Signature Gold Ltd, in the matter of Signature Gold Ltd [2017] FCA 766

Signature Gold Ltd, in the matter of Signature Gold Ltd [2017] FCA 766

The Court was satisfied on the evidence that all jurisdictional and procedural requirements for the first stage of a scheme of arrangement had been met, including proper disclosure to members, bona fide proposal, and fulfilment of requirements under the Corporations Act. It was demonstrated that the proposed scheme is of such a nature and cast in such terms that, if approved at the scheme meeting, the Court would be likely to approve the scheme at the second hearing.

Jurisdiction
Australia
Judgment Date
21 June 2017
Procedural Posture
Scheme of Arrangement Application / First Court Hearing
Outcome
Application granted
Legal Topics
['schemes of Arrangement' 'reverse Takeover' 'share Acquisition' 'disclosure Requirements']
['corporations Law'] ['schemes of Arrangement' 'reverse Takeover' 'share Acquisition' 'disclosure Requirements']

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Procedural Posture

Scheme of Arrangement Application / First Court Hearing

Legal Issues

  1. 1 ['Whether the proposed scheme of arrangement between Signature Gold Ltd and its shareholders meets the statutory and procedural requirements under the Corporations Act 2001 (Cth)' 'Whether proper disclosure has been made to members regarding the scheme' 'Whether the arrangement is bona fide and properly proposed' 'Whether procedural requirements for the first court hearing have been met']

Ratio Decidendi

The Court was satisfied on the evidence that all jurisdictional and procedural requirements for the first stage of a scheme of arrangement had been met, including proper disclosure to members, bona fide proposal, and fulfilment of requirements under the Corporations Act. It was demonstrated that the proposed scheme is of such a nature and cast in such terms that, if approved at the scheme meeting, the Court would be likely to approve the scheme at the second hearing.

Court Disposition

Application granted

Orders

  • ['Signature Gold Ltd to convene a meeting of ordinary shareholders to consider and vote on the proposed scheme of arrangement.' 'Scheme Meeting to be held on 19 July 2017 at HLB Mann Judd, Level 19, 207 Kent Street, Sydney.' 'Chairperson for Scheme Meeting appointed; power to adjourn/postpone scheme meeting...