The Hollington Conference

22nd October 2020

New Square Chambers is home to Hollington on Shareholders' Rights, recently cited in the Court of Appeal as "the major text" in the field ([2019] EWCA Civ 932).

Chambers is delighted to invite you to The Hollington Conference to be held on 22nd October 2020 on zoom, to be chaired by Robin Hollington, Q.C., editor of Hollington on Shareholders' Rights, the ninth edition of which was published in August. 

Other speakers will include David Eaton Turner and Jessica Powers.



Share Valuation and minority discount in unfair prejudice proceedings - Robin Hollington Q.C.

  • General principles
    • O’Neill v Phillips [1999] 1 WLR 1092, HL:
      • fairness in commercial relationships- contrast with cricket
      • waste of human spirit in corporate divorces
  • Bird Precision Bellows [1986] Ch 658, CA:
    • Fairness as an overriding objective in share valuation 
  • Hawkes v Cuddy [2008] BCC 390 (Lewison J); [2010] BCC 587 (C.A.)
    • Redressing the unfair prejudice suffered, fashioned by the court
  • Discount in valuation for minority status
    • The issues at stake
      • How to go about valuing shares?
      • How does issue of discount arise?
      • “for what it is” v. fairness
      • Valuation rules of thumb for discount
  • Strahan v Wilcox [2006] 2 BCLC 555, at [17] per Arden LJ:
    • General rule = discount, except for quasi-partnership where no discount
    • Conflicting 1st instance decisions
    • Australian jurisdprudence
    • Other contexts: Shanda Games case in PC [2020] UKPC 2


Good Faith in the context of Relationships between Shareholders - David Eaton Turner

  • Duties of Good Faith in Contract Law 
    • Express terms
    • Implied Terms
    • Long-term and ‘Relational’ Contracts – Yam Seng Pte Ltd v International Trade Corporation Ltd [2013] 1 Lloyd’s Rep 526 (QB, Comm) and subsequent cases
    • A cautious reception from the Court of Appeal – Mid Essex Hospital Services NHS Trust v Compass Group UK and Ireland Ltd [2013] BLR 265 (CA)
    • Have ‘relational contracts’ evolved into a separate category? Al Nehayan v Ionnis Kent [2018] 1 CLC 216;  UTB LLC v Sheffield United Ltd [2019] EWHC 2322 (Ch)
    • Where such a duty does exist, what is the content of a duty of good faith?
    • Subordinating one’s own interests, or having regard to the interests of others?
    • Contrast acting in ‘good faith’ with an obligation to use ‘all reasonable endeavours’ – Astor Management AG v Atalaya Mining plc [2017] 1 Lloyd’s Rep 476
    • Good Faith as between Shareholders
    • A purely commercial relationship, or a Quasi-Partnership?
    • Express contractual duties; exercising provisions in shareholders’ agreements that benefit one party at the expense of another shareholder in good faith.  What does this mean in practice?  Re LCM Wealth Management Limited [2013] EWHC 3957 (Ch)
    • Understandings between shareholders
    • Joint venture agreements – Russell v Cartwright [2020] EWHC 41 (Ch)


Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat.”; Strategy and Tactics in Shareholder Disputes Jessica Powers

Formulating strategy

  • Establishing the client’s objective
  • Determining the relevant causes of action

Obtaining information

  • Pre-action disclosure
  • Disclosure and requests for further information
  • Privilege

Alternative dispute resolution

  • Offers
  • Early Neutral Evaluation
  • Mediation 

Litigation procedure

  • Interim remedies (Re Profile Partners Ltd [2020] EWHC 1473 (Ch); Loveridge v Loveridge [2020] EWCA Civ 1104)
  • Costs protection: “Wallersteiner” indemnities, and security for costs
  • Strike-out and summary judgment (In re G&G Properties Ltd [2019] EWCA Civ 2046)


To book your free place, please

Joining details will be circulated in due course.
We hope you will be able to join us.

With kind regards,

New Square Chambers

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