FRUSTRATION – defendants to issue number of shares “equal to...

FRUSTRATION – defendants to issue number of shares “equal to $500,000 divided by VWAP Price” calculated on share trades “on the ASX over the 30 days on which trading in PPK Shares took place immediately preceding” the share issue date – clause frustrated due to share trading halt – partial frustration [105]-[106] – frustration did not discharge accrued rights [109].

SPECIFIC PERFORMANCE – whether damages an adequate remedy in contract for share issue – principles at [83]-[86] – not just to confine to damages – whether specific performance can be back-dated [114]-[115] – retrospective award of specific performance is anomalous – specific performance operates prospectively – specific performance compels $500,000 of shares to be issued now.