Great find, well done.
This Saga is clearly going to take a few twists and turns and nobody knows how it will play out in the end.
I note:68 Further, IFC contended the scheme involved nothing more than a confiscation of rights, lacking the requisite “give and take” because, on the expert evidence, equity in Tiger is worthless.
71 I am satisfied that the proposed scheme is an “arrangement” within the meaning of s 411(1) of the Act in that it involves an adjustment of Tiger’s currently existing obligations under its guarantee by the substantial reduction of the amount of the obligation. I do not accept that the proposed share issue is valueless, particularly having regard to the stated intention of Taurus and QMetco, recorded in the explanatory statement, to continue to support Tiger following implementation of the scheme and to consider exercising any right of compulsory acquisition of minority holdings in Tiger which may arise following implementation of the scheme.
