What is agreement scheme?
Scheme Agreement means any agreement or contract entered into between the Parties, other than this Agreement, pursuant to which OAK (or, if applicable, any of its subsidiaries or affiliates) appoints the Intermediary as its intermediary for certain regulated activities related to the selling and/or effecting and …
What are scheme documents?
Scheme Documents means, collectively (a) the Scheme Press Release, (b) the Scheme Circular, (c) the Scheme Resolutions and (d) any other document issued by or on behalf of Target to its shareholders in respect of the Scheme and any other document designated as a “Scheme Document” by the Administrative Agent and the …
What are the main steps in a scheme of arrangement?
Key steps in a scheme of arrangement
- Initial Approach.
- Due Diligence.
- Scheme implementation agreement.
- Shareholder disclosure and approval process.
- Court approval and implementation.
What is a scheme in Australia?
A scheme of arrangement is a shareholder and court-approved statutory arrangement between a company and its shareholders that becomes binding on all shareholders by operation of law.
Is a scheme a contract?
A scheme, even if it is in a nature of contract yet, after attaining statutory majority and the sanction of the court no longer remains just a contract. It attains the capacity to bind not just the parties to the scheme but also the outsiders.
What is a implementation agreement?
The term implementation agreement can be viewed in two ways. Viewed broadly, any later agreement that is concluded by some or all of the parties to an original treaty for the purpose of adapting the general rules of that treaty to a specific region or to a specific topic can…
What is the purpose of a scheme of arrangement?
A Scheme of Arrangement is a process used by a company in financial difficulty to reach a binding agreement with its creditors to pay back all, or part, of its debts over an agreed timeline.
Is a scheme of arrangement and agreement?
A scheme of arrangement (or a “scheme of reconstruction”) is a court-approved agreement between a company and its shareholders or creditors (e.g. lenders or debenture holders). It may affect mergers and amalgamations and may alter shareholder or creditor rights.
What can a scheme of arrangement be used for?
Schemes of arrangement are used to execute arbitrary changes in the structure of a business and thus are used when a reorganisation cannot be achieved by other means. They may be used for rescheduling debt, for takeovers, and for returns of capital, among other purposes.
What is scheme of arrangement in shares?
Scheme of arrangement is a court-approved agreement between a company and its shareholders or creditors.
What is a scheme or arrangement?
What is meaning of scheme of arrangement?
What is scheme of arrangement share?
Generally speaking, a scheme of arrangement involves a compromise between a company and its shareholders pursuant to which the shareholders agree to transfer their shares, for consideration, to the company seeking to acquire control.
Who can initiate a scheme of arrangement?
Section 411(1) states that where a company and its creditors or shareholders propose a compromise or arrangement, the court can order a meeting or the creditors or shareholders. Once the scheme is proposed, an application must be made to court for the meeting.
Is scheme of arrangement a court order?
Scheme of Arrangement means a scheme of arrangement, share for share exchange or analogous procedure. Scheme of Arrangement means a scheme of a compromise or arrangement sanctioned by a court under Part VII of the Act, as may be amended or similar procedure under a succeeding law or regulation.
Why do schemes of arrangements?
Who approves a scheme of arrangement?
The existing Law requires that a scheme for merger and/ or any arrangement should be approved by a majority in number representing also 3/4th in value of shareholders/creditors present and voting.
Who can vote in a scheme of arrangement?
For the Scheme to become legally binding, a majority of creditors within each class must vote, with a majority of 75% (by value) in favour being needed within each creditor class, for the Scheme of Arrangement to take effect.