The Board of Directors of NorthShore plc decided to make a takeover bid for South Shore plc. After the decision was taken, but before it was announced the following chain of events occurred:

i. Blue, a director of Northshore plc, buys shares in South Shore plc

ii. Blue tells his friend White about the likelihood of the takeover and White buys shares in South Shore

iii. White in turn passes on the information to his friend Green who also buys shares in South Shore

iv. Green tells his friend Grey about the information, and he too buys shares in South Shore

v. At a dinner party Blue, without telling him about the takeover proposal, advises his brother Tom to buy shares in South Shore and Tom does so

Questions

a. Based on your knowledge of the Director's duties and powers, explain whether the parties are guilty in each chain of events or the implications.