5 Jun 2003
JOWADA HOLDINGS LIMITED V CULLEN INVESTMENTS LIMITED And Anor CA CA248/02
- Citation
- openlaw-d8091ea6_cd2d_4558_b9bf_e2ef553999d2.pdf
- Court
- Court of Appeal
The Court held the 29 March 2001 letter must be read broadly: the fee obligation is triggered if the respondents or their associates 'proceed with the transaction' such that they gain control of over 51% of the target, regardless of the specific acquisition mechanism; the agreement had not been abandoned; the 11 January 2002 letter did not offer the appellant an option to participate on equally favourable terms and so did not relieve the respondents of liability; summary judgment was appropriate and the appellant was entitled to the advisory fee (1.5% = $886,727) against the first respondent,…