McCarthy & Stone Plc, Re [2021] EWHC 574 (Ch) (28 January 2021)

McCarthy & Stone Plc, Re [2021] EWHC 574 (Ch) (28 January 2021)

The court sanctioned the scheme as all statutory requirements were met, the meeting was fairly conducted with a strong majority in favour, the scheme was reasonable for shareholders, and there were no defects or objections.

Citation
[2021] EWHC 574 (Ch)
Parties
Applicant: McCarthy & Stone Plc
Jurisdiction
England and Wales
Judgment Date
28 January 2021
Procedural Posture
Scheme of Arrangement Under Companies Act 2006 Part 26 / Sanction Hearing
Outcome
Scheme of arrangement sanctioned
Legal Topics
Scheme of Arrangement, Shareholder Approval, Acquisition of Share Capital
Company Law Insolvency Scheme of Arrangement Shareholder Approval Acquisition of Share Capital

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Parties

McCarthy & Stone Plc

Applicant

Procedural Posture

Scheme of Arrangement Under Companies Act 2006 Part 26 / Sanction Hearing

Legal Issues

  1. 1 Whether the statutory requirements for sanctioning a scheme of arrangement have been met
  2. 2 Whether the scheme was fairly approved by the relevant class of shareholders
  3. 3 Whether the scheme is one that an intelligent and honest shareholder might approve

Ratio Decidendi

The court sanctioned the scheme as all statutory requirements were met, the meeting was fairly conducted with a strong majority in favour, the scheme was reasonable for shareholders, and there were no defects or objections.

Court Disposition

Scheme of arrangement sanctioned

Orders

  • Sanction of the scheme of arrangement between McCarthy & Stone Plc and its ordinary shareholders as set out in the application.