Paul Richard Knell & Ors v Eric Van Loo

Paul Richard Knell & Ors v Eric Van Loo

The shares in MTIM are to be valued as at 12 June 2023 using a net assets methodology, with specific adjustments to the balance sheet as detailed, and the buy-out price is set at £722,085.60 for the Knells’ 30% shareholding. No further interest is payable post-valuation date. Costs are apportioned as follows:...

Source-derived case information.

Parties
Claimant/petitioner: Paul Richard Knell; Claimant/petitioner: Peter Gerald Knell; Claimant: Marchgale Limited; Claimant: Langnell Limited; Defendant/respondent: Eric Van Loo; Respondent: Paul Cornelius Felix Maria Vlek; Respondent: Franklin George Van Beuningen; Respondent: Abraham Van Iddenkinge; Respondent: Peter Bishton; Respondent: Miller Turner Investment Management Limited; Respondent: BDI (Nederland) BV
Jurisdiction
England and Wales
Judgment Date
11 October 2024
Procedural Posture
Civil (company/shareholder Dispute) / Judgment on Quantum and Costs Following Liability Judgment
Outcome
Buy-out order granted; quantum and costs determined.
Legal Topics
Shareholder Buy Out, Valuation of Shares, Costs Orders, Damages Assessment, Interest on Damages
Company Law Civil Procedure Shareholder Buy Out Valuation of Shares Costs Orders Damages Assessment Interest on Damages

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Parties

Paul Richard Knell

Claimant/petitioner

Peter Gerald Knell

Claimant/petitioner

Marchgale Limited

Claimant

Langnell Limited

Claimant

Eric Van Loo

Defendant/respondent

Paul Cornelius Felix Maria Vlek

Respondent

Franklin George Van Beuningen

Respondent

Abraham Van Iddenkinge

Respondent

Peter Bishton

Respondent

Miller Turner Investment Management Limited

Respondent

BDI (Nederland) BV

Respondent

Procedural Posture

Civil (company/shareholder Dispute) / Judgment on Quantum and Costs Following Liability Judgment

Legal Issues

  1. 1 Proper date and method for valuation of shares in MTIM for buy-out order
  2. 2 Appropriate adjustments to MTIM’s balance sheet for valuation purposes
  3. 3 Entitlement to and calculation of damages for breach of Clause 16.1 of Bridgwater AMA

Ratio Decidendi

The shares in MTIM are to be valued as at 12 June 2023 using a net assets methodology, with specific adjustments to the balance sheet as detailed, and the buy-out price is set at £722,085.60 for the Knells’ 30% shareholding. No further interest is payable post-valuation date. Costs are apportioned as follows: Claimants to pay Mr van Loo’s costs of the Part 7 Claim; Petitioners to pay costs of certain Respondents; BDI to pay 70% of Petitioners’ costs of the Petition, with a stay on enforcement of costs orders in favour of Mr van Loo until the buy-out sum is paid.

Court Disposition

Buy-out order granted; quantum and costs determined.

Orders

  • BDI to pay £722,085.60 for the Knells’ 30% shareholding in MTIM.
  • No further interest payable on the buy-out sum after 12 June 2023.