Catchwords:

EQUITY — Fiduciary duties — Fiduciary relationships — whether primary judge erred in finding fiduciary duties are owed — whether directors owe a fiduciary duty to shareholders in issuing shares — where director holds special position

EQUITY — Fiduciary duties — Fiduciary relationships — whether appellants not given fair opportunity to address finding that fiduciary duty was owed — whether issue raised in pleadings — allegation of fiduciary duties raised at trial without objection

EQUITY — Equitable remedies — Equitable compensation — causation and loss — whether loss would not have been suffered “but for” the breach of duty — whether speculation that capital raising would have proceeded identically save for the conduct found in breach of fiduciary duty — uncontradicted expert evidence about valuation of shares

EQUITY — Equitable remedies — Equitable compensation — reflective loss — whether loss claimed was reflective of a loss that could have been claimed by company — application of Central Coast Council v Norcross Pictorial Calendars Pty Ltd (2021) 391 ALR 157; [2021] NSWCA 75