Re Astec [1998]

Showed that when shareholders of public company petition under s459, slightly
different concept of unfairly prejudicial behaviour applies.
Jonathan Parker J –
Principle of ‘legitimate expectations’ should not be
applied in context of public listed company, as here –
If market in a company’s shares was to have any
credibility, people dealing in that market must be entitled to assume
constitution of company was as it appeared in company’s public documents and
was unaffected by any extraneous equitable considerations.