22 Apr 2010
PEARLDELTA GROUP LTD v. HUGE WINNERS INTERNATIONAL LTD AND OTHERS
- Citation
- PEARLDELTA GROUP LTD v. HUGE WINNERS INTERNATIONAL LTD AND OTHERS
- Court
- Court of First Instance
- Case number
- HCA818/2008
The court held Pearldelta was entitled to redeem under the SIA because Huge Winners breached express SIA obligations (late/absent audited and management accounts and failure to fund the sinking fund) constituting Events of Default; the Redemption Notice complied with the contract; the individual guarantors' defences (misrepresentation, non est factum, undue influence) failed; the SIA fell within the MLO exemption for substantial companies and, in any event, the major part of the redemption return is capital not interest; the conversion-price clause properly supports a minimum conversion price…