6 May 2015
HOLMES v KIRIWAI CONSULTANTS LTD CA201/2014 [2015] NZCA 149
- Citation
- [2015] NZCA 149
- Court
- Court of Appeal
The Court held that, for s149 purposes, the highly probable negotiation for sale of a subsidiary as at 15 November 2012 was a material factor to be included in fair value subject to a discount (majority applied 5% discount) leading to trustees' liability of NZD 1,932,908; and that the director owed, and breached, a fact-based fiduciary duty to disclose the negotiations to the minority shareholder, so the High Court judgment against the director for NZD 3.287 million was confirmed.