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?Class rights may be varied providing a special resolution is passed by members of that class. For an?alteration to be valid the majority must honestly believe that it is in the interest of the company as a whole?and that it would be in the interests of a hypothetical individual member. A minority of members that hold at?least 15% of the shares of the class may apply to the court to have a variation cancelled.?

The reduction of dividends proposed by the directors of Lux Ltd is clearly a variation of a class right that?under the statutory variation procedure requires a 75% majority by special or written resolution. Kudos Ltd?is likely to want to prevent this variation but as it only holds 20% of the shares in the class it cannot prevent?the variation by itself. However, Kudos Ltd does hold over 15% of the shares in the class so it could apply to?the court for the variation to be cancelled. As the effect on Kudos Ltd is relatively minor and as it affects all?shareholders equally it is likely that the court would uphold the variation.?