Crown Cross Limited (CCL) & MC Hammer Pty Ltd Case Study Law Assignment Help

Assignment Task

Question 
Crown Cross Limited (CCL) is a listed company trying to raise $50m for a new project. CCL is owed $10m by MC Hammer Pty Ltd (MCH). Payment of this sum may mean CCL would not need the merger, but the directors are not willing to bring an action against MCH. To raise the $50 million, CCL has agreed to a merger with JC Coins Pty Ltd (JCC). The merger terms require the removal of 3 CCL directors, the appointment of 3 JCC Directors and the re-acquisition of the shares of members withless than 2.5% ordinary shares. The board has agreed to all the terms and will seek the requisite approvals at the next annual general meeting. Only 3 of over 600 members in CCL is impacted by the re-acquisition decision. The terms for reacquisition are very generous, well over the current market value. Two of the three shareholders are happy with the generous offer, but the third shareholder (Belmont) is disappointed and opposes the re-acquisition. Belmont is angry with the board for not bringing an action against MCH and for seeking to re-acquire his shares. He believes if the $10 million debt is paid, the merger won’t be necessary. He has therefore decided to bring an action against MCH on behalf of the company and to take action against the company for the proposed re-acquisition of his shares.

1. Please draft a notice of the Annual General Meeting.
2. Please advise CCL
a. whether it can re-acquire the shares of members with less than 2.5% ordinary shares and
b. the procedure for the re-acquisition of those shares. 
3. Please advise Belmont on the remedies available to him as a member and his likelihood of success. 

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