Where scheme consideration cannot be directly provided to all shareholders at implementation due to AML/KYC requirements (such as where consideration consists of units in an unlisted fund), performance risk may be adequately addressed by allotting consideration to an independent custodian on behalf of shareholders who have not yet provided KYC information, provided the allotment to the custodian occurs before the transfer of target shares. A transfer of target shares prior to the provision of consideration to shareholders, even where the delay is caused by regulatory requirements, would be 'radically inconsistent' with the Court's concern as to performance risk.
The full text is available to signed-in members, including the 76 later cases that cite this judgment.
9 of the 76 citing cases carry a classified treatment. How each court treated it is available to signed-in members.