BVI Commercial Court: NY shareholder activist wins private placement attack In the recent decision of IsZo Capital LP v Nam Tai Property Inc, Justice Jack of the BVI Commercial Court held that a private placement was made for an improper purpose; principally to defeat a validly issued requisition for a shareholders’ meeting. The Court held that the placement was void, and ordered re-institution of the shares to their pre-placement value. Romane Duncan, Ian Mann, Sarah Thompson, Hazel-Ann Hannaway, Julie Engwirda, Jeremy Child 01 Apr 2021 Listco disputesBVIUnfair prejudiceInjunctionLitigationShareholders
Cayman Islands Grand Court releases important decision on costs and fair interest in s238 proceedings: In re Qunar Petitions filed under Section 238 of the Cayman Islands Companies Act are ultimately concerned with one thing: the fair value of shares held by shareholders who have dissented from a merger or consolidation and therefore rejected the price offered to them for their shares. The company subject to the merger contends for a lower valuation; the dissenting shareholder contends for a higher valuation; expert valuation evidence is adduced; the Court, with the assistance of the experts, arrives at a fair value figure. James Eggleton, Jessica Williams, Paul Madden, Julie Engwirda, Paula Kay, James Granby, Jeremy Child, Francesca Gibbons 30 Mar 2021 Listco disputesCayman IslandsFair value (s238)LitigationCostsShareholders
Share Appraisal Litigation: the latest from Delaware The Delaware Supreme Court has delivered the latest of a series of recent appraisal decisions concerning the determination of fair value under 8 Del. C. § 262(a): Brigade Leveraged Capital Structures Fund and Brigade Distressed Value Master Fund Ltd v Stillwater Mining Co. James Eggleton, Paula Kay, Paul Madden, Ian Mann 30 Oct 2020 Listco disputesCayman IslandsFair value (s238)Litigation
Court prefers company valuation in Chinese take-private litigation The Cayman Court has delivered judgment in Trina Solar Limited. This is likely to be the first case under section 238 of the Companies Law in which fair value is determined to be below the merger price. This is a significant win for Trina and will have a big impact on future s238 cases. Natalie Lee, Vicky Lord, Ian Mann, Paula Kay, Nick Hoffman, Katie Pearson 30 Sep 2020 Listco disputesCayman IslandsFair value (s238)LitigationShareholders
Upturn in arbitrating BVI corporate disputes Over the past year, there has been a notable increase in BVI related corporate disputes arbitrations. Andrew Thorp, Jonathan Addo, Peter Ferrer, Paula Gibbs 14 Nov 2019 InjunctionListco disputesUnfair prejudiceShareholdersBVIArbitration
Introducing – Harneys’ Listco Dispute Unit Harneys has today announced the establishment of its new Listco Dispute Unit (LDU), a hybrid team of commercial and litigation lawyers formed to provide a dedicated resource for listed companies, their shareholders and onshore counsel in need of expert offshore law advice. Ian Mann 02 Mar 2018 EventsListco disputes