22 May 2015
GALAXY MASTER FUND SPC (formerly known as GALAXY CHINA SPECIAL SITUATIONS FUND SPC) v. TANG JUN AND OTHERS
- Citation
- GALAXY MASTER FUND SPC (formerly known as GALAXY CHINA SPECIAL SITUATIONS FUND SPC) v. TANG JUN AND OTHERS
- Court
- Court of First Instance
- Case number
- HCA1631/2011
The court found there was no available market for the 1.5 million consolidated shares at all relevant times and the plaintiffs had no duty to mitigate while pursuing and until the discharge of specific performance (Consent Orders 28 Nov 2014); damages were therefore assessed in lieu of specific performance as the contract price (US$0.55 per pre-consolidated share) less a nominal residual value of US$1,000 per plaintiff's shareholding, yielding awards of US$2,199,000 to P1, US$879,000 to P2 and US$219,000 to P3; interest at judgment rate from 17 October 2012 and costs nisi with taxation and ap…