Ledesma v Nobule [1999] NSWSC 928

New South Wales Supreme Court CITATION : Ledesma v Nobule [1999] NSWSC 928 CURRENT JURISDICTION : Equity FILE NUMBER(S) : 3231 of 1989 HEARING DATE(S) : 10, 11 and 12 August 1999 JUDGMENT DATE : 14 September 1999

Juan Carlos Ledesma (First Plaintiff) Ann Jeanette Ledesma (Second Plaintiff) Nobule Pty. Ltd (First Defendant) PARTIES : Robert Zagame (Second Defendant) (dismissed 1994) Mary Zagame (Third Defendant) (dismissed 1994) Phillip Zagame (Fourth Defendant) Robert Michael Zagame (Fifth Defendant) The Boulevarde Shoe Store Pty Ltd (Sixth Defendant) JUDGMENT OF : Windeyer J at 1

LOWER COURT JURISDICTION : Supreme Court (Master) LOWER COURT FILE NUMBER(S) : LOWER COURT JUDICIAL OFFICER : Master McLaughlin

COUNSEL : Mr. C.D. Freeman (First, Fourth, Fifth and Sixth Defendants) SOLICITORS : Mr. T.P. Orlizki of Barnetts (Plaintiffs) LW Williams & Associates (First, Fourth, Fifth and Sixth Defendants) CATCHWORDS : APPEAL from Master's decision - valuation of shares - oppression - appeal dismissed DECISION : Appeal dismissed with costs

1 IN THE SUPREME COURT OF NEW SOUTH WALES EQUITY DIVISION

WINDEYER J

TUESDAY 14 SEPTEMBER 1999

3231/89 JUAN CARLOS LEDESMA & ANOR v NOBULE PTY LIMITED & ORS

JUDGMENT Outline 1 This is an appeal from a decision of Master McLaughlin. The plaintiffs are shareholders in Nobule Pty. Limited (Nobule) and brought proceedings for oppression under s320(2) of the Companies (New South Wales) Code seeking an order that the company be wound up or that the other shareholders purchase their shares. The proceedings commenced by summons filed on 30 June 1989. On 4 October 1991 an order was made that the action proceeding on pleadings. On 7 February 1994 consent orders were made as follows: 1. Order that the fourth, fifth and sixth defendants purchase the plaintiffs' shares in Nobule Pty Ltd on the basis that each of the plaintiffs held a one sixth shareholding in that company at a value (determined on that basis) and date to be determined by a Master (or referee as hereinafter provided).