The Court ordered the convening of a scheme meeting for a proposed acquisition of Hartshead Resources NL by ACAM, notwithstanding the independent expert's conclusion that the scheme was 'not fair but reasonable'. The Court held that an independent expert opinion that a scheme is not fair but reasonable does not preclude ordering the convening of a scheme meeting, provided shareholders are adequately informed of the expert's conclusion and its basis, as the ultimate decision rests with shareholders. The Court also confirmed that holders of fully paid and partly paid ordinary shares form a single class where the scheme consideration is proportionate to the amount paid up on each share.
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