Who can exercise minority rights in fundamental transactions and is it necessary to hold separate scheme meetings?
A decision of the High Court (Western Cape Division, Cape Town) deals with the questions of who can exercise minority rights in fundamental transactions and in what circumstances separate scheme meetings should be convened. On 13 April 2022, in the matter of Sand Grove Opportunities Master Fund Ltd and Others v Distell Group Holdings Ltd and Others, the High Court of South Africa (Western Cape Division, Cape Town) ruled on a number of issues, including standing (the right) to bring applications in terms of section 115(3)(b) of the Companies Act, 2008 (Act); whether the courts en...