19 Oct 2018
HEARTLAND BANK LTD v HEARTLAND GROUP HOLDINGS LTD [2018] NZHC 2725
- Citation
- [2018] NZHC 2725
- Court
- High Court
The Court approved the scheme because statutory requirements under s236 and s236A were satisfied (proper notice, adequate disclosure, required shareholder majorities obtained), necessary regulatory consents and waivers were obtained or conditions met (Reserve Bank, Takeovers Panel no objection, FMA exemption, NZX and ASX approvals), there was no material opposition and the arrangement was fair and equitable to shareholders; accordingly the scheme was binding and orders were made to implement the restructure.