16 Dec 2009
WONG AND FONG V FONG & CHONG HC AK CIV 2009-404-002469
- Citation
- openlaw-55522bd3_6c68_4314_88a5_6694adaed78b.pdf
- Court
- High Court
The deeded share exchange fell within s 149 because trustees/directors exchanged shares having material director information; therefore the acquisition had to be at 'fair value' objectively assessed. Pave Capital was effectively a corporate partnership and the 30% minority discount applied by PWC to Cobblestone's 32% holding was inappropriate. Consequently Hobson underpaid; Cobblestone is entitled to the claimed shortfall, reduced by the 10% discount applied to the Pave Consumer transaction.