Aquatic Air Pty Limited v Siewert (No 2) [2016] NSWSC 10

Supreme Court New South Wales

Medium Neutral Citation: Aquatic Air Pty Limited v Siewert (No 2) [2016] NSWSC 10 Hearing dates: 18 August 2015 Date of orders: 02 February 2016 Decision date: 02 February 2016 Jurisdiction: Equity - Corporations List Before: Brereton J Decision: (1) judgment that the first and second defendants pay the third plaintiff the sum of $81,486.95 (inclusive of interest);

(2) declare that the purported exercise by the first and second defendants of the Call Option granted by the third plaintiff to the first and second defendants by Deed of Call Option dated 13 October 2011, by notice of exercise dated 12 February 2012, was not valid or effective;

(3) judgment that the third plaintiff pay the first and second defendants, pursuant to UCPR r 25.8 by way of compensation in connection with the interlocutory order made on 25 June 2012, the sum of $604,670.88;

(4) order that the judgments in paragraphs (1) and (3) be set off, so that there is a net judgment that the third plaintiff pay the first and second defendants the sum of $523,183.93;

(5) order that, from the moneys standing in court to the credit of these proceedings, the sum of $392,370.77 paid into court by the National Australia Bank on 10 July 2015 together with interest attributable to it be paid out to the first and second defendants in part satisfaction of the judgment referred to in paragraph (4);

(6) order that the third plaintiff pay 80% of the first and second defendants' costs of the proceedings;

(7) order that, from the moneys standing in court to the credit of these proceedings by way of security for the defendants' costs, the further sum of $110,000 be forthwith paid out to the first and second defendants, on account of and without prejudice to the costs to which they are entitled pursuant to order (6), subject to the first and second defendants' undertaking to the court that they will reimburse any sum by which the amount so received by them may exceed the amount ultimately allowed to them on assessment under that order;