Telford Homes Plc, Re

Telford Homes Plc, Re

All statutory requirements for sanctioning the scheme are satisfied, the class of shareholders was properly constituted and fairly represented, statutory majorities were achieved, and there is no blot on the scheme. The court's discretion should be exercised to sanction the scheme.

Parties
Applicant: Telford Homes plc; Acquirer: CBRE Group Inc
Jurisdiction
England and Wales
Judgment Date
23 September 2019
Procedural Posture
Scheme of Arrangement / Sanction Application
Outcome
Scheme sanctioned
Legal Topics
Scheme of Arrangement, Takeover, Share Acquisition
Company Law Scheme of Arrangement Takeover Share Acquisition

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Parties

Telford Homes plc

Applicant

CBRE Group Inc

Acquirer

Procedural Posture

Scheme of Arrangement / Sanction Application

Legal Issues

  1. 1 Whether the statutory requirements for sanctioning a scheme of arrangement under Part 26 of the Companies Act 2006 are met
  2. 2 Whether the class of shareholders is fairly represented and statutory majorities are achieved
  3. 3 Whether there is any legal or technical defect ('blot') in the scheme

Ratio Decidendi

All statutory requirements for sanctioning the scheme are satisfied, the class of shareholders was properly constituted and fairly represented, statutory majorities were achieved, and there is no blot on the scheme. The court's discretion should be exercised to sanction the scheme.

Court Disposition

Scheme sanctioned

Orders

  • The scheme of arrangement is sanctioned.