Network Ten Pty Ltd v TX Australia Pty Ltd [2018] NSWCA 312

Court of Appeal Supreme Court New South Wales Medium Neutral Citation: Network Ten Pty Ltd v TX Australia Pty Ltd [2018] NSWCA 312 Hearing dates: 16 August 2018 Date of orders: 14 December 2018 Decision date: 14 December 2018 Before: Bathurst CJ at [1]; Meagher JA at [128]; Gleeson JA at [131] Decision: (1) Allow the appeal.

(2) Set aside the declaration made by the primary judge and in lieu thereof order that the proceedings be dismissed.

(3) Direct the parties within 7 days to either file a consent order dealing with the costs of the appeal and the costs of the proceedings below or submissions as to the appropriate costs orders. Catchwords: CONTRACTS – Construction – Interpretation – agreement required an auditor to "determine" a price for shares – whether the agreement required the auditor to determine a single price – whether the auditor had in fact determined a single price

VALUATION – Value – Market value – agreement required an auditor to determine a "price" for shares – whether the agreement required the auditor to determine the price based on market value or to determine a fair and reasonable price Legislation Cited: Nil Cases Cited: Australia Pacific Airports (Melbourne) Pty Ltd v The Nuance Group (Australia) Pty Ltd [2005] VSCA 133 Australian Vintage Ltd v Belvino Investments No 2 Pty Ltd (2015) 90 NSWLR 367; [2015] NSWCA 275 Booker Industries Pty Ltd v Wilson Parking (Qld) Pty Ltd (1982) 149 CLR 600; [1982] HCA 53 Commissioner of State Revenue v Placer Dome Inc [2018] HCA 59 Ecosse Property Holdings Pty Ltd v Gee Dee Nominees Pty Ltd (2017) 261 CLR 544; [2017] HCA 12 Electricity Generation Corporation v Woodside Energy Ltd (2014) 251 CLR 640; [2014] HCA 7 Foley v Classique Coaches Ltd [1934] 2 KB 1 Franke v CIC General Insurance Ltd (1994) 33 NSWLR 373 MMAL Rentals Pty Ltd v Bruning (2004) 63 NSWLR 167; [2004] NSWCA 451 Queensland Electricity Generating Board v New Hope Collieries Pty Ltd [1989] 1 Lloyd's Rep 205 Spencer v Commonwealth (1907) 5 CLR 418; [1907] HCA 82 Sudbrook Trading Ltd v Eggleton [1983] 1 AC 444 Category: Principal judgment Parties: Network Ten Pty Ltd (appellant) TX Australia Pty Ltd (first respondent) Nine Network Australia Pty Ltd (second respondent) Seven Network (Operations) Ltd (third respondent) Representation: Counsel: N Hutley SC with A Hochroth (appellant) A Bell SC with D Thomas (first respondent) K Williams SC with R Mansted (second respondent) D Sulan with K Petch (third respondent)