Discuss whether triumph ltd is a subsidiary of any

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Thunderbird Ltd, Tiger Ltd and Bonneville Ltd each own one-third of the ordinary shares that carry voting rights at a general meeting of shareholders of Triumph Ltd. Thunderbird Ltd, Tiger Ltd and Bonneville Ltd each have the right to appoint two directors to the board of Triumph Ltd. Thunderbird Ltd also owns call options that are exercisable at a fixed price at any time and, if exercised, would increase Thunderbird Ltd's voting rights in Triumph Ltd to 60%, while Tiger Ltd's and Bonneville Ltd's would become 20% each. The management of Thunderbird Ltd does not intend to exercise the call options.

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Problem 1: Discuss whether Triumph Ltd is a subsidiary of any of the other entities.

Reference no: EM132986277

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