Company – Articles of association. The Court of Appeal, Civil Division in affirming the judgment of the High Court, gave a decision on the true construction of shareholders' rights of pre-emption contained in the articles of association of the two claimant companies, following a decision of the defendant minority shareholders, to leave. The defendants had served a single combined transfer notice in respect of their shareholdings in both companies which had triggered the pre-emption provisions in art 5 of the articles of association.