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Howard Smith Ltd v Ampol Petroleum Ltd [1974] UKPC 3 is a leading company law case, concerning the duty of directors to act only for "proper purposes". This duty has been codified into the Companies Act 2006 section 171, and arises particularly in cases involving takeover bids.
Key Point. The issue of shares to prevent a takeover amounts to an improper exercise of the directors’ power to issue and allot shares. This is the case even if the articles of the company purport to grant the directors the discretion to exercise the power as they see fit.
Sep 30, 2020 · HOWARD SMITH LTD. v. AMPOL PETROLEUM LTD. AND OTHERS. PRIVY COUNCIL. 14 FEBRUARY 1974. [1974] 2 W.L.R. 689 – [1974] A.C. 821. FACTS: There was a dispute between two companies to take over RW Millers. Both Howard Smith and Ampol held shares in this company. Ampol and Bulkships together held 55% in Millers.
Jan 4, 2024 · Facts and judgement for Howard Smith v Ampol Petroleum [1974] UKPC 3: • Company was subject to rival takeover bids from two of its shareholders.
On December 14, 1972, the judge made certain declarations and orders, the effect of which was to set aside the issue to the appellant (“Howard Smith”) of 4,500,000 ordinary shares of $1 each in the capital of R. W. Miller (Holdings) Ltd. (“Millers”).
Sep 9, 2024 · Howard Smith Ltd v Ampol Petroleum [1974] AC 821 Board and ... Previous. Eclairs Group Ltd v JKX Oil & Gas plc [2015] UKSC 71. Next. Next. Hogg v Cramphorn Ltd [1967 ...
Get free access to the complete judgment in Howard Smith Limited v. Ampol Petroleum Limited and Others (New South Wales) on CaseMine.
