The case concerned a contract under which a shareholder advisory firm was to be paid a success fee if an asset manager became manager of a competing fund.
After an initial hostile takeover strategy failed, the asset manager later gained control through a different consensual transaction and argued the contract did not cover that outcome.
The Court of Appeal upheld the trial judge’s interpretation that the agreement was aimed at the overall goal of gaining control, not limited to one takeover strategy.
The court therefore confirmed that the success fee, the remaining management fee, and the trial costs award were payable, and dismissed the appeal with additional appeal costs.