Greenhalgh v Arderne Cinemas Ltd [1946] 1 All ER 512
Judgement for the case Greenhalgh v Arderne Cinemas Ltd
Table Of Contents
Company’s ordinary shares were divided into 50p shares, and 10p shares.
Articles provided for each share (regardless of value) to get one vote each. Was proposed to sub-divide 50p shares into 10p shares, so that holders of 50p shares would then get 5 votes per share.
Held
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Rights of 10p shareholders were not varied
I.e. was no formal change in rights attaching to 10p shares
This even though voting effectiveness of 10p shareholders was significantly diminished
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However had the proposal been to simply give 50p shareholders 5 votes per share, this would have been variation
I.e. as 10p shares had a right to voting power paripassu with other ordinary shares
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