Xceed Resources Ltd, in the matter of Xceed Resources Ltd [2014] FCA 170

Xceed Resources Ltd, in the matter of Xceed Resources Ltd [2014] FCA 170

The scheme of arrangement proposed by Xceed Resources Ltd is approved as it complies with the relevant statutory requirements, any procedural irregularities have been cured under statutory provisions, the requisite shareholder majorities have been achieved, there is no evidence of improper purpose, and the scheme is in the best interests of shareholders.

Jurisdiction
Australia
Judgment Date
06 February 2014
Procedural Posture
Scheme of Arrangement Application / Final Hearing and Orders
Outcome
scheme of arrangement approved; exemption granted
Legal Topics
['scheme of Arrangement' 'procedural Irregularity' 'court Approval of Scheme' 'exemption From Statutory Requirements']
['corporations Law'] ['scheme of Arrangement' 'procedural Irregularity' 'court Approval of Scheme' 'exemption From Statutory Requirements']

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Procedural Posture

Scheme of Arrangement Application / Final Hearing and Orders

Legal Issues

  1. 1 ['Whether the scheme of arrangement between Xceed Resources Ltd and its members should be approved under s 411(4)(b) of the Corporations Act 2001 (Cth)' 'Whether Xceed Resources Ltd should be exempted from compliance with s 411(11) under s 411(12)' 'Whether the procedural irregularity regarding the omission of the Venmyn Deloitte report should be cured under s 1322(2)' 'Whether the scheme’s conditionality is acceptable and in line with statutory requirements']

Ratio Decidendi

The scheme of arrangement proposed by Xceed Resources Ltd is approved as it complies with the relevant statutory requirements, any procedural irregularities have been cured under statutory provisions, the requisite shareholder majorities have been achieved, there is no evidence of improper purpose, and the scheme is in the best interests of shareholders.

Court Disposition

scheme of arrangement approved; exemption granted

Orders

  • ['Scheme of arrangement between the plaintiff and its members is approved pursuant to s 411(4)(b) of the Corporations Act 2001 (Cth).' 'Plaintiff is exempted pursuant to s 411(12) from compliance with s 411(11) of the Corporations Act in relation to the scheme.' 'Plaintiff to lodge an office copy of these orders...