20 Dec 2013
COOPER-DAVIES TRUSTEES NUMBER 6 LIMITED v COOPER TRUSTEES NUMBER 11 LIMITED [2013] NZHC 3526
- Citation
- [2013] NZHC 3526
- Court
- High Court
The court found that by at least 9 May 2011 and certainly by the unconditional date 18 May 2011 Ms Cooper, as director, possessed non-public price-sensitive information material to the shares' value; s149 applied and required acquisition at fair value; after discounting hindsight for contemporaneous risks the fair value of the 50% share as at 18 May 2011 was determined to be $463,582 and Ms Cooper was liable to pay the difference between that and the $150,000 paid, being $313,582