29 Jan 2015
IN RE NEW ZEALAND OIL & GAS LTD [2015] NZHC 39
- Citation
- [2015] NZHC 39
- Court
- High Court
The court approved the arrangement: notification to the Panel required by s236A(1) is satisfied by contemporaneous notice given as soon as reasonably practicable (not necessarily instantaneous); Schedule 10 principles should be applied when determining interest classes for code companies under s236A; the arrangement met the statutory test because it was fair, had overwhelming shareholder support, and did not adversely affect shareholders relative to the Takeovers Code, so an order under s236(1) approving the cancellation and return of capital was granted.