Citicorp International Ltd v Castex Technologies Ltd

Citicorp International Ltd v Castex Technologies Ltd

Condition 8.11 applies only to redemption notices and not to mandatory conversion notices under Condition 8.2; therefore, the mandatory conversion notice was valid without inclusion of the information specified in Condition 8.11.

Parties
Claimant: Citicorp International Limited; Defendant: Castex Technologies Limited
Jurisdiction
England and Wales
Judgment Date
24 February 2016
Procedural Posture
Commercial / Determination of Preliminary Issue
Outcome
preliminary issue resolved in favour of defendant
Legal Topics
Construction of Contractual Terms, Convertible Bonds, Mandatory Conversion Notices
Contract Law Commercial Law Construction of Contractual Terms Convertible Bonds Mandatory Conversion Notices

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Parties

Citicorp International Limited

Claimant

Castex Technologies Limited

Defendant

Procedural Posture

Commercial / Determination of Preliminary Issue

Legal Issues

  1. 1 Whether Condition 8.11 applies to mandatory conversion notices under Condition 8.2
  2. 2 Whether the mandatory conversion notice was invalid for failing to include information required by Condition 8.11

Ratio Decidendi

Condition 8.11 applies only to redemption notices and not to mandatory conversion notices under Condition 8.2; therefore, the mandatory conversion notice was valid without inclusion of the information specified in Condition 8.11.

Court Disposition

preliminary issue resolved in favour of defendant

Orders

  • The mandatory conversion notice is valid and did not require inclusion of Condition 8.11 information.