Short v Crawley (No. 38) [2008] NSWSC 917

Reported Decision : 67 ACSR 627

New South Wales Supreme Court

CITATION : Short v Crawley (No. 38) [2008] NSWSC 917

HEARING DATE(S) : 28-31 July 2008; 1 August 2008

JUDGMENT DATE : 5 September 2008

JURISDICTION : Equity

JUDGMENT OF : White J

DECISION : Counsel for the plaintiff to bring in short minutes of order in accordance with reasons.

CATCHWORDS : CORPORATIONS – remedies – compulsory buy-out order – valuation of shares – factual matters concerning share valuation - CORPORATIONS – remedies – compulsory buy-out order – valuation of shares – relevance of offer – offer exceeded market value – offer relevant even though not capable of acceptance giving rise to a binding contract – full circumstances regarding offer unclear due to defendant's conduct – valuation made on the basis of value contained in offer - CORPORATIONS – remedies – compulsory buy-out order – valuation of shares – relevance of capital gains tax liability – underlying asset would incur substantial CGT upon sale – valuation to be made on the basis of a notional realisation of the company's assets – future CGT liability to be taken into account

Evidence Act 1995 (NSW) LEGISLATION CITED : Gaming Machine Tax Act 2001 (NSW) Civil Procedure Act 2005 (NSW)

CATEGORY : Consequential orders

Short v Crawley (No. 30) [2007] NSWSC 1322 Re Bodaibo Pty Ltd (1992) 6 ACSR 509 Makita (Australia) Pty Ltd v Sprowles [2001] NSWCA 305; (2001) 52 NSWLR 705 Goold v Commonwealth of Australia (1993) 42 FCR 51 CASES CITED : MMAL Rentals Pty Ltd v Bruning [2004] NSWCA 451; (2004) 63 NSWLR 167 Armory v Delamirie (1795) 1 Str 505; 93 ER 664 LJP Investments Pty Ltd v Howard Chia Investments Pty Ltd (No. 2) (1990) 24 NSWLR 499 Houghton v Immer (No 155) Pty Ltd (1997) 44 NSWLR 46 Tyco Aust Pty Ltd v Optus Networks Pty Ltd [2004] NSWCA 333 United Rural Enterprises Pty Ltd v Lopmand Pty Ltd [2003] NSWSC 910; (2004) 47 ACSR 514