Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Vuvuzilla Ltd is a company incorporated in the UK in 2010 trading in oriental ornaments from Africa and Southern Asia. In 2015, the company introduced
Vuvuzilla Ltd is a company incorporated in the UK in 2010 trading in oriental ornaments from Africa and Southern Asia. In 2015, the company introduced a new share scheme called: Savers' Share Scheme. According to the company's articles of association, members in the Savers' Share Scheme are entitled to a one-share per vote on all company resolutions tabled during members general meetings. Thomas, Amelia, Maria and Abraham hold shares under Savers' Share Scheme as of December 2018. Due to the outbreak of the global corona virus pandemic at the beginning of 2020, Vuvuzilla Ltd's business has suffered significantly due to international travel restrictions that impacted the imports of oriental ornaments from Africa and Southern Asia. In a bid to restructure their business to avoid insolvent liquidation, Mr Zuma, the majority shareholder and managing director, together with other shareholders in the preferential share class have passed a resolution that all shareholders in the Savers' Share Scheme will require two-shares per vote in all subsequent resolutions. Thomas, Amelia, Maria and Abraham are concerned that such resolution will severely affect their participation as shareholders in the company's affairs. Advise Thomas, Amelia, Maria and Abraham of the legal framework within which they can protect their class rights
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
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