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What issuers and shareholders should be aware of in respect of proxy votes for scheme of arrangement meetings

Tan Boon Gin and Michael Tang
Tan Boon Gin and Michael Tang1/12/2022 9:42 AM GMT+08  • 4 min read
What issuers and shareholders should be aware of in respect of proxy votes for scheme of arrangement meetings
Relevant Intermediaries have been specifically directed by the Court that they need not cast all the votes one way
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Mergers and acquisitions (M&A) are a feature of the corporate landscape. A common mechanism used to enable an M&A is the scheme of arrangement. The Scheme is a flexible tool used to effect a compromise or arrangement between the company and its shareholders.

A Scheme has three stages under the statutory framework prescribed in the Companies Act (Chapter 50 of Singapore) (Companies Act).

First, an application is made to the Singapore High Court (Court) for an order that a meeting of shareholders (Scheme Meeting) be summoned. The Court will typically sanction the voting arrangements of the Scheme Meeting (within the framework prescribed by the Companies Act) at this stage.

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