Harding Investments Pty Ltd v PMP Shareholdings Pty Ltd (No 4) [2011] FCA 1406

Harding Investments Pty Ltd v PMP Shareholdings Pty Ltd (No 4) [2011] FCA 1406

Orders 1 to 6 were made in the terms sought by the applicants because the parties had to give effect to the prior reasons concerning the purchase price for the shares. The stay was not granted because there was no material before the Court showing that a stay was appropriate or necessary. The respondents were ordered to pay the applicants' costs from 28 May 2011 because costs should follow the event. The respondents' request for the applicants to pay the costs of the Blashki Report was rejected because the report was provided to and used by the Court-appointed expert, and the respondents withdrew its tender at the value hearing.

Jurisdiction
Australia
Judgment Date
08 December 2011
Procedural Posture
Corporations Proceeding Concerning Oppressive Conduct and Orders for Purchase of Shares / Determined on the Papers; Orders Following Further Reasons on Share Valuation
Outcome
Orders made for transfer of shares, payment of the purchase price, release of funds, and respondents to pay applicants' costs from 28 May 2011; stay not granted; respondents' application for costs of the Blashki Report rejected.
Legal Topics
['share Purchase Order' 'valuation of Shares' 'stay of Orders' 'costs Following the Event' 'expert Report Costs']
['corporations Law' 'civil Procedure' 'costs'] ['share Purchase Order' 'valuation of Shares' 'stay of Orders' 'costs Following the Event' 'expert Report Costs']

Case Brief

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Procedural Posture

Corporations Proceeding Concerning Oppressive Conduct and Orders for Purchase of Shares / Determined on the Papers; Orders Following Further Reasons on Share Valuation

Legal Issues

  1. 1 ["What orders should be made to give effect to the reasons for decision concerning the price for Harding Investments' shares in Lotic Pty Ltd." "Whether Orders 4 and 5 should be stayed pending the respondents' application for leave to appeal from orders made on 27 May 2011." "Whether the respondents should pay the applicants' costs of the proceeding from 28 May 2011." "Whether the applicants should pay the respondents' costs of and incidental to the Blashki Report."]

Ratio Decidendi

Orders 1 to 6 were made in the terms sought by the applicants because the parties had to give effect to the prior reasons concerning the purchase price for the shares. The stay was not granted because there was no material before the Court showing that a stay was appropriate or necessary. The respondents were ordered to pay the applicants' costs from 28 May 2011 because costs should follow the event. The respondents' request for the applicants to pay the costs of the Blashki Report was rejected because the report was provided to and used by the Court-appointed expert, and the respondents withdrew its tender at the value hearing.

Court Disposition

Orders made for transfer of shares, payment of the purchase price, release of funds, and respondents to pay applicants' costs from 28 May 2011; stay not granted; respondents' application for costs of the Blashki Report rejected.

Orders

  • ['The first applicant forthwith execute a transfer of half of its shares in Lotic Pty Ltd in favour of the first respondent and deliver that transfer to its solicitors.' 'The first applicant forthwith execute a transfer of half of its shares in Lotic Pty Ltd in favour of the third respondent and deliver that...