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:
· Rights of 10p shareholders were not varied
Ø i.e. was no formal change in rights attaching to 10p shares
Ø this even though voting effectiveness of 10p shareholders was significantly diminished
· However had the proposal been to simply give 50p shareholders 5 votes per share, this would have been variation
Ø i.e. as 10p shares had a right to voting power paripassuwith other ordinary shares
