John is a non-executive director of BBB Ltd and holds 15% of the shares in the company. 80% of the shares are owned by Graham
John is a non-executive director of BBB Ltd and holds 15% of the shares in the company. 80% of the shares are owned by Graham who is also the managing director. Recently, at a Board Meeting Graham and John had a disagreement and Graham informs John that he is no longer welcome to attend any Board Meetings and that he is currently writing a proposed resolution for consideration at the next Board Meeting that the Company buy back all of John's shares at AUD5.00 per share. John paid AUD15.00 for the shares 12 months ago.
Required
Advise John as to the following:
a.Does John have any statutory remedies as a minority shareholder?
b.What general law remedies does John have as a minority shareholder?
c.What advantages do the statutory remedies have over the general law remedies for minority shareholders?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started