The Court of Appeal allowed the appeal: Baylin's majority voting policy complied with TSX rules (withheld votes count as votes against and specified exceptional circumstances in a policy are permissible), the application judge erred in finding oppressive conduct, Gelerman was required to submit his resignation under the policy after the 2019 AGM, and Baylin may withhold release of remaining share certificates held in trust pending resolution of indemnity claims because those installments remain amounts payable and are subject to contractual set-off under s.8.8 of the APA.
The court found fraudulent and negligent misrepresentation, breach of contract, and oppression in Golden Bear Mining’s conduct, and ordered major corporate remedies.