- High Court confirms scheme of arrangement (Re Vernalis plc)
- What are the practical implications of this judgment?
- What was the background?
- The court’s discretion
- Had the statutory provisions been complied with?
- Were the shareholders fairly represented?
- The intelligent and honest person test
- Unclaimed consideration
- Approval of the scheme
- Case details
Corporate analysis: In Re Vernalis plc, the High Court considered whether it should approve a scheme of arrangement where there had been very low shareholder turnout at the court meeting. The court also considered whether the failure to make adequate provision for the treatment of any scheme consideration that was unclaimed by shareholders invalidated the scheme.
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