Seven Network Limited (ACN 052 816 789), in the matter of Seven Network Limited (No 2) [2010] FCA 355
The Court determined that, given extensive market coverage and the submissions, it would note the new information disclosed and allow any shareholder to raise adequacy of notice at the second scheme hearing, rather than immediately postponing the meeting.
- Jurisdiction
- Australia
- Judgment Date
- 12 April 2010
- Procedural Posture
- Corporations – Schemes of Arrangement / Interlocutory Hearing Regarding Disclosure and Meeting Timetable
- Outcome
- Court noted the disclosure and reserved questions on adequacy of notice for the scheme approval hearing.
- Legal Topics
- ['schemes of Arrangement' 'timeliness of Disclosure of Material New Information']
Case Brief
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Procedural Posture
Corporations – Schemes of Arrangement / Interlocutory Hearing Regarding Disclosure and Meeting Timetable
Legal Issues
- 1 ['Whether disclosure to shareholders of material new information regarding scheme consideration was sufficiently timely' 'Whether the period of notice before shareholders meeting is adequate']
Ratio Decidendi
The Court determined that, given extensive market coverage and the submissions, it would note the new information disclosed and allow any shareholder to raise adequacy of notice at the second scheme hearing, rather than immediately postponing the meeting.
Court Disposition
Court noted the disclosure and reserved questions on adequacy of notice for the scheme approval hearing.
Orders
- ['Court notes disclosure and leaves adequacy of period or content open to be addressed at the second Court hearing.']
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