Jonathan Parker J said: ‘The concept of ‘legitimate expectation’ . . can have no place in the context of public listed companies . . Its introduction in that context would, as it seems to me, in all probability prove to be a recipe for chaos. If the market in a company’s shares is to have any credibility, members of the public dealing in that market must it seems to me be entitled to proceed on the footing that the constitution of the company is as it appears in the company’s public documents, unaffected by any extraneous equitable considerations and constraints.’
Judges:
Jonathan Parker J
Citations:
[1999] BCC 59
Jurisdiction:
England and Wales
Cited by:
Cited – Eckerle and Others v Wickeder Westfalenstahl Gmbh and Another ChD 23-Jan-2013
By acting together, two shareholders had first refused the proposed dividend, and replaced the board. They then acquired fiurther shares and achieved a majority of more than 75%, sufficient to pass a special resolution, and proposed the cancellation . .
Lists of cited by and citing cases may be incomplete.
Company
Updated: 18 July 2022; Ref: scu.470579