Verdant Minerals Ltd, in the matter of Verdant Minerals Ltd (No 2) [2019] FCA 841

Verdant Minerals Ltd, in the matter of Verdant Minerals Ltd (No 2) [2019] FCA 841

The scheme of arrangement was approved by statutory majorities, complied with statutory and procedural requirements, was fair and reasonable, and there was no evidence of oppression or opposition. The Court exercised its discretion to approve the Scheme and grant the requested exemptions and extension of time.

Parties
Plaintiff: Verdant Minerals Ltd
Jurisdiction
Australia
Judgment Date
31 May 2019
Procedural Posture
Scheme of Arrangement / Second Court Hearing
Outcome
scheme approved; exemptions and extension of time granted
Legal Topics
Members' Scheme of Arrangement, Court Approval, Extension of Time, Exemption From Compliance
Corporations Members' Scheme of Arrangement Court Approval Extension of Time Exemption From Compliance

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Parties

Verdant Minerals Ltd

Plaintiff

Procedural Posture

Scheme of Arrangement / Second Court Hearing

Legal Issues

  1. 1 Whether the scheme of arrangement should be approved under s 411(4) of the Corporations Act 2001 (Cth)
  2. 2 Whether the plaintiff should be exempted from compliance with s 411(11) under s 411(12) of the Corporations Act
  3. 3 Whether time for compliance with Order 2 of the Convening Orders should be extended

Ratio Decidendi

The scheme of arrangement was approved by statutory majorities, complied with statutory and procedural requirements, was fair and reasonable, and there was no evidence of oppression or opposition. The Court exercised its discretion to approve the Scheme and grant the requested exemptions and extension of time.

Court Disposition

scheme approved; exemptions and extension of time granted

Orders

  • The time for compliance with Order 2 of the Convening Orders is extended to 29 April 2019.
  • Pursuant to s 411(4) of the Corporations Act, the Scheme is approved.