had issued ordinary shares of 10s and other shares of 2s, ranking pari passu
for all purposes.
vote per share.
held bulk of 2s shares and controlled 40% of votes.
of 10s shares passed ordinary resolution dividing their shares into 5, each of
these new 2s shares ranking pari passu with the old 2s shares.
argued rights attaching to his 2s shares were ‘varied’ by this manoeuvre.
of Appeal held that as matter of law, rights were not varied.
Greene MR –
remain what they always were – a right to have one vote per share pari passu
with the ordinary shares for the time being issued which include the new 2s ordinary