An injunction preventing Golden Harvest's proposed $56 million share placement has been overturned, clearing the way for company to bring in a trio of high-profile investors.
Golden Harvest said a court on Friday ordered the injunction obtained by 16 per cent shareholder, Australian entertainment firm Village Roadshow, be discharged and legal proceedings against the company and nine of its directors be struck out.
The ruling and the earlier legal proceedings were carried out behind closed doors and indications late last week were that a judgment from Mr Justice James Findlay was not due until today.
The court decision brings to an end the latest round in the tug-of-war over the future of the film distributor, although it is not known whether Village Roadshow intends to appeal.
On June 17, Golden Harvest announced plans to place 113.1 million shares equally among a consortium comprising Rupert Murdoch's 20th Century Fox, Robert Kuok's Kerry Holdings and Li Ka-shing.
This would have given the consortium a 16.5 per cent stake after the enlargement of the company's share capital.
However, in a writ dated June 20, Village Roadshow argued the proposed placement was to the detriment of minority shareholders.