Order for convening a shareholders' meeting in terms of amended draft"]
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