Mentec Ltd/ICC Bank plc/Share Subscription Agreement [1995] IECA 395 (12th April, 1995)

Mentec Ltd/ICC Bank plc/Share Subscription Agreement [1995] IECA 395 (12th April, 1995)

The share subscription agreement does not offend against Section 4(1) of the Competition Act, 1991 as it is a standard venture capital investment for a minority shareholding and contains no restrictive covenants or anti-competitive obligations.

Citation
[1995] IECA 395
Parties
Notifying Party: Mentec Ltd; Subscriber: Alibank Nominees Ltd; Subscriber: Industrial Credit Corporation plc (ICC Bank plc); Subscriber: Mulroy Securities; Shareholder: M. Peirce; Shareholder: K. Flynn; Shareholder: J. Maybury; Shareholder: C. Fairclough; Shareholder: C. Meehan; Shareholder: F. Waters; Shareholder: T. Murphy
Jurisdiction
Ireland
Procedural Posture
Competition Authority Notification / Decision on Certificate Under Section 4 of the Competition Act, 1991
Outcome
Certificate granted; agreement does not offend Section 4(1) of the Competition Act, 1991.
Legal Topics
Share Subscription Agreement, Venture Capital Investment, Section 4 Competition Act 1991, Agreement Between Undertakings
Competition Law Share Subscription Agreement Venture Capital Investment Section 4 Competition Act 1991 Agreement Between Undertakings

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Parties

Mentec Ltd

Notifying Party

Alibank Nominees Ltd

Subscriber

Industrial Credit Corporation plc (ICC Bank plc)

Subscriber

Mulroy Securities

Subscriber

M. Peirce

Shareholder

K. Flynn

Shareholder

J. Maybury

Shareholder

C. Fairclough

Shareholder

C. Meehan

Shareholder

F. Waters

Shareholder

T. Murphy

Shareholder

Procedural Posture

Competition Authority Notification / Decision on Certificate Under Section 4 of the Competition Act, 1991

Legal Issues

  1. 1 Whether the share subscription agreement constitutes an anti-competitive agreement under Section 4(1) of the Competition Act, 1991

Ratio Decidendi

The share subscription agreement does not offend against Section 4(1) of the Competition Act, 1991 as it is a standard venture capital investment for a minority shareholding and contains no restrictive covenants or anti-competitive obligations.

Court Disposition

Certificate granted; agreement does not offend Section 4(1) of the Competition Act, 1991.

Orders

  • The Competition Authority certifies that the share subscription agreement does not offend against Section 4(1) of the Competition Act, 1991.