iSOFT Group Limited, in the matter of iSOFT Group Limited (No 2) [2011] FCA 882

iSOFT Group Limited, in the matter of iSOFT Group Limited (No 2) [2011] FCA 882

The errors identified in the scheme booklet are non-material and unlikely to affect the capacity of option holders to make an informed judgment. It is therefore appropriate to approve the Company's proposal to distribute the supplementary explanatory statement to all option holders.

Jurisdiction
Australia
Judgment Date
07 July 2011
Procedural Posture
Corporate Scheme of Arrangement / Interlocutory Application for Approval of Supplementary Disclosure
Outcome
Orders granted as sought
Legal Topics
['scheme of Arrangement' 'court Approval of Explanatory Statement' 'rectification of Errors in Scheme Documentation']
['corporations Law'] ['scheme of Arrangement' 'court Approval of Explanatory Statement' 'rectification of Errors in Scheme Documentation']

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Procedural Posture

Corporate Scheme of Arrangement / Interlocutory Application for Approval of Supplementary Disclosure

Legal Issues

  1. 1 ['Whether the Court should approve the distribution of a supplementary explanatory statement correcting typographical errors in a scheme booklet to option holders' 'Whether the proposed method and timing of distribution are appropriate' 'Whether to extend the time for return of proxy forms']

Ratio Decidendi

The errors identified in the scheme booklet are non-material and unlikely to affect the capacity of option holders to make an informed judgment. It is therefore appropriate to approve the Company's proposal to distribute the supplementary explanatory statement to all option holders.

Court Disposition

Orders granted as sought

Orders

  • ['A supplementary explanatory statement correcting typographical errors in the scheme booklet is approved for distribution to all iSOFT option holders.' 'The supplementary explanatory statement is to be sent to each option holder by pre-paid post, facsimile, email, and (where applicable) hand delivery by 10 July...