n Without Prejudice - Who's entitled to vote on a scheme of arrangement : company law
|Article Title||Who's entitled to vote on a scheme of arrangement : company law|
|© Publisher:||JetBlue Publishers (Pty) Ltd|
|Affiliations||1 Cliffe Dekker Hofmeyr|
|Publication Date||Dec 2011|
|Pages||26 - 27|
Under s311 of the previous Companies Act (1973), the scheme of arrangement was a very useful tool in corporate restructurings, reorganisations and takeovers. Its fundamental premise was that a scheme proposed by a company would, if supported by a certain majority of scheme members (being shareholders or creditors, or both) and if sanctioned by the high court, bind all scheme members, even those who did not vote in favour of the scheme.
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