Vulcan Resources Ltd (ACN 100 072 624), In the matter of Vulcan Resources Ltd (ACN 100 072 624) [2009] FCA 1599

Vulcan Resources Ltd (ACN 100 072 624), In the matter of Vulcan Resources Ltd (ACN 100 072 624) [2009] FCA 1599

The Court is satisfied that the proposed scheme of arrangement, if approved by the statutory majority of members, is one the Court would likely approve unopposed. Statutory procedures and disclosures are satisfied, ASIC does not oppose, and no contrary indication arises from the company's constitution or circumstances.

Jurisdiction
Australia
Judgment Date
16 December 2009
Procedural Posture
Corporations Scheme of Arrangement / First Court Hearing for Approval to Convene Scheme Meeting
Outcome
Orders granted approving the convening of a meeting of Vulcan shareholders to consider the scheme of arrangement, subject to procedural steps as specified.
Legal Topics
['scheme of Arrangement' 'court Approval' 'shareholder Meeting' 'merger']
['corporations Law'] ['scheme of Arrangement' 'court Approval' 'shareholder Meeting' 'merger']

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Procedural Posture

Corporations Scheme of Arrangement / First Court Hearing for Approval to Convene Scheme Meeting

Legal Issues

  1. 1 ['Whether Vulcan Resources Ltd should be permitted to convene a meeting of members to consider a proposed scheme of arrangement under s 411 of the Corporations Act 2001 (Cth)']

Ratio Decidendi

The Court is satisfied that the proposed scheme of arrangement, if approved by the statutory majority of members, is one the Court would likely approve unopposed. Statutory procedures and disclosures are satisfied, ASIC does not oppose, and no contrary indication arises from the company's constitution or circumstances.

Court Disposition

Orders granted approving the convening of a meeting of Vulcan shareholders to consider the scheme of arrangement, subject to procedural steps as specified.

Orders

  • ['Plaintiff to convene a meeting of its shareholders to consider and, if thought fit, approve the scheme of arrangement.' "Scheme meeting to be convened, held, and conducted in accordance with the Act and the Plaintiff's constitution, with all voting by poll demanded by the Chairman." 'Specified time for...