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No minority discount applies to the valuation of shares in a compulsory purchase arising from oppression.
The applicants, minority shareholders, commenced an oppression application against the respondents, the majority shareholders and the corporation.
The parties consented to a trial to determine the value of the applicants' shares, which the respondents would purchase.
The court resolved several methodological disputes between the parties' expert valuators regarding maintainable earnings, capitalization rates, and redundant assets.
Crucially, the court held that no minority discount should be applied to the valuation of the applicants' shares, as the purchase was a compulsory consolidation of the majority's position rather than an open market transaction.
Union certified; challenges regarding vote notice and union official's conduct dismissed.
The applicant union applied for certification.
Following a certification vote, the employer and intervening employees challenged the results, arguing that a late change in polling times provided insufficient notice to employees and that a union official engaged in inappropriate conduct during the organizing campaign.
The Board dismissed the challenges, finding that the parties' extensive efforts to communicate the vote details and the high voter turnout offset any deficiencies in formal notice.
The Board also held that the union official's alleged rude behaviour did not constitute an unfair labour practice or threaten the integrity of the vote.
The union was certified.
