In the matter of a Representation of LXB Retail Properties Plc [2018] JRC 059A (16 March 2018)

In the matter of a Representation of LXB Retail Properties Plc [2018] JRC 059A (16 March 2018)

The statutory requirements were fully complied with, the Scheme Shareholders were fairly represented and acted bona fide, and the arrangement is reasonable for members of the affected class; therefore, the Scheme is sanctioned.

Citation
[2018] JRC 059A
Parties
Applicant: LXB Retail Properties Plc; Respondent: Scheme Shareholders
Jurisdiction
Jersey
Judgment Date
16 March 2018
Procedural Posture
Scheme of Arrangement Approval / Final Sanction Hearing
Outcome
Scheme sanctioned
Legal Topics
Scheme of Arrangement, Shareholder Rights, Corporate Dissolution
Company Law Scheme of Arrangement Shareholder Rights Corporate Dissolution

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Parties

LXB Retail Properties Plc

Applicant

Scheme Shareholders

Respondent

Procedural Posture

Scheme of Arrangement Approval / Final Sanction Hearing

Legal Issues

  1. 1 Whether the statutory requirements for sanctioning a scheme of arrangement under Article 125 of the Companies (Jersey) Law 1991 have been met
  2. 2 Whether the Scheme Shareholders were fairly represented and acted bona fide
  3. 3 Whether the arrangement is reasonable for members of the affected class

Ratio Decidendi

The statutory requirements were fully complied with, the Scheme Shareholders were fairly represented and acted bona fide, and the arrangement is reasonable for members of the affected class; therefore, the Scheme is sanctioned.

Court Disposition

Scheme sanctioned

Orders

  • Scheme of arrangement approved and sanctioned
  • Ancillary orders made