Coshott v Principal Strategic Options Pty Limited [2001] NSWCA 110

Reported Decision : (2001) 38 ACSR 547 (2001) 19 ACLC 965

New South Wales Court of Appeal

CITATION : Coshott v Principal Strategic Options Pty Limited [2001] NSWCA 110 FILE NUMBER(S) : CA 40273/00 HEARING DATE(S) : 29 November 2000 JUDGMENT DATE : 24 April 2001

PARTIES : Robert Gilbert Coshott - Appellant Principal Strategic Options Pty Limited - Respondent JUDGMENT OF : Mason P at 1; Powell JA at 29; Giles JA at 46

LOWER COURT JURISDICTION : Supreme Court - Equity Division LOWER COURT Comm Div 50065/99 FILE NUMBER(S) : LOWER COURT Hunter J JUDICIAL OFFICER :

COUNSEL : M Cashion SC & P Bolster - Appellant B Coles QC - Respondent SOLICITORS : CKB Partners, Sydney - Appellant Watkins Tapsell, Kirrawee - Respondent CATCHWORDS : CONTRACT - put option - exercisable after "option date" - option date established by reference to "operative date" - operative date relevantly the date conditions in cl 3.2 were satisfied - conditions included the Company "allotting and registering to Coshott 100 ordinary shares in the Company" - shares not registered to Coshott until a date such that the option was exercised before the option date - (by Powell and Giles JJA) option not validly exercised) - (by Mason P) option validly exercised because by principles of estoppel shares taken to have been registered to Coshott at an earlier date. D Alghussein Establishment v Eton College (1988) 1 WLR 587; Allco Steel Corporation Pty Ltd v Australian Development Corporation Pty Ltd (NSWCA, unreported, 14 November 1996) Australian Broadcasting Corporation v XIVth Commonwealth Games Ltd (1988) (18 NSWLR 540; Eastern Distributors Ltd v Goldring [1957] 2 QB 600; CASES CITED: Grundt v Great Boulder Pty Gold Mines Ltd (1937) 59 CLR 641; Lucas v Smith [1926] VLR 400; New Zealand Shipping Co Ltd v Societe des Ateliers et Chantiers de France (1919) AC 1; Patten v Thomas Motors Pty Ltd [1965] NSWR 1457; Verschures Creameries Ltd v Hull and Netherlands Steamship Co Ltd [1921] 2 KB 608; Whitehorn Bros v Davison [1911] NSWR 1457. DECISION : (By majority) Appeal allowed; orders made by Hunter J on 28 March 2000 set aside and in lieu thereof summons dismissed; respondent pay appellant's costs of the trial and of the appeal and have a certificate under the Suitors Fund Act if qualified.