Seletar Ltd/AIB Investment Managers Ltd Share Subscription Agreement [1995] IECA 443 (23rd November, 1995)

Seletar Ltd/AIB Investment Managers Ltd Share Subscription Agreement [1995] IECA 443 (23rd November, 1995)

The notified share subscription agreement, including its non-compete and non-solicit clauses, does not offend against Section 4(1) of the Competition Act, 1991, as the restrictions are limited in scope and duration and have no appreciable effect on competition.

Citation
[1995] IECA 443
Parties
Notified Party: Seletar Ltd; Notifying Party: AIB Investment Managers Ltd; Covenantor: Aidan McGill; Covenantor: Kieran McGill; Covenantor: Phelim McCloskey
Jurisdiction
Ireland
Procedural Posture
Competition Authority Notification / Decision on Notification for Certificate Under Section 4(4) or Licence Under Section 4(2) of the Competition Act, 1991
Outcome
certificate granted; agreement does not offend Section 4(1)
Legal Topics
Share Subscription Agreement, Non Compete Clause, Non Solicitation Clause, Venture Capital Investment, Undertakings, Section 4 Competition Act 1991
Competition Law Share Subscription Agreement Non Compete Clause Non Solicitation Clause Venture Capital Investment Undertakings Section 4 Competition Act 1991

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Parties

Seletar Ltd

Notified Party

AIB Investment Managers Ltd

Notifying Party

Aidan McGill

Covenantor

Kieran McGill

Covenantor

Phelim McCloskey

Covenantor

Procedural Posture

Competition Authority Notification / Decision on Notification for Certificate Under Section 4(4) or Licence Under Section 4(2) of the Competition Act, 1991

Legal Issues

  1. 1 Whether the share subscription agreement and associated restrictive covenants offend against Section 4(1) of the Competition Act, 1991

Ratio Decidendi

The notified share subscription agreement, including its non-compete and non-solicit clauses, does not offend against Section 4(1) of the Competition Act, 1991, as the restrictions are limited in scope and duration and have no appreciable effect on competition.

Court Disposition

certificate granted; agreement does not offend Section 4(1)

Orders

  • Certificate issued stating the Share Subscription Agreement of 26 July 1990 does not offend against Section 4(1) of the Competition Act, 1991.