tutorial questions "tim-gr" v .A i , - 1' LJ ii tc ltd h i. in La'sth'il uipitnl ul Sil lllllllllll ( Ullhl'allntg ui ,'()(l,()()u ni'dumi y shines and "sh "] . 4 . > i , e L L 'QOL Dl t'lL'lC'llt e shrines. The Dante himily who Lumpi isv the "mini ity ol the ( oi'npany's "1 " v- r - i . . duu'tmb am") the "mlm "LJ ol the ordinary shares. Lee, a dnettur ol Dante Ltd, owns all of ' "J T - n a . . . , the pufuence shni es. Under the constitution L'dt h shan v (an ivs one vol e irrespective of its class of shares in addition, the constitution provides that any preference shareholder owning at least 25 per cent. of the c director. At a recent board meeting a in ' Explain what rights, if any, she has under ss 2468 - 246E of the Corporations Act to prevent the company from carrying out the directors' decisions. 2. Ardvaark Ltd's directors would like to return as much capital as possible to its shareholders. Its share capital consists of class A shares with a S 1 0 issue price per share paid up to 56 and class B shares which are fully paid. Advise the directors of the legal requirements regarding the following proposals: [at] that the company cancels the $4 unpaid on each class A share; and [b] that the company buys back 1 5% of the class B shares. Would your advice be different if Ardvaark Ltd had financial difficulties? Explain. 3. Gregory was recently appointed a director of Quick Fit Ltd. As part of his remuneration the company agreed to an arrangement whereby Gregory will borrow $3 million from Southward Bank and Quick Fit Ltd will guarantee this loan. This money will then be paid to Quick Fit Ltd in consideration for an issue of shares to Gregory at a 10% discount to the current market price of the shares. Advise whether this arrangement is permissible and if not, the consequences of these transactions proceeding and any steps the parties should take. bibliography ' " ' ' ' ' Organizers in the BlairM Lockm in Ca ital. What Corporate LawAchieved for Busmess - Nineteenth Ceitury"p[2003] 51 UCLA Law Revrew 387 http://wvwvssrn.c0m/abstract- 495984. Damon D "The Legal Aspects of Venture Capital Agreements: Part 2" [2007] 25 C Er SU 82. Dharmawan 'G 8 Mitchell 1 "The Legislative Framework of Share Buy-backs: A Comparison on the 'Old' and "Existing Requirements" [1999) 18(2] Ll Tas LR 283. Edmundson P "indirect SelfAcquisition: The Search for Appropriate Concepts of Control [1 997] IS C 8 SU 264