Shirim Pty Limited v Fesena Pty Limited [2000] NSWSC 878

Reported Decision : (2000) 35 ACSR 221

New South Wales Supreme Court

CITATION : Shirim Pty Limited v Fesena Pty Limited [2000] NSWSC 878 FILE NUMBER(S) : SC 4086 of 1994 HEARING DATE(S) : 9-13, 16-20 August (written submission to 1 September), 1, 15 December 1999, 8, 29 March, 12 May 2000 JUDGMENT DATE : 1 September 2000

Shirim Pty Limited (ACN 001 398 689) (First Plaintiff) James Robert Smith (Second Plaintiff) Fesena Pty Limited (ACN 001 349 828) (First Defendant) PARTIES : Eastern Suburbs Private Hospital Pty Limited (ACN 001 327 840) (Second Defendant) Hapday Holdings Pty Limited (ACN 001 185 253) (Third Defendant) Traknew Holdings Pty Limited (ACN 001 214 268) (Fourth Defendant) Macquarie Hospital Services Pty Limited (ACN 002 616 917) JUDGMENT OF : Master McLaughlin

COUNSEL : Nigel Cotman SC and Edmund Finnane (Plaintiffs) Geoffrey Lindsay SC and Michael Hall (Defendants) SOLICITORS : Garrett Walmsley Madgwick Lawyers (Plaintiffs) Thompson Eslick Solicitors (Defendants) CATCHWORDS : Inquiry - Value of shares and units - Compulsory purchase - Consent orders - Nature and scope of inquiry - Allegations of oppression - Whether an estoppel as to oppression arises in conseqence of consent orders - Relevance of oppression - Fair market value LEGISLATION CITED : Corporations Law s 260 (2) (now s 246AA) Lord v Dernacourt Investments Pty Limited (14 March 1994, unreported) Coombs v Dynasty Pty Limited (1994) 12 ACLC Dynasty Pty Limited v Coombs (1995) 138 ALR 64 CASES CITED : Rankine v Rankine (1996) 14 ACLC 116 Spencer v The Commonwealth (1907) 5 CLR 418 Fexuto Pty Limited v Bosnjak Holdings Pty Ltd (1998) 28 ACSR 688 O'Neill v Phillips (House of Lords, 20 May 1999, reported in The Times, 21 May 1999) Kizbeau Pty Limited v W G & B Pty Limited (1995) 184 CLR 281 DECISION : See paragraphs 115-117