Australian securities exchange

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Reference no: EM133985447

Question

IDEA Ltd (IDEA) is a large Australian company listed on the Australian Securities Exchange (ASX). It manufactures and sells ready-to-assemble furniture such as beds, bookcases and desks. IDEA has several hundred members, twenty directors and relies upon a constitution to govern its internal operations. Wilhelm, Simon, Henry and August are all members of IDEA. The company's constitution states that Wilhelm and Simon are to own one-hundred shares jointly at all times, whilst Henry and August are to own five-hundred shares each. The company's constitution also states that Henry and August are also non-executive directors of IDEA, although only Henry has a separate contract of appointment.

IDEA has recently appointed Kristina as its new managing director. Kristina has decided that the company requires a restructure to be able to compete in the post-COVID economy. Several minority shareholders, including Wilhelm, Simon, Henry and August have voiced their opposition to her proposed changes, much to Kristina's disgust. As a result, she announces that the following changes will be made to IDEA's constitution:

- Any members owning less than three hundred shares, whether individually or jointly, will lose their shares without any compensation provided to them;

- Henry will be removed as a director; and

- August will be removed as a director but will keep his shares and be allowed to attend and vote at IDEA's members' meetings and receive dividends.

- If the proposed changes are passed, advise Wilhelm, Simon, Henry and August of their legal rights. Explain using the law.

Reference no: EM133985447

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