CR-2025-005763 and CR-2025-005674 - [2025] EWHC 2318 (Ch)

There is certainly nothing obviously flawed with either formulation of the comparator. As a director of relevant companies, Mr Ledger can be presumed to have a good understanding of what would happen if the particular Schemes are not implemented. No one has today indicated that either formulation of the comparator is wrong. I acknowledge that CBA may wish to adduce a competitor analysis of the correct comparator to the MidCo Scheme, and I am certainly not prejudging the outcome should they do so. However, for the purposes of today I will proceed on the basis that the comparators to both Schemes are as I have summarised above.