In the matter of Australian Water Holdings Pty Limited [2016] NSWSC 254

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Australian Water Holdings Pty Limited [2016] NSWSC 254 Hearing dates: Monday, 7 March 2016 Date of orders: 16 March 2016 Decision date: 16 March 2016 Jurisdiction: Equity - Corporations List Before: Brereton J Decision: Order that the proceedings be transferred to the Federal Court of Australia Catchwords: CORPORATIONS – compulsory acquisitions and buyouts – compulsory acquisition by 90% holder – valuation – meaning of "fair value" – whether market or "true, intrinsic" value – held, true value - date of valuation – approach to valuation – whether post-valuation events may be taken into account – held, post-valuation date events may be taken into account

CORPORATIONS – Jurisdiction and procedure of courts – civil jurisdiction – transfer of proceedings – between Supreme Court and Federal Court – where no relevant jurisdictional or geographical factor – where related litigation pending in Federal Court – where preferable that Federal Court proceedings be determined first – desirable that single court manage the whole of the litigation – held, proceedings transferred

PROCEDURE – miscellaneous procedural matters – transfer of proceedings – desirability of a single court managing whole of related litigation

WORDS AND PHRASES – "fair value" Legislation Cited: (CTH) Corporations Act 2001, s 236, s 237, s 664C, s 664E, s 664F, s 667C, s 1337H Cases Cited: Bromley Investments Pty Ltd v Elkington (2003) 47 ACSR 273; [2003] QCA 407 Broome v Speak [1903] 1 Ch 586 Bwllfa & Merthyr Dare Steam Collieries (1891) Ltd v Pontypridd Waterworks Co [1903] AC 426 Capricorn Diamonds Investments Pty Ltd v Catto (2002) 5 VR 61; [2002] VSC 105 Davidson v Tulloch (1860) 3 Macq 783 Dolby Australia Pty Ltd v Catto (2004) 52 ACSR 204; [2004] NSWSC 1196; [2004] NSWSC 1222 HTW Valuers (Central Qld) Pty Ltd v Astonland Pty Ltd (2004) 217 CLR 640 Kizbeau Pty v W G & B Pty Ltd (1995) 184 CLR 281 Peek v Derry (1887) 37 Ch D 541 Plastream Pipe Technologies Pty Ltd, Re; CCPI Holdings Pty Ltd v Hose [2011] VSC 34 Potts v Miller (1940) 64 CLR 282 Ragless v IPA Holdings Pty Ltd (in liq) (2012) 91 ACSR 560; [2012] SASC 203 Swansson v Pratt (2002) 42 ACSR 313; 20 ACLC 1594; [2002] NSWSC 583 Ted Brown Quarries Pty Ltd v General Quarries (Gilston) Pty Ltd (1977) 16 ALR 23 Teh v Ramsay Centauri Pty Ltd (2002) 42 ACSR 354 TSDack Pty Ltd v Australian Water Holdings Pty Ltd [2015] FCA 931 Category: Procedural and other rulings Parties: BG&E Management Pty Limited (plaintiff/respondent) Patricia De Aboitiz (first defendant/applicant) Angie Stavrides (second defendant/applicant) Danny Koutsogiannis (third defendant/applicant) Eliana Koutsogiannis (fourth defendant/applicant) Conca D'Oro Holdings Pty Ltd (fifth defendant/applicant) TSDack Pty Ltd (sixth defendant/applicant) JMG Corp Pty Ltd (seventh defendant/applicant) Representation: Counsel: R. Scruby (plaintiff/respondent) P. Kulevski (first to sixth defendants/applicants)