JUDGMENT

(On enclosure 1)

VC George J:

At all relevant times the plaintiff held 80,000 RM1 shares in M. S. Ally Sdn. Bhd. He was anxious to sell the shares.

The Articles of Association of the Company provide the terms and conditions on which shares may be transferred and pursuant to Article 27 the plaintiff by his solicitors' letter of 21 September 1982 gave notice to the Company of his desire to sell his 80,000 shares. That letter did not specify the sale price which the Company treated as an omission and which omission was rectified by the plaintiff's solicitors' letter of 1 October 1982 which stated that the shares were to be sold at RM2.60 per share. The Court was informed that it was common ground that accordingly the effective date of the Article 27 notice was 1 October 1982.

Pre-emptive procedures laid down in the Articles of Association provide for the Company to try and obtain a qualified purchaser within 28 days of the receipt of an Article 27 notice to do which it was required to offer the shares to the persons then holding the remaining shares in the Company as nearly as may be in proportion to their holding of shares in the company, giving a time limit for acceptance