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General resources - valuation

A collection of resources on the topic of valuation.

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Some thoughts on the small stock premium

The small stock premium is the concept of increasing the discount rate, to make specific allowance for the relative size of the entity being valued, by reference to size data from the public markets.

Instructions to expert valuers

It is generally accepted that courts are very reluctant to over-turn the conclusions of expert determinations. There are however some rules of broad application.

Decisions for the valuers or points for the courts

This article considers two very similar sets of circumstances in which an expert’s conclusions were challenged. In both cases lawyers tried to use the crowbar of legal points of principle with the aim of broadening the concept of 'manifest error' by the expert.

The problem with debt

Actions under Section 994 Companies Act 2006 are a regular feature of litigation in the UK. The usual remedy in a successful action is the purchase of the shares held by the excluded shareholder, but in this case the outcome was surprising.

Deemed transaction or notional transaction

In the case of Haylett v Cayton and Caytons Law (formerly Cayton & Co) [2015] EWHC 1951 the difference between notional and deemed transaction becomes all-important.

Unsatisfactory fairness opinion

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A recent court case in Canada highlights what can go wrong with fairness opinions if they aren’t skilfully shaped within the shareholder circular.

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