David Blue is the managing director of Deep Blue Ltd, a seafood company. Deep Blue engages two suppliers, Fish Fleet Ltd and Trawler Co Ltd, who together have a substantial market share. Through his contact with these companies, David is aware both suppliers are going to be sanctioned for illegal fishing practices and have restrictions placed on it, which will mean that the companies will no longer be viable. Before this information becomes public, David purchases a majority shareholding in a competitor of Fish Fleet and Trawler Co, Small Fish Ltd. When Fish Fleet and Trawler Co announce they can no longer supply Deep Blue, David votes in favour of contracting with Small Fish Ltd as a replacement supplier without disclosing his shareholding in Small Fish Ltd.

Discuss any breaches of directors' duties by David and any possible defences available to him.