Scheme of arrangement
A type of corporate action typically used to execute a change in the structure of a company (such as during a takeover).
A scheme of arrangement is a court-approved agreement between a company and its shareholders or creditors to allow a bidder to acquire all of the shares in the company. For a scheme of arrangement to pass, shareholders holding at least 75% of the issued shares must vote in favour.
If that happens, the bidder or ‘buying company’ obtains 100% of the shares in issue – regardless of whether a shareholder voted in favour or not – and the shareholders receive payment (shares, cash, or a combination of both).
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