EQUITY — equitable remedies — specific performance — sale of shares pursuant to shareholders agreement — calculation of consideration for sale of shares — HELD — order for specific performance of sale of shares for particular consideration under the shareholders agreement made
COSTS — application by plaintiff for costs to be paid on indemnity basis — HELD — costs to be paid on the ordinary basis
COSTS — application by plaintiff for gross sum costs — HELD — gross sum costs order made
Quick Take
1Where a shareholders agreement directs that Fair Market Value be calculated 'as from the date the Default Notice is served', the calculation must be based on financial information available at that date, not on subsequently finalised, audited or published statutory accounts.
2A party's reasonable narrowing of issues at trial — including making appropriate admissions and abandoning untenable defences — militates against an indemnity costs order, even where most originally pleaded defences are abandoned.
