New Zealand Case Law: Decisions & Judgments | LexChat

Topic

Option to purchase shares

Legal area

Court

1 Jun 2007

OSIRIS PROPERTIES INVESTMENTS LTD V MEADOWS AND ORS HC AK CIV-2007-404-251

Citation

openlaw-e1dbe491_2bd4_4ac5_95c6_2a2bc6eda514.pdf
Court

High Court

Osiris demonstrated an arguable right to the shares and established a real risk of significant dissipation of London's assets (including undisclosed additional borrowings and substantial advances to Mr Meadows and his entities) and the inadequacy of undertakings to protect those assets; accordingly the interlocutory receivership appointment was properly maintained and the application to rescind was dismissed.
23 Nov 2006

GUNSON AND IMMS V BANICEVICH AND ANOR HC AK CIV 2003-404-913

Citation

openlaw-9755056d_c25c_4d31_a5b3_1cdc5e2aeb61.pdf
Court

High Court

The trustees were obliged to offer the option to the grandsons at the fair market value of the shares assessed by the chartered accountant as at the option date (the March 2004 Hagen share valuation based on the August 2003 Kerr farm valuation), offered as soon as practicable after the option date; trustees had no power to retrospectively reset that valuation in 2006 except to correct manifest inaccuracy, and trustees' exercise of discretion over licence terms must be reasonable and consistent with the testator's intent.