The Enterprise Fund III Ltd v OUE Lippo Healthcare Ltd

A composite arrangement by which a company indirectly acquires its own shares (a standby credit facility, open-market share purchases funded by drawdowns, and a trust of the purchased shares for the company) contravenes the prohibition on a company acquiring its own shares / giving financial assistance under section 76 of the Companies Act and is void under section 76A, so the company owes no contractual liability under the void facility. (Note: the corpus 'put option / share valuation / minority exit rights' characterisation does not match this decision.)