Update

Court refuses to grant freezer in favour of dissenters

In the recent decision in Re Trina Solar Limited, the Grand Court refused to order a freezing injunction in response to the company's post-merger conduct. The dissenting shareholders (the Dissenters) applied for the injunction on the basis that the company was dissipating its assets in order to escape any judgment against it in section 238, fair value proceedings. Segal J was satisfied that the Dissenters had established a good arguable case regarding the fair value of their shares, but held that the company's post-merger restructuring was neither improper nor unjustifiable and had been conducted for a legitimate commercial purpose.