In a trial of issues following an oppression application where no oppression was found, the court determined the value of the applicants' minority shareholding in a closely held corporation.
The court rejected the respondent's argument that the shares were subject to an oral earn-out agreement, finding the applicant owned 20 common shares.
Relying on the jointly retained expert's valuation, the court valued the company at $2,870,000.
Because there was no finding of oppression, the court applied a 20% minority discount, valuing the applicants' shares at $459,200, and ordered the respondent corporation to purchase them.
