You are a Legal Advisor working at Anglia Solicitors with a specialism in Equity Trusts & Succession. One of your colleagues has come to you as they have an specific legal issue that they require the law to beclarified for them. The core texts are 'Unlocking Equity & Trusts' by Mohammed Ramjohn, and 'Equity & Trusts' by Sukhinder Panesar and 'Borkowski's Law of Succession' by Brian Sloan

Your colleague Abdul has a client who has received a gift of shares, but the transfer was never registered with the Company. Abdul comes to you as he is aware that Milroy v Lord (1862) 4 De GF&J 264 is support for the proposition that equity will not perfect an imperfect gift. However, he is also aware there are a number of exceptions to this rule including Re Rose (1952) and Pennington v Waine. Explain and critically analyse these two specific exceptions with reference to relevant academic arguments and case law and when they might apply to Abdul's client.