Representation of Sygen Limited [2011] JRC 077 (12 April 2011)

Representation of Sygen Limited [2011] JRC 077 (12 April 2011)

The Court is satisfied that the requirements for reduction of share capital are met, as there is only one shareholder, no creditors, and the reduction serves a discernable purpose within a group reorganisation.

Citation
[2011] JRC 077
Parties
Applicant: Sygen Limited; Parent Shareholder: Sygen International Limited; Ultimate Parent: Genus Plc; Sister Company: Genus Investments Limited
Jurisdiction
Jersey
Judgment Date
12 April 2011
Procedural Posture
Application to Reduce Share Capital / Judgment on Application
Outcome
application granted
Legal Topics
Reduction of Share Capital, Distribution in Specie, Group Reorganisation
Company Law Reduction of Share Capital Distribution in Specie Group Reorganisation

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Parties

Sygen Limited

Applicant

Sygen International Limited

Parent Shareholder

Genus Plc

Ultimate Parent

Genus Investments Limited

Sister Company

Procedural Posture

Application to Reduce Share Capital / Judgment on Application

Legal Issues

  1. 1 Whether the reduction of share capital complies with Articles 62 and 63 of the Companies (Jersey) Law 1991
  2. 2 Whether shareholders are treated equitably
  3. 3 Whether creditors' interests are affected

Ratio Decidendi

The Court is satisfied that the requirements for reduction of share capital are met, as there is only one shareholder, no creditors, and the reduction serves a discernable purpose within a group reorganisation.

Court Disposition

application granted

Orders

  • reduction of share capital approved
  • minute attached to representation approved