Scarborough Equities Limited, in the matter of Scarborough Equities Limited [2009] FCA 24

Scarborough Equities Limited, in the matter of Scarborough Equities Limited [2009] FCA 24

The requirements for convening a meeting of members for a scheme of arrangement under s 411(1) of the Corporations Act have been met, including adequate disclosure, ASIC's review, and compliance with procedural requirements, thus orders for convening the meeting are appropriate.

Parties
Plaintiff: Scarborough Equities Limited
Jurisdiction
Australia
Judgment Date
16 January 2009
Procedural Posture
Scheme of Arrangement Application / First Court Hearing for Convening Meeting of Members
Outcome
Orders made granting application to convene scheme meeting and ancillary orders.
Legal Topics
Scheme of Arrangement, Mergers and Acquisitions, Approval of Scheme Booklet, Court Approval of Shareholder Meetings
Corporations Law Scheme of Arrangement Mergers and Acquisitions Approval of Scheme Booklet Court Approval of Shareholder Meetings

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 2 Authorities cited 3 Party arguments 1
Sign in to unlock

Parties

Scarborough Equities Limited

Plaintiff

Procedural Posture

Scheme of Arrangement Application / First Court Hearing for Convening Meeting of Members

Legal Issues

  1. 1 Whether to order the convening of a meeting of members to consider a proposed scheme of arrangement under section 411(1) of the Corporations Act 2001 (Cth)
  2. 2 Whether the requirements for the first court hearing to convene a meeting are satisfied

Ratio Decidendi

The requirements for convening a meeting of members for a scheme of arrangement under s 411(1) of the Corporations Act have been met, including adequate disclosure, ASIC's review, and compliance with procedural requirements, thus orders for convening the meeting are appropriate.

Court Disposition

Orders made granting application to convene scheme meeting and ancillary orders.

Orders

  • The Plaintiff convene a meeting of all persons registered as holders of fully paid ordinary shares as at 7.00 pm (Sydney time) on 18 February 2009, to be held at 10.00 am (Sydney time) on 20 February 2009 in Sydney, to consider the scheme of arrangement.
  • Scheme Meeting to be convened by sending the scheme booklet and proxy form to shareholders on or before 22 January 2009.