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Chancery Division of the High Court
Claim No: CR-2024-004856 - [2025] EWHC 2304 (Ch)
Fecha: 10-Sep-2025
The dividend yield basis
The dividend yield basis
The first is the dividend yield basis. As the A ordinary share carries no right to dividends it is clearly worth nothing on this basis, although Mr Jones rather than saying this, and putting a valuation made on this basis into the mix alongside the other ways in which a valuation could be based, says (without explaining why) that this basis is therefore not appropriate.
- Heading
- Introduction This hearing is dealing with an application (the “ Application ”) made by the Petitioner, Koza Altin İşletmeleri A.Ş. (“ Koza Altin ”), for summary judgment on (or alternatively strike out of the defe
- BACKGROUND Parties
- The confiscation of shares in Koza Altin
- The A ordinary share
- The ordinary shareholders’ Article 4 rights
- The 2016 and 2021 Proceedings
- The Interim Regime
- Disputes over the business of Koza Ltd
- SUMMARY OF KOZA ALTIN’S GROUNDS FOR WINDING UP
- LEGAL PRINCIPLES: SUMMARY JUDGMENT
- LEGAL PRINCIPLES: JUST AND EQUITABLE WINDING-UP
- ARE THERE GROUNDS FOR JUST AND EQUITABLE WINDING-UP?
- IS KOZA ALTIN THE 100% ECONOMIC OWNER?
- The dividend yield basis
- The share of net asset basis
- The value of the right to extract value
- Nuisance value
- My conclusions on the report
- DOES KOZA ALTIN HAVE NO CONTROL? The position up to the hearing
- The position following the undertaking given in the course of the hearing
- UNREASONABLE REFUSAL OF AN ALTERNATIVE
- COLLATERAL PURPOSE
- UNCLEAN HANDS
- STRIKE-OUT APPLICATIONS
- Conclusions