Aberdeen Bear Pty Ltd v MJJK Investments Pty Ltd; MJJK Investments Pty Ltd v Calvert [2024] NSWSC 722

Supreme Court New South Wales

Medium Neutral Citation: Aberdeen Bear Pty Ltd v MJJK Investments Pty Ltd; MJJK Investments Pty Ltd v Calvert [2024] NSWSC 722 Hearing dates: 5 June 2024 Decision date: 14 June 2024 Jurisdiction: Equity - Commercial List Before: Stevenson J Decision: Plaintiffs' application for declaration refused; heads of agreement do not confer on plaintiffs an option to purchase the shares of the first to fifth defendants in the Business Catchwords: CONTRACTS – construction – interpretation – heads of agreement concerning shareholding in family business – whether heads of agreement confer on son an option to purchase the shareholding of his mother and brother Cases Cited: Codelfa Construction Pty Ltd v State Rail Authority of New South Wales (1982) 149 CLR 337; [1982] HCA 24 Ecosse Property Holdings Pty Ltd v Gee Dee Nominees Pty Ltd (2017) 261 CLR 544; [2017] HCA 12 Electricity Generation Corporation v Woodside Energy Ltd (2014) 251 CLR 640; [2014] HCA 7 Miles v Luneburger Franchising Pty Ltd [2021] NSWCA 248 Mount Bruce Mining Pty Ltd v Wright Prospecting Pty Ltd (2015) 256 CLR 104; [2015] HCA 37 Reardon Smith Line Ltd v Hansen-Tangen; Hansen-Tangen v Sanko Steamship Co [1976] 1 WLR 989; [1976] 3 All ER 570 Simic v New South Wales Land and Housing Corporation (2016) 260 CLR 85; [2016] HCA 47 Victoria v Tatts Group Ltd [2016] HCA 5 Texts Cited: P Herzfeld and T Prince, Interpretation (2nd ed, 2020, Thomson Reuters) Category: Principal judgment Parties: Aberdeen Bear Pty Ltd (First Plaintiff) James Deszo Kennedy (Second Plaintiff) MJJK Investments Pty Ltd (First Defendant/Cross-Claimant) MJJK Investments No. 2 Pty Ltd (Second Defendant/Cross-Claimant) MJJK Investments No. 3 Pty Ltd (Third Defendant/Cross-Claimant) Martha Kennedy (Fourth Defendant/Cross-Claimant) Justin Harry Kennedy (Fifth Defendant/Cross-Claimant) Kennedy Watches & Jewellery Pty Ltd (Sixth Defendant) Kennedy Group Holdings Pty Ltd (Seventh Defendant) Timothy Cameron Calvert (First Cross-Defendant) Yan Kit Lam (Second Cross-Defendant) Jonathan Carrik Martin (Third Cross-Defendant) Douglas James Hamilton (Fourth Cross-Defendant) Representation: Counsel: D A McLure SC / K Petch (Plaintiffs) S Robertson SC / P Walsh (First to Fifth Defendants/Cross-Claimants) D H Mitchell / H Birrell (Cross-Defendants)