Re Bird Precision Bellows [1985]

Nourse J at first instance –
1.  Overriding
consideration is fairness.
Starting point in any valuation under s461(2)(d) is
that price fixed by court must be fair.
What is fair can never be conclusively judged until
facts of case are known.
should be valued pro rata to total value of company, not discounted on basis
that it is a minority shareholding and so does not carry control of company.
However if petitioner’s conduct had not been
blameless, value of shareholding might be discounted for its minority status.
Further, if petitioner had bought shareholding at
price which reflected its minority status, or it had devolved on him by
operation of law, value might be discounted.
3.             Court
must also consider whether minority shareholder at material time held shares
purely as form of investment or whether he had more active involvement in
company (quasi-partnership)
Views subsequently endorsed by CA.