*/
Company – Take-over bid. The Supreme Court, an allowing the appellants' appeal, held that the proper purpose rule in s 171(b) of the Companies Act 2006 applied to the respondent company's decision to issue notices restricting the rights attaching to their shares under the company's articles. Having determined the proper purposes of the relevant article, it found that the company had acted for an improper purpose.
Company – Take-over bid. The Supreme Court, an allowing the appellants' appeal, held that the proper purpose rule in s 171(b) of the Companies Act 2006 applied to the respondent company's decision to issue notices restricting the rights attaching to their shares under the company's articles. Having determined the proper purposes of the relevant article, it found that the company had acted for an improper purpose.
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