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(1)This section applies in the case of a merger by absorption where all of the relevant securities of the transferor company (or, if there is more than one transferor company, of each of them) are held by or on behalf of the transferee company.
(2)It is not necessary for the scheme to be approved at a meeting of the members, or any class of members, of any of the merging companies if the court is satisfied that the following conditions have been complied with.
[F1(3)The first condition is that either subsection (3A) or subsection (3B) is satisfied.
(3A)This subsection is satisfied if publication of notice of receipt of the draft terms by the registrar took place in respect of all the merging companies at least one month before the date of the court's order.
(3B)This subsection is satisfied if—
(a)the conditions in section 906A(2) to (4) are met in respect of each of the merging companies,
(b)in each case, the registrar published the notice mentioned in subsection (4) of that section in the Gazette at least one month before the date of the court's order, and
(c)the draft terms remained available on the website throughout the period beginning one month before, and ending on, that date.]
[F2(4)The second condition is that subsection (4A) or (4B) is satisfied for each of the documents listed in the applicable paragraphs of section 911(3)(a) to (f) relating to the transferee company and the transferor company (or, if there is more than one transferor company, each of them).
(4A)This subsection is satisfied for a document if the members of the transferee company were able during the period beginning one month before, and ending on, the date mentioned in subsection (3A) to inspect that document at the registered office of that company.
(4B)This subsection is satisfied for a document if—
(a)the document is made available on a website which is maintained by or on behalf of the transferee company and identifies the company,
(b)access to the document on the website is not conditional on the payment of a fee or otherwise restricted, and
(c)the document remains available on the website throughout the period beginning one month before, and ending on, the date mentioned in subsection (3A).
(4C)The third condition is that the members of the transferee company were able to obtain copies of the documents mentioned in subsection (4), or any part of those documents, on request and free of charge, throughout the period beginning one month before, and ending on, the date mentioned in subsection (3A).
(4D)For the purposes of subsection (4C)—
(a)section 911A(5) applies as it applies for the purposes of section 911(1)(b), and
(b)Part 4 of Schedule 5 (communications by means of a website) does not apply.]
(5)The [F3fourth] condition is that—
(a)one or more members of the transferee company, who together held not less than 5% of the paid-up capital of the company which carried the right to vote at general meetings of the company (excluding any shares in the company held as treasury shares) would have been able, during that period, to require a meeting of each class of members to be called for the purpose of deciding whether or not to agree to the scheme, and
(b)no such requirement was made.
(6)In this section “relevant securities”, in relation to a company, means shares or other securities carrying the right to vote at general meetings of the company.
Textual Amendments
F1S. 917(3)-(3B) substituted (1.8.2011 with application in accordance with reg. 1(2)) for s. 917(3) by The Companies (Reporting Requirements in Mergers and Divisions) Regulations 2011 (S.I. 2011/1606), reg. 16(2)
F2S. 917(4)-(4D) substituted (1.8.2011 with application in accordance with reg. 1(2)) for s. 917(4) by The Companies (Reporting Requirements in Mergers and Divisions) Regulations 2011 (S.I. 2011/1606), reg. 16(3)
F3Word in s. 917(5) substituted (1.8.2011 with application in accordance with reg. 1(2)) by The Companies (Reporting Requirements in Mergers and Divisions) Regulations 2011 (S.I. 2011/1606), reg. 16(4)
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