||All England Reporter
|| All ER (D) 285 (Mar)
|| EWHC 538 (Ch)
David Richards J
||Richard Melville QC and Robert Hantusch (instructed by Devonshires) for the claimant.
||Edward Bannister QC (instructed by Bevans Bray Walker) for the defendants.
||19 March 2008
Company - Transfer of shares - Title - Shares given to claimant in order to reduce holding of controlling shareholders so as to enable Stock Exchange listing - Majority of claimant's shares transferred to companies owned by second defendant - Claimant bringing proceedings to recover value of transferred shares - Whether shares transferred to claimant beneficially or as nominee.
Where the claimant sought to recover the value of shares transferred to him in order to reduce the combined holdings of the two controlling shareholders of a company so as to enable full Stock Exchange listing, alleging that they had been stolen from him in a scheme orchestrated by the first defendant, a company director, the claim would be dismissed. In the instant case, at the time of the listing it had been agreed that the shares would be transferred to the claimant as a nominee.
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