ITX Group Pty Limited, in the matter of ITX Group Pty Limited [2010] FCA 1241

ITX Group Pty Limited, in the matter of ITX Group Pty Limited [2010] FCA 1241

The scheme is suitable to be considered by shareholders, the explanatory memorandum meets statutory requirements for disclosure, and the Court is satisfied to convene a meeting for shareholders to vote on the scheme under s 411(1) of the Corporations Act.

Jurisdiction
Australia
Judgment Date
21 October 2010
Procedural Posture
Scheme of Arrangement / Order to Convene Shareholders' Meeting
Outcome
Order made convening shareholders' meeting to consider scheme of arrangement.
Legal Topics
['scheme of Arrangement' 'mergers and Acquisitions']
['corporate Law'] ['scheme of Arrangement' 'mergers and Acquisitions']

Case Brief

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Procedural Posture

Scheme of Arrangement / Order to Convene Shareholders' Meeting

Legal Issues

  1. 1 ["Whether a shareholders' meeting should be convened to consider a scheme of arrangement for transfer of ITX Group Pty Limited shares to Avnet Technology Solutions Australia Pty Ltd" 'Adequacy of disclosure to shareholders' 'Fairness and reasonableness of the scheme']

Ratio Decidendi

The scheme is suitable to be considered by shareholders, the explanatory memorandum meets statutory requirements for disclosure, and the Court is satisfied to convene a meeting for shareholders to vote on the scheme under s 411(1) of the Corporations Act.

Court Disposition

Order made convening shareholders' meeting to consider scheme of arrangement.

Orders

  • ['itX Group Limited to convene a meeting of ordinary shareholders for purpose of considering and, if thought fit, approving a scheme of arrangement as detailed in the scheme booklet.' 'Scheme meeting to be held on 29 November 2010 following conclusion or adjournment of the AGM at Adelaide Room, Level 4, Sofitel...