Rusina Mining NL, in the matter of Rusina Mining (No 2) [2010] FCA 609

Rusina Mining NL, in the matter of Rusina Mining (No 2) [2010] FCA 609

All procedural and substantive requirements for approval of the scheme of arrangement under s 411 Corporations Act 2001 (Cth) were satisfied, the scheme was fair and reasonable, ASIC raised no objection, and there was no evidence of improper purpose. Approval was therefore granted.

Source-derived case information.

Parties
Plaintiff: Rusina Mining NL ACN 009 242 451
Jurisdiction
Australia
Judgment Date
14 June 2010
Procedural Posture
Application for Approval of Scheme of Arrangement / Final Approval and Orders Following Scheme Meeting
Outcome
Scheme of arrangement approved under s 411(4)(b) of the Corporations Act 2001 (Cth). Orders made accordingly.
Legal Topics
Scheme of Arrangement, Approval of Scheme by Court, Mergers and Acquisitions, Procedural Compliance, Fairness of Scheme, Corporations Act S 411
Corporations Law Scheme of Arrangement Approval of Scheme by Court Mergers and Acquisitions Procedural Compliance Fairness of Scheme Corporations Act S 411

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Parties

Rusina Mining NL ACN 009 242 451

Plaintiff

Procedural Posture

Application for Approval of Scheme of Arrangement / Final Approval and Orders Following Scheme Meeting

Legal Issues

  1. 1 Whether the statutory and procedural requirements for approval of a scheme of arrangement under s 411 Corporations Act 2001 (Cth) were satisfied
  2. 2 Whether the scheme was fair and reasonable to members
  3. 3 Whether the scheme was put forward for an improper purpose including avoidance of Ch 6 requirements

Ratio Decidendi

All procedural and substantive requirements for approval of the scheme of arrangement under s 411 Corporations Act 2001 (Cth) were satisfied, the scheme was fair and reasonable, ASIC raised no objection, and there was no evidence of improper purpose. Approval was therefore granted.

Court Disposition

Scheme of arrangement approved under s 411(4)(b) of the Corporations Act 2001 (Cth). Orders made accordingly.

Orders

  • Period of notice in order 8 of the Orders made 30 April 2010 abridged to 3 days.
  • Scheme of arrangement between plaintiff and its members approved pursuant to s 411(4)(b) Corporations Act 2001 (Cth).