Courts / Ireland / Report

Row over proposed sale of Heatons to Sports Direct adjourned to March

Summary

In a High Court case, Irish shareholders of the Heatons retail chain—Katipo Ltd, Mark Heaton, Hugh Heaton, and John O'Neill—have sought to enforce an agreement with Sports Direct International Plc (SDI) regarding the sale of shares in Warrnambol, the company that operates the Heatons and Sports World stores. The shareholders claim SDI, which holds the remaining 50% of Warrnambol, failed to provide a certificate from the company's auditors confirming that Section 980 of the 1997 Taxes Consolidation Act did not apply, a condition agreed as part of the €48 million purchase. They are requesting an injunction to compel SDI to pay the full purchase price without any deduction for Capital Gains Tax. SDI opposes the injunction. The parties have agreed on how the matter will proceed, with the full hearing scheduled for early March, after a brief hearing of the injunction application. The case remains pending at the High Court.

Who, what, where, when and why

What: Report matter: Row over proposed sale of Heatons to Sports Direct adjourned to March. Procedural stage: hearing_or_decision

When:

• 2015-12-17 Publication

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Places mentioned

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Stage Hearing Or Decision

Read the original CNI report