In the matter of Natural Raw C Pty Ltd (No 2) [2022] NSWSC 1334

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Natural Raw C Pty Ltd (No 2) [2022] NSWSC 1334 Hearing dates: 26 – 27 September 2022; further written submissions 28 September 2022 Decision date: 30 September 2022 Jurisdiction: Equity Before: Peden J Decision: (1) For the purposes of Order 1 made on 9 March 2022 by Black J, the purchase price is fixed at $170,437.50. (2) The plaintiff is to pay the defendants' costs as agreed or assessed. (3) Grant leave to any party to approach my Associate by email within 7 days of the date of this judgment, should an alternative costs order be sought. a) That email must provide any evidence relied on together with submissions of no more than 3 pages and be copied to the other party. b) That other party has leave to provide in response any evidence and submissions of no more than 3 pages within 7 days after receipt of the original material contemplated in order 3(a). c) The party that made the application has leave to provide reply submissions of no more than 1 page within 2 days after receipt of the response contemplated in order 3(b). Catchwords: CORPORATIONS — Shares — Conflicting methods of valuation —Where experts disagree on valuation methodology — Where experts disagree on applicable earnings multiple — Where experts disagree on valuation - Where Court asked to determine price to be paid for equity of company by reference to expert valuation — Where Court accepted one valuer's opinion — Price fixed accordingly Legislation Cited: Corporations Act 2001 (Cth) ss 232, 233 Cases Cited: Dynasty Pty Ltd v Coombs (1995) 59 FCR 122 In the matter of Natural Raw C Pty Ltd [2021] NSWSC 1659 In the matter of Scientific Management Associates Pty Ltd [2019] NSWSC 1643 Marks v GIO Australia Holdings Ltd (1988) 196 CLR 494 Re QB Foods Pty Limited [2021] NSWSC 1227 Short v Crowley (No 30) [2007] NSWCA 1322 Texts Cited: Aswath Damodaran, "Valuation Multiples: First Principles" (undated) Stern School of Business Research Paper. Category: Principal judgment Parties: Greemblue Pty Ltd (Plaintiff) Natural Raw C Pty Ltd (First Defendant) Scott Mendelsohn (Second Defendant) Representation: Counsel: J Pokoney (Plaintiff) No appearance (First Defendant) D R Stack and D F Elliott (Second Defendant)