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Simon Colton KC and Sabrina Nanchahal (instructed by Fieldfisher LLP) for the Claimant Thomas Plewman KC (instructed by Seladore Legal Limited) for the First Defendant Hearing date: 4 November 2022 Further submissions: 17 November 2022 ____________________
This judgment was handed down on Tuesday 29th November 2022 by circulation to the parties or their representatives by e-mail and by release to the National Archives (see eg [2022] EWCA Civ 1169 ).
(1) [The First Defendant's] letter dated 14 August 2020 constituted a valid acceptance of the ROFO Offer in accordance with section 9.03(b) of the SHA.
(2) In breach of section 9.03(b) of the SHA, [the Claimant] failed to give effect to the closing of the sale of the Offered Shares at the price and under the terms and conditions of the accepted ROFO Offer by 13 October 2020.
(3) In the premises, [the Claimant] holds its shares in [the Second Defendant] on trust for [the First Defendant] and is obliged to exercise its rights as a shareholder in accordance with [the First Defendant's] instructions and to account to [the First Defendant] for any dividends received from [the Second Defendant] since 13 October 2020.
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