Cobham Plc, Re Companies Act 2006

Cobham Plc, Re Companies Act 2006

The statutory requirements were satisfied, the class was fairly represented, the scheme documentation was sufficiently clear, and the timing of the sanction hearing does not invalidate the vote. There was no technical flaw in the scheme. The objections raised did not warrant refusal of sanction.

Parties
Applicant/company: Cobham plc; Objector/shareholder: Mr Christopher Sills
Jurisdiction
England and Wales
Judgment Date
15 January 2020
Procedural Posture
Scheme of Arrangement (companies Act 2006) / Sanction Hearing
Outcome
Scheme sanctioned
Legal Topics
Scheme of Arrangement, Shareholder Rights, Court Sanction of Schemes
Company Law Insolvency Law Scheme of Arrangement Shareholder Rights Court Sanction of Schemes

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Parties

Cobham plc

Applicant/company

Mr Christopher Sills

Objector/shareholder

Procedural Posture

Scheme of Arrangement (companies Act 2006) / Sanction Hearing

Legal Issues

  1. 1 Whether statutory requirements for the scheme of arrangement have been met
  2. 2 Whether the class of members was fairly represented and the majority acted bona fide
  3. 3 Whether an intelligent and honest member could reasonably approve the scheme

Ratio Decidendi

The statutory requirements were satisfied, the class was fairly represented, the scheme documentation was sufficiently clear, and the timing of the sanction hearing does not invalidate the vote. There was no technical flaw in the scheme. The objections raised did not warrant refusal of sanction.

Court Disposition

Scheme sanctioned

Orders

  • The scheme of arrangement in respect of Cobham plc is sanctioned.