How can the Independent Valuer have given his final determination when there is a judicial review case ongoing?
The Independent Valuer was required to conduct the valuation applying the valuation assumptions in the legislation, which have been upheld following legal challenge in the High Court and the Court of Appeal. The shareholders who challenged the legislation sought permission to appeal to the Supreme Court, but this permission was not granted. They have indicated that they wish to take their challenge to the European Court of Human Rights in Strasbourg. In circumstances where legislation has been upheld by the High Court and the Court of Appeal, it was appropriate that the Independent Valuer proceeded with the valuation.
