A P D v R D

[2] A P D ("the petitioner") married R D ("the respondent") on 12 September 1979. The petitioner is aged 58�years. The respondent is aged 60 years. There are two children of the family, a boy and a girl. The girl is studying medicine at Newcastle and is in her final year. The boy is engaged in a course of business studies. The respondent has deposed that while he is a shareholder, the son will have a position in the company business. The respondent has deposed that it has always been his intention that:

The petitioner and the respondent separated on 9�September 2009. A decree nisi was given by consent on 17 January 2012 on the grounds of irretrievable breakdown as evidenced by two years continuous separation, the respondent consenting to a decree nisi being granted.

[4] I am told that the respondent intends to retire when he reaches 70 years. He is actively involved in GHL and its subsidiaries. He is in receipt of a substantial income as Managing Director. He has other interests which are not relevant for the determination of the issue before this court.

[5] The issue which I have been asked to decide relates to whether the respondent's C shares should be valued on a heavily discounted basis as his forensic accountants, ASM, maintain to reflect that he is a minority shareholding, and furthermore, a minority shareholder owning less than 25% of GHL.

[6] Article 8 of the Articles of Association provides that the right of any member to dispose of his shareholding is governed by Article 9: see Article 8.1. Mr Orr QC in his skeleton argument has helpfully summarised the effect of the relevant parts of Article 9. He states: