Australia, July 24 -- New South Wales Land and Environment Court issued text of the following judgement on June 24:
1. HER HONOUR: This case concerns whether the parties to a Share Sale Agreement are bound by an expert determination. Under the agreement, the plaintiff, Expert Group International Pty Ltd (the vendor), sold the issued shares in Experteq IT Services Pty Ltd (the Company) to the first defendant, TransAction Solutions Ltd (the purchaser or TAS) for $2 million plus deferred consideration based on the financial performance of the Company in the two years' post-completion, that is, an 'earn-out'. The earn-out formula provided for the earn-out payment (Additional Payment) in the second year to be calculated by multiplying the Compa...