16 Jul 2010
NEVILLE FONG AND JUNE CHONG V CHRISTOPHER SHANE WONG AND ANGELA KIM FONG CA CA46/2010
- Citation
- openlaw-0de1d27f_9f98_4ecb_9c94_a564977c52c2.pdf
- Court
- Court of Appeal
Section 149 requires a director's trade to be at fair value; on the unchallenged expert evidence before the Court fair value for Cobblestone's 32% Pavé Capital holding did not include the 30% minority discount applied by PwC, and the subsidiary discounts should be adjusted from 10% to 5%; accordingly the PwC fair market valuation did not satisfy s149 and the appropriate adjustments ordered follow the expert evidence.