Re Ausam Resources Ltd

The matter before the Court involved Ausam Resources Ltd, a company seeking to implement a scheme of arrangement with its shareholders. The dispute centred on the validity of certain resolutions passed by the company's board and the need for a court-ordered meeting to approve the proposed scheme. The legal issues before the Court involved determining whether the resolutions passed by the board on specified dates were valid and whether a meeting of shareholders should be convened to consider and approve the scheme of arrangement.

The Court found that the resolutions passed by the board were valid, subject to the company filing an affidavit verifying the relationship of the resolutions to the proposed scheme. The Court also found that a meeting of shareholders should be convened to consider and potentially approve the scheme of arrangement. The Court further approved the Draft Scheme Booklet and the changes to it, as well as the notice of meeting and proxy appointment form for the Court-ordered meeting. The Court ordered the meeting to take place on a specified date and time, and directed the company to dispatch the necessary documents to its shareholders and advertise the meeting in specified newspapers.

In summary, the Court declared the resolutions passed by the company's board to be valid, subject to the filing of an affidavit. The Court ordered a meeting of shareholders to be convened to consider and potentially approve the scheme of arrangement, and directed the company to take certain steps to inform its shareholders of the meeting and to advertise it in specified newspapers. The Court also approved the Draft Scheme Booklet and the notice of meeting and proxy appointment form for the Court-ordered meeting.