Al Bundy had a profitable shoe store Al's Shoes.He arranged for a new company calledShoemart Pty Ltd ("Shoemart") to be set up to purchase his business and the building which it occupied.

On 3^rd May 2021, Shoemart was incorporated and its constitution is a combination of all the replaceable rules and the following provisions:

"Clause 1

The sole object of the company is to carry on the manufacture and sale of shoes.

Clause 2

Peggy Bundy shall remain as a Managing Director for so long as she desires.

Clause 3

Al Bundy shall be employed as a Shoe Consultant until 2025 at a salary of $40,000 per annum."

The company issued 10 shares each to Peggy and Bud (Al's sister and brother) and 80 shares to Kelly (Al's daughter). Peggy and Bud were appointed as directors with Peggy as Managing Director.

On 5^th May2021, Shoemart entered into a contract with Al to purchase the shoe business and the building for $500,000.The business and building were independently valued in February 2021 for $350,000.

Q1 (i): In early September, Kelly decided that she plans to hold another extra-ordinary general meeting to become the only shareholder of Shoemart. She plans to amend Shoemart's Constitution to enable "any owner of more than 75% of the shares in the company to compulsorily acquire the shares of other members for $2.50 per share". The shares are worth $4.00 each based on a recent valuation. Discuss whether she will succeed.

Q (ii): She also plans to change Shoemart to a public company called "Kelly Shoes Ltd". Discuss what requirements need to be met for this change.