Read the facts then answer the following questions. Questions Advise Alice of any statutory rights she may pursue as a minority member of Raider INC Ltd. against the company.

a) Identify any relevant sections from the Corporations Act (Cth) 2001.

b) Describe and explain the relevant legal principles including any relevant case/s.

c) Apply these legal principles to the key facts.

d) Make a conclusion as to Alice's prospects of success.

Facts

Alice owns five shares in Rivili Limited a publicly listed company on the ASX. The primary asset of Rivili Limited is a block of land with a dual frontage to both George Street and Pitt Street in the CBD of Sydney. The block of land has had a theatre on it for over 100 years. Rivili Ltd.'s Constitution has an express provision that "the Company's sole purpose is to run and operate a theatre in the CBD of Sydney". The Company has issued 1,000,000 shares and the current market price is around $2 for over 5 years. Rivili Ltd has not paid a dividend for over 10 years. The Company at best breaks even in its financial reports. The Company's balance sheet discloses that the CBD land at 269 George Street is valued at $2 million. In reality a developer would pay $20 million if the land was vacant. Ralph Raider is CEO of Raider Ltd. Raider Ltd launch a takeover for Rivili limited at $5 a share. Raider Ltd successfully obtains control of Rivili Limited with the purchase of 80% of its share capital. Alice does not sell her shares. The new Board of Rivili Limited appointed by Raider Ltd immediately knock down the theatre at George Street and sell the vacant land to a developer for $20 million in cash. Over the next year they invest this cash in buying and selling more companies in the name of Rivili Limited. Rivili Limited make an end of the financial year net profit of over $10 million and pay a dividend of $1 per share. Rivili Limited has ceased to carry on any business associated with theatres in breach of its constitution since the takeover by Raider Ltd. Despite Alice's shares rising in price from $2 to over $18 and her receiving a dividend for the first time in ten years Alice is deeply unhappy about the Company continuing to breach its own Constitution.