This examination is open book. Students may take into the examination room any materials except books from the University Library. You must answer three questions.
All questions are of equal value.
Each question should be answered in a separate book. Otherwise, the valuations of ABC's assets set out above are likely to subsist for the foreseeable future. In your answer you should note any particular concerns that the directors might have, on the facts provided, in meeting these requirements of the law. Bullseye Ltd. Arrow has devised a plan by which it believes it will be able to effectively control Bullseye without being put to the expense of a formal takeover scheme. These dealings completed, Arrow now seeks your advice with respect to two further proposals.