World Titanium Resources Ltd, in the matter of World Titanium Resources Ltd [2011] FCA 1480
The scheme of arrangement is approved as all statutory conditions under s 411 have been met, including proper notice, member approval, ASIC's opportunity to review, and the scheme being fair, reasonable, and proposed for a proper purpose.
- Parties
- Plaintiff: World Titanium Resources Ltd
- Jurisdiction
- Australia
- Judgment Date
- 15 December 2011
- Procedural Posture
- Scheme of Arrangement Application / Final Approval Hearing
- Outcome
- Scheme of arrangement approved
- Legal Topics
- Schemes of Arrangement, Approval of Scheme, Role of ASIC, Requirements Under S 411 Corporations Act, Proper Purpose, Good Faith
Case Brief
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Parties
World Titanium Resources Ltd
Plaintiff
Procedural Posture
Scheme of Arrangement Application / Final Approval Hearing
Legal Issues
- 1 Whether all the requirements of s 411 Corporations Act 2001 (Cth) have been satisfied
- 2 Whether the scheme was proposed in good faith and for a proper purpose
- 3 Whether scheme is fair and reasonable for members
Ratio Decidendi
The scheme of arrangement is approved as all statutory conditions under s 411 have been met, including proper notice, member approval, ASIC's opportunity to review, and the scheme being fair, reasonable, and proposed for a proper purpose.
Court Disposition
Scheme of arrangement approved
Orders
- Scheme of arrangement between the plaintiff and its members is approved pursuant to s 411(4)(b) of the Corporations Act 2001 (Cth)
- The plaintiff is exempted from compliance with s 411(11) pursuant to s 411(12)
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