Cardtronics PLC, Re (Companies Act 2006) [2021] EWHC 1617 (Ch) (29 March 2021)

Cardtronics PLC, Re (Companies Act 2006) [2021] EWHC 1617 (Ch) (29 March 2021)

The court is satisfied that Cardtronics is a proper company for a scheme under Part 26, the arrangement is valid, there is a single class of shareholders, notice and information are adequate, and the proposed voting arrangements (including conversion of ADRs to certificated shares) are fair and pragmatic. The order...

Source-derived case information.

Citation
[2021] EWHC 1617 (Ch)
Parties
Claimant: Cardtronics PLC
Jurisdiction
England and Wales
Judgment Date
29 March 2021
Procedural Posture
Scheme of Arrangement Application / Convening Hearing
Outcome
application granted
Legal Topics
Scheme of Arrangement, Shareholder Voting, Class Composition, Companies Act 2006
Company Law Corporate Finance Scheme of Arrangement Shareholder Voting Class Composition Companies Act 2006

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Parties

Cardtronics PLC

Claimant

Procedural Posture

Scheme of Arrangement Application / Convening Hearing

Legal Issues

  1. 1 jurisdiction under Part 26 Companies Act 2006
  2. 2 class composition for scheme shareholders
  3. 3 adequacy of notice and information

Ratio Decidendi

The court is satisfied that Cardtronics is a proper company for a scheme under Part 26, the arrangement is valid, there is a single class of shareholders, notice and information are adequate, and the proposed voting arrangements (including conversion of ADRs to certificated shares) are fair and pragmatic. The order to convene a single meeting of scheme shareholders is granted.

Court Disposition

application granted

Orders

  • order for convening a single meeting of scheme shareholders in the form sought