Rep of Tarsus [2008] JRC 202 (01 December 2008)

The reduction of share premium account is approved as shareholders and creditors have been properly informed and consented, and the purpose is legitimate and explained.

Source-derived case information.

Citation: [2008] JRC 202
Parties: Applicant: Tarsus Group Plc; Respondent: Tarsus Plc
Jurisdiction: Jersey
Judgment Date: 01 December 2008
Procedural Posture: Company Law Application / Judgment
Outcome: application granted
Legal Topics: Reduction of Share Capital, Share Premium Account, Scheme of Arrangement, Shareholder Rights, Creditor Protection

Company Law Reduction of Share Capital Share Premium Account Scheme of Arrangement Shareholder Rights Creditor Protection

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Parties

Tarsus Group Plc

Applicant

Tarsus Plc

Respondent

Procedural Posture

Company Law Application / Judgment

Legal Issues

1 Whether the reduction of share capital and share premium account is permissible under Companies (Jersey) Law 1991
2 Whether shareholders and creditors have been properly informed and protected

Ratio Decidendi

The reduction of share premium account is approved as shareholders and creditors have been properly informed and consented, and the purpose is legitimate and explained.

Court Disposition

application granted

Orders

Reduction of share premium account by £39,065,048.80 approved
Relevant provisions of Companies (Jersey) Law 1991 dis-applied as to creditor circulation

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