Niagara Mining Limited [2002] FCA 1651

FEDERAL COURT OF AUSTRALIA

Niagara Mining Limited [2002] FCA 1651 CORPORATION – scheme of arrangement – order for approval – whether optionholders come within the meaning of "creditors" or "members" Corporations Act 2001 (Cth), ss 9, 231, 411, 411(1), 411(4), 411(6) Community Development Pty Ltd v Engwirda Construction Co (1969) 120 CLR 455 cited Re Parmelia Resources NL (1994) 15 ACSR 392 considered Re Asia Oil and Minerals Ltd (1986) 5 NSWLR 42 cited Re Austamax Resources Ltd (1986) 4 ACLC 76 considered Re BDC Investments Ltd (1988) 6 ACLC 85 considered Re BDC Investments Ltd (No 2) (1988) 13 ACLR 201 considered Re Compania de Electricidad de la Provincia de Buenos Aires Ltd [1980] 1 Ch 146 discussed Re US Masters Ltd (1991) 4 ACSR 462 considered Re William Hockley Ltd [1962] 1 WLR 555 cited Re Norfolk Island & Byron Bay Whaling Co [1970] 1 NSWR 221 followed Renard and Santamaria Takeovers and Reconstructions in Australia IN THE MATTER OF NIAGARA MINING LIMITED (ACN 060 525 206) W3013 OF 2002 LEE J 11 SEPTEMBER 2002 PERTH

IN THE FEDERAL COURT OF AUSTRALIA

WESTERN AUSTRALIA DISTRICT REGISTRY W3013 OF 2002

IN THE MATTER OF NIAGARA MINING LIMITED (ACN 060 525 206)

APPLICANT

JUDGE: LEE J

DATE OF ORDER: 11 SEPTEMBER 2002

WHERE MADE: PERTH

THE COURT ORDERS THAT: 1. The scheme of arrangement between the applicant and holders of options to acquire shares in the capital of the applicant expiring on 31 October 2003 ("2003 optionholders") and 31 March 2005 ("2005 optionholders") being appendix 1 to the scheme booklet set out in annexure "BSM-1' to the affidavit of Bradley Steven Moore sworn on 6 September 2002 and agreed to by resolutions of the 2003 optionholders and 2005 optionholders at meetings held on 2 September 2002, be approved. 2. The applicant be and is exempt from compliance with subs 411(11) of the Corporations Act 2001 (Cth). Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules.