Trustees held majority of preference shares in a company, and all of the ordinary shares. Proposed to convert preference shares into loan stock (leading to a reduction in capital).
Was clear that when making proposition, they were acting entirely on basis of what was in interests of trust (as they were obliged to).
Clear that trustees had not even applied their mind to question of what was in interests of preference shareholders as a class
Thus consent to variation given by preference shareholders invalid.
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