Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Goodtimes Ltd has had a very successful trading period. The directors decide that the profits should be used to offer to purchase back some of

Goodtimes Ltd has had a very successful trading period. The directors decide that the profits should be used to offer to purchase back some of their shares held by the members. The directors wish to undertake two transactions:

1. Purchase 12% of the ordinary shares held by Jasline

2. Offer all shareholders the opportunity to sell 8% of their ordinary shares to company.

3. Six months after the offer to all shareholders (in point 2 above), an offer to all shareholders to sell another 5% of their ordinary shares to the company.

REQUIRED:

(a) In terms of s256 A, describe the obligations of the directors in terms of whether the Corporations Act allows the directors to undertake their plans

(b) Name the type of buy-back relevant to each of the above and briefly detail the procedures to be followed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Constitutional Law Cases Materials And Problems

Authors: Russell L. Weaver, Steven I. Friedland, Richard D. Rosen

5th Edition

1543830447, 978-1543830446

More Books

Students also viewed these Law questions

Question

Examine various types of executive compensation plans.

Answered: 1 week ago

Question

1. What is the meaning and definition of banks ?

Answered: 1 week ago

Question

2. What is the meaning and definition of Banking?

Answered: 1 week ago

Question

3.What are the Importance / Role of Bank in Business?

Answered: 1 week ago

Question

6. How can a message directly influence the interpreter?

Answered: 1 week ago