6 Dec 2006
NEW PARADIGM E-TECHNOLOGY LTD v. POON YEE KAN ANDREA ELEANOR
- Citation
- NEW PARADIGM E-TECHNOLOGY LTD v. POON YEE KAN ANDREA ELEANOR
- Court
- Court of Appeal
- Case number
- CACV326/2004
The Court held there was an enforceable option granted to Ms Poon (on or about 1 November 1999) to acquire up to 8% of New Paradigm at par (HK$1.00 per share) exercisable during her employment and before takeover/listing/third‑party investment; New Paradigm ratified the pre‑incorporation scheme by conduct; Ms Poon validly exercised the option by notice on 9 May 2002 and paid HK$48,174; the May 2002 allotment of 48,174 shares was to be validated and a share certificate delivered; the appeal was dismissed and the rectification application failed.