UPDATE: Conversion of shares: variation or abrogation of rights attaching to class of shares

In an update to our post dated 23rd March 2023, the Court of Appeal upheld a High Court decision that a conversion of preferred shares into ordinary shares upon notice from an investor majority (made up of ordinary shareholders) constituted an abrogation of the rights attached to those shares.

DnaNudge Ltd v Ventura Capital GP Ltd [2023] EWCA Civ 1142.