Background:
Casa Margarita Enterprises Ltd. (“Casa”) filed a claim against Huntly Investments Limited (“Huntly”) and related parties, alleging oppressive and unfairly prejudicial conduct. The court previously ruled in favor of Casa, ordering the sale of its shares. The present decision addressed the valuation date for Casa’s shares.

Legal Issues:

• Whether the valuation of Casa’s shares in Huntly should exclude the value of Class B shares in subsidiary companies.

• Determining the appropriate valuation date—Casa argued for January 9, 2019 (filing date of litigation), while defendants proposed September 21, 2023 (midpoint between trial and appeal decisions).

• Whether corporate actions post-2019, including a 2020 reorganization and a 2022 promissory note, affected share valuation.

Court's Decision:

• The court set the valuation date as January 9, 2019, rejecting the defendants' argument for a later date.

• Casa was required to give up its Class B shares and promissory note to prevent unjust enrichment.

• The court found that using a later valuation date would unfairly penalize Casa and reward the oppressive conduct of Huntly and its controlling shareholders.

Award:
The exact monetary amount of the award was not specified in the decision, but Casa was entitled to the fair market value of its shares as of January 9, 2019.