In the matter of OTS (Australia) Pty Ltd [2017] NSWSC 175

Supreme Court New South Wales

Medium Neutral Citation: In the matter of OTS (Australia) Pty Ltd [2017] NSWSC 175 Hearing dates: 30 January, 24 February 2017 Date of orders: 03 March 2017 Decision date: 03 March 2017 Jurisdiction: Equity - Corporations List Before: Brereton J Decision: The second defendant purchase the plaintiff's shareholding in the first defendant at a price of $1,800,000. Catchwords: CORPORATIONS – members' remedies – oppression – form of relief – whether compulsory purchase order should be made – valuation of shares – valuation methodology – whether earnings-based valuation preferable to revenue-based valuation – held, in principle earnings-based valuation is ordinarily preferable – in this case, revenue-based valuation as a check indicates that earnings-based valuation is conservative Legislation Cited: (CTH) Corporations Act 2001, s 232, s 233 Cases Cited: Bird Precision Bellows Ltd, Re [1985] 3 All ER 523; [1986] Ch 658; [1986] 2 WLR 158; [1985] BCLC 493 Bodaibo Pty Limited, Re (1992) 6 ACSR 509 ES Gordon Pty Ltd v Idomeneo (No 123) Pty Ltd (1994) 15 ACSR 536 Nassar v Innovative Precasters Group [2009] NSWSC 342; (2009) 71 ACSR 343 Patterson v Humfrey [2014] WASC 446 Scottish Co-operative Wholesale Society Ltd v Meyer [1959] AC 324 Smith Martis Cork & Rajan Pty Ltd v Benjamin Corp Pty Ltd (2004) 207 ALR 136; [2004] FCAFC 153 Territory Realty v Garraway [2009] FCA 292 Tomanovic v Global Mortgage Equity Corp [2011] NSWCA 104; (2011) 84 ACSR 121 Category: Principal judgment Parties: Cameron Marketing (Australia) Pty Ltd (plaintiff) OTS (Australia) Pty Ltd (first defendant) MLAN Computer Solutions (Aust.) Pty Limited (second defendant) Mark Raymond Liddle (third defendant) Anthony Andrew Nadalini (fourth defendant) Representation: Counsel: M.R. Hall SC (plaintiff) D.R. Stack (defendants)