In a recent test case parties agreed a "protocol" to value the shares following a section 176 forced redemption.

However one side argued that it was not possible to contract out of the statutory appraisal process; and “fair value" for valuation purposes of a section 176 forced redemption necessarily meant that there would be no minority discount (following a number of common law jurisdictions).

However the Judge held that there was no reason why parties should not be allowed to contract out of the statutory valuation machinery and indeed there were no policy reasons that would demand it.   Whilst probably obiter but nevertheless a strong indication of the Court's view, section 179's fair value did not necessarily mean no minority discount, notably because section 179 applied across 5 different circumstances and fair value was calculated according to a number of factors depending on the business and the circumstances of an individual case.