Relevant
clauses referred to class rights being ‘affected, modified, dealt with or
abrogated’.
clauses referred to class rights being ‘affected, modified, dealt with or
abrogated’.
So
can bonus issue then be made to ordinary shareholders?
can bonus issue then be made to ordinary shareholders?
Doesn’t
affect rights of preference shareholders per se, but would make their votes
worth less.
affect rights of preference shareholders per se, but would make their votes
worth less.
Court
of Appeal held rights of preference shareholders would not be affected –
of Appeal held rights of preference shareholders would not be affected –
Rights
themselves remained precisely as before.
themselves remained precisely as before.
All
that would occur was that their holder’s enjoyment of those rights would be
affected.
that would occur was that their holder’s enjoyment of those rights would be
affected.
More
explicit wording would have to be used to guard against this.
explicit wording would have to be used to guard against this.
