Hardman Resources Limited ACN 009 210 235, In the matter of Hardman Resources Limited ACN 009 210 235 No. 2 [2006] FCA 1836

Hardman Resources Limited ACN 009 210 235, In the matter of Hardman Resources Limited ACN 009 210 235 No. 2 [2006] FCA 1836

The scheme of arrangement was approved because the statutory and procedural requirements were met, shareholders were properly informed and approved the scheme by the requisite majorities, ASIC had no objection, and Tullow could fulfill its payment obligations; the scheme was not proposed for the purpose of avoiding the takeover provisions of Chapter 6.

Jurisdiction
Australia
Judgment Date
19 December 2006
Procedural Posture
Scheme of Arrangement Application / Final Approval Hearing and Orders Made
Outcome
Scheme of arrangement approved
Legal Topics
['schemes of Arrangement' 'shareholder Approval' 'section 411 of the Corporations Act' 'approval of Share Transfers']
['corporations Law'] ['schemes of Arrangement' 'shareholder Approval' 'section 411 of the Corporations Act' 'approval of Share Transfers']

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Procedural Posture

Scheme of Arrangement Application / Final Approval Hearing and Orders Made

Legal Issues

  1. 1 ['Whether the scheme of arrangement between Hardman Resources Limited and its shareholders should be approved under s 411(4) of the Corporations Act 2001 (Cth)' 'Whether the scheme was proposed for an improper purpose, such as to avoid Chapter 6 of the Corporations Act']

Ratio Decidendi

The scheme of arrangement was approved because the statutory and procedural requirements were met, shareholders were properly informed and approved the scheme by the requisite majorities, ASIC had no objection, and Tullow could fulfill its payment obligations; the scheme was not proposed for the purpose of avoiding the takeover provisions of Chapter 6.

Court Disposition

Scheme of arrangement approved

Orders

  • ['Pursuant to section 411(4)(b) of the Corporations Act 2001 (Cth), the scheme of arrangement between the Plaintiff and holders of ordinary shares (other than Excluded Shareholders) is approved.' 'Pursuant to section 411(12) of the Corporations Act, the Plaintiff is exempted from compliance with section 411(11) in...