The appellants appealed a trial decision fixing the fair value of the respondents' shares in a hotel business following the exercise of dissent rights under the Business Corporations Act.
The respondents cross-appealed the trial judge's valuation of the hotel itself.
The Divisional Court dismissed the cross-appeal, finding no error in the hotel valuation.
However, the Court allowed the appeal, holding that the trial judge erred in law by rejecting the only expert evidence on share valuation and substituting her own unsupported asset-based calculation.
The Court varied the judgment to impose the en bloc share value of $1,240,500 established by the appellants' expert.
