Rep of Andsberg Limited [2007] JRC 179 (26 September 2007)

Rep of Andsberg Limited [2007] JRC 179 (26 September 2007)

The statutory requirements were met, the class of scheme shareholders was fairly represented and acted bona fide, and the scheme is one that a reasonable and intelligent shareholder could approve. The scheme is therefore sanctioned.

Citation
[2007] JRC 179
Parties
Applicant: Andsberg Limited; Respondents: Scheme Shareholders
Jurisdiction
Jersey
Judgment Date
26 September 2007
Procedural Posture
Scheme of Arrangement Sanction Application / Final Approval
Outcome
scheme sanctioned
Legal Topics
Scheme of Arrangement, Shareholder Rights, Minority Protection
Company Law Scheme of Arrangement Shareholder Rights Minority Protection

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Parties

Andsberg Limited

Applicant

Scheme Shareholders

Respondents

Procedural Posture

Scheme of Arrangement Sanction Application / Final Approval

Legal Issues

  1. 1 Whether the statutory requirements for a scheme of arrangement under Article 125 of the Companies (Jersey) Law 1991 have been met
  2. 2 Whether the class of scheme shareholders was fairly represented and the majority acted bona fide
  3. 3 Whether the scheme is one that an intelligent and honest member of the class might reasonably approve

Ratio Decidendi

The statutory requirements were met, the class of scheme shareholders was fairly represented and acted bona fide, and the scheme is one that a reasonable and intelligent shareholder could approve. The scheme is therefore sanctioned.

Court Disposition

scheme sanctioned

Orders

  • Scheme of arrangement between Andsberg Limited and its scheme shareholders is sanctioned.
  • Draft act is approved.