William McCausland v Surfing Hardware International Holdings Pty Ltd ACN 090 252 752

[2013] NSWSC 902

Supreme Court of NSW

Built by Barristers,
For Australian Law.

1. CONTRACT - breach of contract - whether purchase of shares by the shareholder under the compulsory sale provisions of the shareholders agreement was a breach of contract - plaintiffs claim the shareholders agreement breached when their shares purchased - whether the compulsory sale provision a condition precedent and no breach of contract occurred, if it was not satisfied - HELD - defendant in breach of the shareholders agreement.
1. CONTRACT - breach of contract claim - causation of loss - whether the plaintiffs could have sought an injunction against the sale of shares in breach of the shareholders agreement - whether a waiver of rights to seek damages for breach of contract because the injunction not sought - HELD - no waiver.
1. CONTRACT - damages - assessment of damages - plaintiffs awarded damages measured by the difference between the market value of the plaintiffs' shares and the price at which they were compulsorily acquired.
1. Equity -