Edwin was the managing director of a company that ran a chain of fast food restaurants. In one of the board meetings, one of the directors informed the board that a certain building on President Street was available at a reasonable price. This building was near a large, fairly new shopping mall, and in all probability would attract a lot of potential customers. The board, however, decided that because of the economic climate it was not a good time to make such an investment. Three months later Edwin resigned from the board, bought the building and opened his own fast food restaurant.Required:Advise the company whether it would be entitled to acquire the building from Edwin, and also to claim the profits the restaurant may make. (10 marks)
