11 Apr 2017
ACTIVEDOCS LIMITED v CADRE INVESTMENTS LIMITED & ORS [2017] NZCA 121
- Citation
- [2017] NZCA 121
- Court
- Court of Appeal
The Prospectus, read in its contractual and commercial context, conferred on the preference shareholders an ongoing (cumulative) entitlement to dividends at 15% per annum and the second exception postponing conversion until payment of "all accrued dividends" required payment of all dividends accruing at that rate up to the date of payment; therefore conversion did not occur on expiry of the two-year intended conversion date unless all accrued dividends were paid.