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Destiny Investments (1993) Limited and TH Holdings and Others EWHC 657 [2017]

This was a shareholder dispute case embellished by an attempted share dilution and a challenge regarding the use of a loan taken out by Destiny Investments (1993) Limited (“Destiny”).

The business of Destiny was the operation of three higher end hotels; the values of these had been agreed just after the trial commenced. 

It was quite understandable that the cost approach was the preferred means of undertaking the valuation of the shares as these were demonstrably trade related properties. The issues for the two business valuation experts were eventually limited to those of agreeing the adjustments needed to the latest audited balance sheet in order to derive valuation at the valuation point.