Cooper was the managing director of a company which ran a chain of take-away restaurants. In one of the board meetings, one of the directors informed the board that a certain building on Kingsway was available at a reasonable price and that it was ideally located for a thriving restaurant business. Since the company’s financial resources were somewhat strained at that time, it could not purchase that building. A little later, Cooper resigned from the managing directorship and then purchased the building to run a take-away restaurant.Required:In the context of the above information, advise the company if it would be entitled to acquire the building back from Cooper, or claim the profits that the restaurant might generate. (10 marks)
