I need answers in the next couple opf hours. PLEASE!!
Karen and some friends from USQ develop a new social media platform, which they hope will be more addictive than Facebook, Twitter and Snapchat combined! Before releasing it to the public, Karen duly incorporates a proprietary company to run the business, called SnapFace Pty Ltd. Karen is appointed managing director, while her friends who helped develop SnapFace are appointed directors. To ensure that she maintains control over the business, Karen holds 80 per cent of the shares in SnapFace (or 8 000 of the 10 000 issued shares). The directors, Belinda, Brian and Margaret, are issued with 5.5 per cent of the shares (550 shares), while Barry is issued with 3.5 per cent of the shares (350 shares). Within a few short years, SnapFace's highly addictive algorithm means that it becomes the number one social media app globally. The next five years involve a lot of hard work but all the directors' are rewarded handsomely for their efforts. SnapFace's annual profits, declared dividends and directors' remuneration is summarised in the following table: Financial Year Profit Declared Dividend Directors' Share Value (per share) remuneration 2012 $4 million $300 + 20% $100 2013 $5 million $400 + 20% $200 2014 $6 million $500 + 20% $300 2015 $7 million $600 + 20% $400 2016 $8 million $700 + 20% $500 In late 2016, a new social media company, Instabook, enters the market and immediately takes a large share of SnapFace's customers. The directors of SnapFace work very long hours to introduce new functionality to the app but tensions begin to surface. The professional relationship between Karen and Barry steady declines. Their relationship becomes so bad that at board meetings Karen will talk over Barry everytime he speaks. At the end of the 2017 financial year, instead of making the forecasted $9 million profit, SnapFace only makes $7 million. The very next day, Karen issued three notices to all of the directors of SnapFace: 1. A declaration that no dividend will be paid to shareholders this year. 2. The company's constitution is to be amended to compulsorily acquire Barry's shares in SnapFace. The price to be paid for them is $200 per share. 3. The Managing Director's salary is to be increased by 30 per cent. Assume that all notices comply with the relevant laws and regulations. What actions can the minority shareholders bring against Karen and/or SnapFace Pty Ltd? What remedies are available under general law and statute