Great Artesian Oil and Gas Limited, in the matter of Great Artesian Oil and Gas Limited [2008] FCA 997

Great Artesian Oil and Gas Limited, in the matter of Great Artesian Oil and Gas Limited [2008] FCA 997

The proposed explanatory memorandum complies with statutory requirements, and the scheme is reasonable and likely to be approved by the court if shareholders agree and there is no opposition.

Source-derived case information.

Jurisdiction
Australia
Judgment Date
19 June 2008
Procedural Posture
Scheme of Arrangement / Application for Convening Meeting of Shareholders
Outcome
Application granted
Legal Topics
['scheme of Arrangement' 'mergers and Acquisitions' 'fiduciary Duties' 'break Fee' 'explanatory Memorandum' 'shareholder Meeting']
['corporations Law'] ['scheme of Arrangement' 'mergers and Acquisitions' 'fiduciary Duties' 'break Fee' 'explanatory Memorandum' 'shareholder Meeting']

Source-derived case record

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Procedural Posture

Scheme of Arrangement / Application for Convening Meeting of Shareholders

Legal Issues

  1. 1 ['Whether the explanatory memorandum for the proposed scheme of arrangement between Great Artesian and its shareholders complies with statutory requirements' 'Whether the proposed scheme is one to which reasonable shareholders of Great Artesian, properly informed, might reasonably agree' "Whether orders should be made under s 411 of the Corporations Act for the convening of a shareholders' meeting to consider the scheme"]

Ratio Decidendi

The proposed explanatory memorandum complies with statutory requirements, and the scheme is reasonable and likely to be approved by the court if shareholders agree and there is no opposition.

Court Disposition

Application granted

Orders

  • ['Great Artesian to convene a meeting of holders of ordinary shares (other than holders of Excluded Shares) to consider and, if thought fit, agree to a scheme of arrangement with Drillsearch as set out in the Scheme Booklet' 'Scheme Meeting to be held at 10.30 am (Sydney time) on 28 July 2008 at The Henry Lawson...