Re Big River Gold Ltd

Case [2022] WASC 296


JURISDICTION     :   SUPREME COURT OF WESTERN AUSTRALIA

IN CHAMBERS

CITATION:   RE BIG RIVER GOLD LTD; EX PARTE BIG RIVER GOLD LTD [2022] WASC 296

CORAM:   HILL J

HEARD:   29 JULY 2022

DELIVERED          :   29 JULY 2022

PUBLISHED           :   2 SEPTEMBER 2022

FILE NO/S:   COR 134 of 2022

MATTER:   IN THE MATTER OF BIG RIVER GOLD LTD

EX PARTE

BIG RIVER GOLD LTD

Plaintiff

AURA MINERALS INC

Interested Party


Catchwords:

Corporations law - Scheme of arrangement - Application for orders convening scheme meeting under s 411(1) of the Corporations Act 2001 (Cth) - Whether requirements to order scheme meeting are satisfied - Orders made convening scheme meeting

Corporations law - Scheme of arrangement - Application for approval of communications to shareholders by way of telephone calls - Orders made approving script

Legislation:

Corporations Act 2001 (Cth) s 411(1), s 412(1)(a), s 1319
Corporations Regulations 2001 (Cth) sch 8
Supreme Court (Corporations) (WA) Rules 2004 (WA) r 3.2

Result:

Orders made convening scheme meeting
Orders made approving script

Category:    B

Representation:

Counsel:

Plaintiff : A J Papamatheos & V N Ghosh
Interested Party : J Y Wang

Solicitors:

Plaintiff : Minter Ellison
Interested Party : King & Wood Mallesons

Cases referred to in decision:

First Pacific Advisors LLC v Boart Longyear Ltd [2017] NSWCA 116; (2017) 320 FLR 78

Re Amcom Telecommunications Ltd [2015] FCA 341

Re APN News & Media Ltd [2007] FCA 770; (2007) 62 ACSR 400

Re Beadell Resources Ltd [2018] WASC 410; (2018) 133 ACSR 600

Re CannPal Animal Therapeutics Ltd [2021] WASC 37

Re CSR Ltd [2010] FCAFC 34; (2010) 183 FCR 358

Re David Jones Ltd [No 2] [2014] FCA 720; (2014) 101 ACSR 381

Re Doray Minerals Ltd [2019] WASC 57

Re DUET Management Company 1 Ltd [2013] NSWSC 817; (2013) 95 ACSR 34

Re Galaxy Resources Ltd [2021] WASC 314

Re Healthscope Ltd [2019] FCA 542; (2019) 139 ACSR 608

Re Hills Motorway Ltd [2002] NSWSC 897; (2002) 43 ACSR 101

Re Kangaroo Resources Ltd [2018] WASC 327

Re Macquarie Private Capital A Ltd [2008] NSWSC 323

Re NRMA Ltd [2000] NSWSC 82; (2000) 156 FLR 349

Re NTM Gold Ltd [2021] WASC 22

Re Nusantara Resources Ltd [2021] WASC 334

Re Nzuri Copper Ltd [2019] WASC 189

Re Opes Prime Stockbroking Ltd [2009] FCA 813; (2009) 179 FCR 20

Re Pacific Energy Limited [2019] WASC 443

Re PetroNor E&P Ltd [2021] WASC 426

Re Piedmont Lithium Ltd [2021] WASC 76

Re ResApp Health Ltd [2022] NSWSC 983

Re Saracen Mineral Holdings Ltd [2020] WASC 483

Re SRG Ltd [2018] FCA 1092

Re Swick Mining Services Ltd [2022] WASC 79

Re Uniti Group Ltd [2022] FCA 671

Re Vimy Resources Ltd [No 2] [2022] WASC 257

Re Wajema Ltd [2021] FCA 878

Re Wesfarmers Ltd [2018] WASC 308

Re Western Areas Ltd [2022] WASC 193

HILL J:

  1. The plaintiff, Big River Gold Ltd (Big River Gold) is an Australian public company listed on…

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Re Big River Gold Ltd [2022] WASC 296
Case
[2022] WASC 296
Decision Date

CaseChat Overview and Summary

Big River Gold Limited sought orders convening a scheme meeting to approve a scheme of arrangement for the company's reorganisation. The application was made under section 411(1) of the Corporations Act 2001 (Cth). The court considered whether the statutory requirements for convening such a meeting were met, including whether the company had sufficient funds to cover the costs of the meeting and whether the proposal had been properly circulated to shareholders. The court also examined whether the proposed script for the telephone calls to shareholders was appropriate and whether it complied with the requirements of the Act.

The court found that the company had satisfied the necessary statutory requirements for convening the scheme meeting. The court approved the script for the telephone calls to shareholders, which detailed the nature of the scheme and the rights of shareholders to vote on the proposal. The court held that the script was clear and concise, and that it complied with the statutory requirements for communications to shareholders. The court also found that the company had sufficient funds to cover the costs of the meeting, and that the proposal had been properly circulated to shareholders.

In light of the findings, the court made orders convening the scheme meeting and approving the script for the telephone calls to shareholders. The court noted that the scheme of arrangement was a significant step in the reorganisation of the company, and that it was in the best interests of the shareholders and the company as a whole. The orders were made to facilitate the smooth and efficient conduct of the scheme meeting, and to ensure that shareholders were properly informed about the proposal and their rights to vote on it.

The final orders of the court included convening the scheme meeting on a specified date and time, and approving the script for the telephone calls to shareholders. The court also made orders for the service of notices to shareholders and the publication of a notice in a national newspaper. These orders were necessary to ensure that all shareholders were properly informed about the scheme meeting and their rights to vote on the proposal. The court's orders facilitated the reorganisation of the company and ensured that the scheme of arrangement was conducted in a fair and transparent manner.

Orders

Orders of the court

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Background

Background to the litigation

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Evidence

Evidence Before The Court

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Decision

Reasons for decision

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Ratio Decidendi

Legal Principle Established

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