DATABANK EPACK INVESTMENT FUND LIMITED & ANOTHER vs OMEGA PARTNERS LIMITED

According to the Statement of Claim accompanying the Writ of Summons which was filed on 13th August 2021, both Plaintiffs are limited liabilities companies incorporated under the laws of Ghana. Whilst 1st Plaintiff operates as a Mutual Fund, 2nd Plaintiff operates as a Financial Asset Management institution.

That Defendant is also a Limited Liability Company Incorporated in Ghana and conducts business as an Investment Company.

That Defendant is a sister company of Mega Africa Capital Limited, a Company listed on the Ghana Stock Exchange.

According to 1st Plaintiff, it entered into a Shares Purchase Agreement with Defendant on 24th November, 2017 whereby Defendant committed to buy back 240,000 shares of Mega Africa Capital Limited held by 1st Plaintiff at a pre-determined value of Two Million, One Hundred Thousand Ghana Cedis (GH¢2,100.000.00) if the said shares are not sold by 1st Plaintiff by 31st December, 2018.

That the said 240,000 shares were acquired following the conversion into equity of a One Million, Two Hundred Thousand Ghana Cedis (GH¢1,200,000.00) debt owed 1st Plaintiff by Mega Africa Capital Limited in July, 2016.

That 1st Plaintiff and Defendant had earlier on 1st December, 2015 entered into a Share Purchase Agreement wherein, Defendant had committed to buy 400,000 shares of Mega Africa Capital Limited held by 1st Plaintiff at a pre-determined value of Three Million, Five Hundred Thousand Ghana Cedis (GH¢3,500,000.00) if the said shares are not sold by 1st Plaintiff by 1st December, 2017.

2nd Plaintiff also entered into a Share Purchase Agreement with Defendant where the latter committed to buy 300,000 shares of Mega Africa Capital Limited held by the former on behalf of Ghana Medical Association Pension Fund at a pre-determined value of Two Million, Six Hundred and Twenty-Five Ghana Cedis (GH¢2,625,000.00) if the said shares are not sold by 2nd Plaintiff by 1st December, 2017.

That Defendants failed or neglected to buy these three sets of shares on the agreed dates and has refused to do so despite repeated demands.

Plaintiffs therefore claims against the Defendant the following reliefs:

a. An order for recovery of the sum of Eight Million, Two Hundred and Twenty-Five Thousand Ghana Cedis (GHC¢8,225,000.00) with interest at the current commercial bank rate from the date of filing the Writ of Summons until the date of final payment, being the pre-determined value of the total of 940,000 Mega Africa Capital Limited shares held by Pla