GHANA HOME LOANS LIMITED. vs. FIRST GHANA SAVINGS AND LOANS LTD

Plaintiff, Ghana Home Loans Limited, a mortgage finance specialist, sought to acquire a controlling stake in Defendant, First Ghana Savings and Loans Ltd. Defendant granted Plaintiff a three-month exclusivity period starting 15 January 2014 to conduct due diligence. Plaintiff conducted due diligence incurring over US$100,000 and made an offer on 5 February 2014, which Defendant's Board accepted on 3 March 2014. Plaintiff paid US$69,421.07 to a third party to raise funds for acquisition. Defendant later called an AGM seeking shareholder approval for recapitalization by majority shareholder National Investment Bank, effectively increasing NIB's stake and allegedly resiling from the agreement with Plaintiff. Plaintiff claimed breach of contract and sought specific performance or damages.

Plaintiff claims the following reliefs endorsed on its amended writ against the defendant: i. Specific performance. Or in the alternative Special damages of US$113,233.80 or its cedi equivalent of GH¢293,726.93 being the money spent on the due diligence exercise and the monies spent in the preparation for the acquisition of the controlling stake in the Defendant Company. ii. An injunction restraining the Defendant, whether by itself or by its servants or agents or otherwise howsoever, from doing the following acts or any of them, that is to say, parting or dealing with or disposing of any of its shares otherwise than to the Plaintiff. iii. An Injunction restraining the Defendant Company from registering the transfer of the shares to any other parties than the Plaintiff. iv. Damages for breach of contract. v. Interest on any sum found due at such rate and for such period as the honourable court shall deem fit. vi. Further or other reliefs. vii. Costs. In the statement of c....