Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Bolnisi Gold NL, in the matter of Bolnisi Gold NL (No 2) [2007] FCA 2078
CORPORATIONS – scheme of arrangement – reciprocal break fee arrangement between target company and acquiring company – break fee payable if members of target company voted against proposal even in absence of any competing proposal – whether presence of such a "naked no vote" provision should prevent scheme being considered by shareholders and, if agreed to by them, being approved by Court. Held: naked no vote break fee provision did not stand in the way of order for convening scheme meeting or approval of scheme.
Corporations Act 2001 (Cth) s 411
Re APN News & Media Ltd (2007) 62 ACSR 400 referred to Re Ausdoc Group Ltd (2002) 42 ACSR 629 cited Brazen v Bell Atlantic Corp 695 A2d 43 (Del Supr 1997) cited CW Shareholdings Inc v WIC Western International Communications Ltd (1998) 38 BLR (2d) 196 cited Emerson Radio Corp v International Jensen Inc 1996 WL 483086 (Del Ch 1996) cited HF Ahmanson & Co v Great Western Financial Corp CA 15650 (Del Ch 1997) cited Hills Stores Co v Bozic 769 A2d 88 (Del Ch 2000) cited Idameneo (No 123) Pty Ltd v Symbion Health Limited [2007] FCA 1832 cited Re Investa Properties Ltd (2007) 25 ACLC 1186 cited McMillan v Intercargo Corp 768 A2d 492 (Del Ch 2000) cited Re National Can Industries (No 1) (2003) 48 ACSR 409 cited Paramount Communications Inc v QVC Network Inc 637 A2d 34 (Del Supr 1993) cited Revlon Inc v MacAndrews & Forbes Holdings Inc 506 A2d 173 (Del 1986) cited In re Toys "R" Us Inc Shareholder Litigation 877 A2d 975 (Del Ch 2005) cited IN THE MATTER OF BOLNISI GOLD NL (ABN 14 008 587 086) NSD 2007 OF 2007
LINDGREN J
10 deCEMBER 2007
SYDNEY IN THE FEDERAL COURT OF AUSTRALIA
NEW SOUTH WALES DISTRICT REGISTRY NSD 2007 OF 2007
IN THE MATTER OF BOLNISI GOLD NL (ABN 14 008 587 086) BOLNISI GOLD NL (ABN 14 008 587 086)
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