1 Jul 2016
CADRE INVESTMENTS LTD & ORS v ACTIVEDOCS LTD [2016] NZHC 1489
- Citation
- [2016] NZHC 1489
- Court
- High Court
Where preference shares were silent on cumulative status the presumption of cumulative dividends applied; 'accrued' dividends in the prospectus was not limited to dividends actually declared, so conversion was postponed when company could not pay accrued dividends on 8 November 2004; dividends continued to accrue until all accrued dividends are paid and therefore the 2013 purported conversion was invalid and the preference shares remain outstanding under their original terms.