18 July 2014
Smithton Ltd v Naggar [2014] EWCA Civ 939, [2014] All ER (D) 118 (Jul)
Section 190 of the Companies Act 2006 required an arrangement (which could be a non-contractual arrangement) under which a director or connected person acquired “or is to acquire” an interest in shares. There was no basis for interpreting the words “is to acquire” as “may acquire”. The fact that conditional arrangements were permitted did not require that interpretation since even a conditional arrangement still had to satisfy the words quoted even if it was conditional.
