30 Oct 2014
GREYMOUTH HOLDINGS LTD & ORS v JET TRUSTEES LTD & ORS [2014] NZHC 2679
- Citation
- [2014] NZHC 2679
- Court
- High Court
The court held that two separate sale notices are required (one by Jet Trustees and one by Mr Sturgess), the acceptance period prescribed by the sealed order and cl 8.6 remains 10 working days and cannot be extended to 20, bank consent is a 'necessary consent' under cl 8.8, and sale notices must offer the shares at FMV only and cannot include additional terms that contravene the sealed order (including requirements that FMV be paid without deduction for resident withholding tax, prohibitions on set-off for damages or costs, restrictions preventing acquisition that would result in cancellation…