Hong Kong Case Law: Decisions & Judgments | LexChat

Topic

Redemption of shares

Legal area

Court

13 Nov 2007

CHAK KAK AND OTHERS v. PACRIM INTERNATIONAL CAPITAL INC

Citation

CHAK KAK AND OTHERS v. PACRIM INTERNATIONAL CAPITAL INC
Court

Court of First Instance
Case number

HCA1250/2006

The court construed clause 4.4 as permitting the company to decide whether to redeem any or all Convertible Preferred Shares and to determine the amount (i.e. number of shares) to be redeemed, but not to alter the Redemption Price which was defined in the agreement as CAN$1.00 per share; therefore the defendant was obliged to redeem 60,000 CP Shares from each plaintiff at CAN$1.00 per share and judgment was entered for CAN$60,000 each with interest and costs as awarded.
16 Mar 1997

ESNAT AVON v. MARGARET SULLIVAN

Citation

ESNAT AVON v. MARGARET SULLIVAN
Court

Court of First Instance
Case number

HCA2833/1993

The court accepted the independent accountant's calculations and found the defendant entitled to the counterclaim sum of $129,540 with interest from 1 April 1993 at 10% and thereafter at judgment rate; the Company unlawfully terminated the claimant's contract and was liable for damages assessed at $993,318.86; there was no sustainable cause of action against the director personally for the Company's contractual breach and the claim against her was struck out; costs and interest orders were made accordingly.