New Zealand Case Law: Decisions & Judgments | LexChat

Topic

Takeovers panel no‑objection

Legal area

Court

27 Apr 2022

RE Z ENERGY LIMITED [2022] NZHC 841

Citation

[2022] NZHC 841
Court

High Court

The Court approved the scheme because Z Energy complied with statutory and procedural requirements, provided adequate disclosure to shareholders, obtained requisite majorities at a fairly conducted meeting, secured necessary regulatory consents and a Takeovers Panel no-objection, the Independent Adviser placed the consideration within an acceptable valuation range, and contractual mechanisms (Deed Poll and trust account) eliminated payment risk, making approval reasonable and within the Court's discretion.
24 May 2016

MICHAEL HILL INTERNATIONAL LTD [2016] NZHC 1114

Citation

[2016] NZHC 1114
Court

High Court

The Court held the proposed arrangement is of a type eligible for consideration under Part 15; because the overseas shareholders who may be unable to participate cannot be practically identified at this stage, and their differentiation does not destroy a community of interest, the Court will treat the proposed two interest classes as acceptable subject to enhanced disclosure about overseas shareholders; the Court directed amendment of the scheme booklet and filing of amended application and will grant the without‑notice interlocutory relief upon receipt of those amended documents.