Update

Fair value update: Company's unauthorised extension to confidentiality safeguards in disclosure condemned by the court

In a recent judgment, Justice Kawaley held that a company subject to a s.238 fair value proceeding was not entitled unilaterally to extend court ordered confidentiality safeguards for the protection of certain 'highly sensitive documents' to all of the Company’s disclosed documents without the express agreement of the dissenting shareholders or further directions from the court, particularly where those unauthorised safeguards rendered large parts of the company's disclosure inaccessible. In doing so, the Grand Court has re-affirmed the importance of experts having an unfettered ability to inspect the company's disclosure in the production of their expert valuation reports.