10 Dec 1999
RE COMPANION BUILDING MATERIAL (HOLDINGS) LTD.
- Citation
- RE COMPANION BUILDING MATERIAL (HOLDINGS) LTD.
- Court
- Court of First Instance
- Case number
- HCMP4909/1998
Although the disclosure to shareholders was deficient and the supporting evidence did not substantiate the asserted benefits of re-domicile, the court exercised its discretion to sanction the scheme and confirm the reduction of capital on these special facts: low turnout attributable in part to shareholder apathy and a major shareholder's inadvertent non‑vote, the high likelihood that reconvening would not alter the result, the existence of a valid subsidiary purpose, and the substantial costs already incurred; the deficiencies were not so serious as to require dismissal or reconvening.