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Street Motors Ltd, a listed company, is an importer and retailer of Mercedes-Benz cars and trucks. The directors and their associates own about 35% of

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Street Motors Ltd, a listed company, is an importer and retailer of Mercedes-Benz cars and trucks. The directors and their associates own about 35% of the company's issued shares, Todd Swift owns 9%. The remainder is held by a large and diverse group of other shareholders. At a recent board meeting, attended by all the directors, it was decided that Street Motors Ltd would sell all the company's showroom sites to White Knight Investments Pty Ltd. Unknown to the other directors, White Knight investments Pty Ltd was the family company of Frank Street, chairman of Street Motors Ltd. One of the terms of the sale was that Street Motors Ltd would lease back all the showroom sites from White Knight Investments Pty Ltd. Because no independent real estate valuations had been obtained, the Street Motors Ltd directors were unaware that the sale price was considerably less than market prices and that the agreed lease-back rent was very high. Todd Swift becomes aware of this transaction and believes that the directors have breached their duties in causing Street Motors to enter into it. Advise Todd as to what action he can take, if any, under the Corporations Act 2001 (Cth) in relation to the directors' breach of duties

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