Stuart Wells v Paul Hornshaw & Ors

Stuart Wells v Paul Hornshaw & Ors

Fairness requires that Mr Wells be compensated for being kept out of the purchase price for his shares, but only for the period it would have reasonably taken to resolve the valuation issue absent his unsuccessful claims. Quasi-interest is awarded for the period 30 April 2016 to 30 June 2018 at 1% above the Bank of England base rate.

Parties
Petitioner: Stuart Wells; Respondent: Paul Hornshaw; Respondent: Mark Hornshaw; Respondent: Transwaste Recycling and Aggregates Limited
Jurisdiction
England and Wales
Judgment Date
14 November 2024
Procedural Posture
Company Petition (unfair Prejudice) / Post Liability Trial, Determination of Quasi Interest Award
Outcome
Petitioner awarded quasi-interest on share purchase price for a defined period at a specified rate.
Legal Topics
Unfair Prejudice, Shareholder Remedies, Valuation of Shares, Interest on Share Purchase Price
Company Law Insolvency Unfair Prejudice Shareholder Remedies Valuation of Shares Interest on Share Purchase Price

Case Brief

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Parties

Stuart Wells

Petitioner

Paul Hornshaw

Respondent

Mark Hornshaw

Respondent

Transwaste Recycling and Aggregates Limited

Respondent

Procedural Posture

Company Petition (unfair Prejudice) / Post Liability Trial, Determination of Quasi Interest Award

Legal Issues

  1. 1 Whether the petitioner is entitled to quasi-interest on the purchase price for his shareholding in TRAL
  2. 2 Appropriate period and rate for any quasi-interest award

Ratio Decidendi

Fairness requires that Mr Wells be compensated for being kept out of the purchase price for his shares, but only for the period it would have reasonably taken to resolve the valuation issue absent his unsuccessful claims. Quasi-interest is awarded for the period 30 April 2016 to 30 June 2018 at 1% above the Bank of England base rate.

Court Disposition

Petitioner awarded quasi-interest on share purchase price for a defined period at a specified rate.

Orders

  • Respondents to pay quasi-interest to Mr Wells on the amount determined for his shareholding, at 1% above the Bank of England base rate, for the period 30 April 2016 to 30 June 2018.
  • Parties to assist in drafting the formal order reflecting this outcome.