Applicant
Respondent
Facts: Jack Bayliss, a geologist in the UK, owned 900,000 shares in Superior Nickel Inc., which amalgamated to form Plethora Exploration Corp. He dissented the amalgamation, demanding fair value for his shares and claiming oppression by Plethora in response to his dissent.
Issues: The court addressed whether Bayliss had the right to dissent under the Ontario Business Corporations Act (OBCA), if his contractual rights under the Anti-Dilution Agreement (ADA) attached to his dissenting shares, the fair value of these shares, and whether Plethora acted oppressively.
Court's Ruling: The court ruled Bayliss had the right to dissent and was entitled to the fair value of his shares, determined to be $0.07 per share, dismissing the claim of oppressive conduct by Plethora.
Costs/Damages: Bayliss was awarded fair value for his 900,000 shares at $0.07 each, totaling $63,000, but the court dismissed his oppression claim against Plethora.
Court
Superior Court of Justice - OntarioCase Number
CV-23-702131-00CLPractice Area
Corporate & commercial lawAmount
$ 63,000Winner
ApplicantTrial Start Date
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