13 Nov 2015
The claim for breach of clause 51.7 was reasonably arguable and not so untenable as to warrant strike-out; factual questions about the nature of the share sales, their relationship to the building value, and quantum require trial/ discovery; indemnity costs were not justified and ordinary costs to NZ Mint were ordered on a schedule 2B basis.
20 Feb 2014
There was a serious question to be tried whether the Letter of Understanding constrained Participants from selling shares and whether it implied a limited restriction on voting with respect to transactions within paragraph (b); on the balance of convenience and overall justice the Court must preserve the post-agreement status quo, so interim relief was warranted to (1) restrain Icepak from registering the 200,000 share transfers to GIL and ISL, (2) freeze the exercise of votes attached to those 200,000 shares, and (3) restrain WIPL from voting its remaining 200,000 shares against a unanimous…
24 Sept 2010
On the material before the Court, clause 22.9 was not solely for the purchasers' benefit because Marima had an independent, legitimate interest arising from Fonterra's constitution which restricted transfers to accepted suppliers; accordingly the clause could not be unilaterally waived by the purchasers and summary judgment was inappropriate; the appeal was allowed and the summary judgment set aside.