CHANCERY DIVISION
Strand, London, WC2A 2LL |
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B e f o r e :
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Sycamore Bidco Limited |
Claimants |
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- and - |
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(1) Sean Breslin (2) Andrew Dawson |
Defendants |
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Andrew Neish QC (instructed by PriceWaterhouseCoopers Legal LLP) for the Defendants
Hearing date: 19th December 2012
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Crown Copyright ©
Mr Justice Mann
Introduction
The respective cases of the parties
"Consideration – 17, 250", "Existing debt – (500)"
and below that:
"Total consideration – 16, 750".
Thus the headline consideration is reduced by the £500,000 to produce a lower total consideration which was then the subject of the modelling in order to test that as the price. Previous incarnations of the model testing £16m and £18m did not have that deduction of £500,000, because at that stage this particular £500,000 was not part of the offer. The Investment Paper which went to the Investment Committee shows the "cash on completion" of £500,000 as part of the financing of the funding required for the purchase.
Decision