New Zealand Case Law: Decisions & Judgments | LexChat

Topic

Interest classes

Legal area

Court

8 May 2023

RE PUSHPAY HOLDINGS LIMITED [2023] NZHC 1083

Citation

[2023] NZHC 1083
Court

High Court

The Court approved the scheme because statutory requirements including s236 and s236A were satisfied, the interest classes were properly constituted, disclosure to shareholders was adequate, the required majorities voted in favour, there was no evidence of coercion or prejudice to shareholders or creditors, and the consideration was within the independent adviser valuation range and fair and equitable to shareholders.
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.