Listed developer Trans Tasman Properties is to go to the High Court to appeal a decision that would force the paying of a higher price to a group of minority shareholders.
TTP said yesterday the decision from arbitrator Peter Hays was "legally and factually flawed" and it would seek to have it overturned.
At issue is the price the company paid to shareholders who elected to be bought out because they did not want to take part in TTP's proposal to create a separate London-listed entity, Asian Growth Properties.
Shareholders who did not want to participate in the deal had the right to exit by having their shares bought by the company.
TTP paid shareholders 45c but 11 of them wanted a bigger payment and sought a decision from Hays, who then ruled 56c was a "fair and reasonable price". TTP said it had to pay the shareholders the 56c a share but hoped to get part of that back.
"In the event that TTP's appeal is successful, it shall seek reimbursement of any difference between the final award and that paid to those shareholders," it said.
TTP said the 11 shareholders owned 958,444 shares on August 8.
Majority shareholder SEA NZ has made a takeover offer for TTP and issued a notice on Friday saying it now had 74 per cent.
TTP appeals share payment
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