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The shareholder agreement could not provide a resolution to the stalemate as there was no deadlock breaking method such as the Texas Auction clause.

Clause 8.2 dealing with deadlock at board level excluded the inability to obtain the required vote at board meetings as a ground for winding up the company.

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In particular, the state of animosity precluded all reasonable hope of cooperation in the attainment of the company's financial goals.appropriately capture the problem of deadlock.

The somewhat simple question confronting Ponnan JA was whether the first appellant, Apco Africa (Pty) Ltd ("the Company"), ought to be wound up on the ground that this course was just and equitable within the meaning of section 344(h) of the old 61 of 1973, or more accurately, whether such an order was properly granted by the court below.

Mediation efforts floundered due to the confrontational attitude of the warring shareholders.

The internal wrangling, mutual disillusionment and distrust, and the consequent breakdown of the relationship between the shareholders paralysed the company.

The strain on the parties' relationship intensified as time went on.

The obstructive conduct of both sides did little to help the situation.

In other words, the appellants' nominees and the respondents' nominees each had 50% of the vote at both board and management level.

The shareholders appointed directors who vote in blocks in proportion to their shareholding.

The parties disagreed from the outset on important corporate decisions and Arcay's response to matters relating to performance and accountability.

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