Hi,

Is there anyone that could help me understand the ILAC method and how to structure and answer this question?

United Agricultural Holdings Ltd (UAH) is a company which owns a number of cattle stations throughout New South Wales. UAH has a board that consists of four directors, Charles, Camilla, Andrew and Edward. It currently has $ 100 million in capital, on deposit with NSW Bank. The board has decided that given its healthy cash position, it wants to expand the company's operations.

The board of UAH decides that, to make its operations more profitable, it should sell some of its lower-producing farms, and gives Edward the authority to identify which properties should be sold and to sign contracts of sale, without reference back to the board. Edward identifies five farms, and sells four of them to other agricultural firms. The fifth farm he sells to Charles' wife, Diana. The farm is sold at market value.

The board of UAH sends Camilla as its representative to the annual Agricultural Industries Conference held in Bathurst. In between one of the conference sessions, Camilla meets up with Paul, who works for an agricultural co-op. He says to her "So, how are things going at UAH? You guys are doing well aren't you? You might be interested to know that there is a fantastic grazing property across the border in Queensland that is being sold by Interfarm Ltd". Later during the conference, Camilla meets up with the Managing Director of Interfarm and offers to find out about the property. After getting back from the conference, she registers a company, Camilla's Cattle Pty Ltd, in which she owns all the shares and of which she is Managing Director. Camilla's Cattle Pty Ltd buys the property from Interfarm Ltd, and in the first year of its operation, makes a profit of $ 1 million.

Andrew has a wide circle of friends. One day he receives an email from one of them, Mary, who writes "Guess what?!!! I have been elected to the board of Wide Pastures Cattle Feeds Ltd!! I take office in January 2023." Andrew writes back "Fantastic!! Let me know if I can help you in any way." Mary in turn answers "Actually there is something you can do for me. Once I am on the board, could you let me know what price UAH is willing to pay for cattle feed from time to time?" Andrew responds "Of course! Anything for a friend. Let me know as soon as you join their board and I'll start sending information."

Another agricultural development company, Lonrho Holdings Ltd has been buying up shares in UAH, and now holds 47% of UAH's shares. Most of the shares have been sold to Lonrho by investors who are dissatisfied with the way in which the board of UAH has been running the company. Lonrho itself has made no secret of its view that, if it gained control over UAH, it would elect a new board. After hearing about this, the board of UAH contacts Acorn Farms Ltd, a major shareholder in UAH, who has been happy with the board's performance, and offers to issue Acorn Farms Ltd with $ 4 million worth of shares, which Acorn Farms Ltd accepts. The UAH board minute approving the sale stated that it had been entered into because there was a need to increase UAH's capital reserves. The share issue results in Lonrho's holding in UAH being reduced to 39%.

Assume that it is October 2022, that you are an ASIC investigator appointed to look into the company's affairs, that all the above facts have become known to you and that they would all be provable in court.

Using the ILAC method, advise on the liabilities arising from them, stating what specific remedies might be available to ASIC in the case of each separate issue, citing statutory and relevant case-law authority.