Re Waste Recycling Group Plc [2003] EWHC 2065 (Ch) (28 July 2003)

Re Waste Recycling Group Plc [2003] EWHC 2065 (Ch) (28 July 2003)

The scheme treats all shareholders equally, complies with statutory and procedural requirements, and does not infringe Article 1 of the First Protocol ECHR, as the deprivation of shares is in accordance with law, for a discernible purpose, and with fair compensation.

Citation
[2003] EWHC 2065 (Ch)
Parties
Company/applicant: Waste Recycling Group plc; Acquirer: Cholet Acquisitions Ltd.; Objector/shareholder: Mr. James Page
Jurisdiction
England and Wales
Judgment Date
28 July 2003
Procedural Posture
Scheme of Arrangement and Capital Reduction / Final Hearing for Sanction and Confirmation
Outcome
scheme sanctioned and reduction of capital confirmed
Legal Topics
Scheme of Arrangement, Reduction of Capital, Shareholder Rights, Article 1 First Protocol ECHR
Company Law Human Rights Law Scheme of Arrangement Reduction of Capital Shareholder Rights Article 1 First Protocol ECHR

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Parties

Waste Recycling Group plc

Company/applicant

Cholet Acquisitions Ltd.

Acquirer

Mr. James Page

Objector/shareholder

Procedural Posture

Scheme of Arrangement and Capital Reduction / Final Hearing for Sanction and Confirmation

Legal Issues

  1. 1 Whether the scheme of arrangement and capital reduction should be sanctioned under Section 425 of the Companies Act
  2. 2 Whether compulsory acquisition of shares under the scheme infringes Article 1 of the First Protocol of the European Convention on Human Rights

Ratio Decidendi

The scheme treats all shareholders equally, complies with statutory and procedural requirements, and does not infringe Article 1 of the First Protocol ECHR, as the deprivation of shares is in accordance with law, for a discernible purpose, and with fair compensation.

Court Disposition

scheme sanctioned and reduction of capital confirmed

Orders

  • Scheme of arrangement under Section 425 Companies Act sanctioned
  • Reduction of capital confirmed as per the scheme