Lipa Pharmaceuticals Limited ACN 070 106 526, in the matter of Lipa Pharmaceuticals Limited ACN 070 106 526 [2007] FCA 1527

Lipa Pharmaceuticals Limited ACN 070 106 526, in the matter of Lipa Pharmaceuticals Limited ACN 070 106 526 [2007] FCA 1527

The scheme is one that properly informed shareholders may find commercially acceptable, and, if not opposed, would likely be approved by the Court if agreed to by the required majority. The explanatory memorandum is satisfactory, and the application for convening the meeting is granted.

Jurisdiction
Australia
Judgment Date
14 September 2007
Procedural Posture
Corporations Act Application (scheme of Arrangement) / Court Orders for Convening Shareholder Meeting
Outcome
Order for convening shareholder meeting granted
Legal Topics
['scheme of Arrangement' 'shareholder Meeting' 'corporate Acquisition']
['corporations Law'] ['scheme of Arrangement' 'shareholder Meeting' 'corporate Acquisition']

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Procedural Posture

Corporations Act Application (scheme of Arrangement) / Court Orders for Convening Shareholder Meeting

Legal Issues

  1. 1 ['Whether orders should be made under s 411(1) of the Corporations Act for convening a meeting to consider a scheme of arrangement' 'Whether the explanatory memorandum provides satisfactory disclosure to shareholders' 'Whether the scheme is commercially acceptable to shareholders']

Ratio Decidendi

The scheme is one that properly informed shareholders may find commercially acceptable, and, if not opposed, would likely be approved by the Court if agreed to by the required majority. The explanatory memorandum is satisfactory, and the application for convening the meeting is granted.

Court Disposition

Order for convening shareholder meeting granted

Orders

  • ['Lipa Pharmaceuticals Limited to convene a meeting of shareholders to consider and, if thought fit, agree to the scheme of arrangement' 'Scheme meeting set for 19 October 2007 at 11am at Level 17, 383 Kent Street Sydney' 'Chairman for meeting is John Beresford Harkness or, failing him, Gorge Jovanov' 'Chairman can...