An individual who was originally a private equity investor and who exercised an option over shares after subsequently becoming a director of the company was not deemed to have acquired the option by reason of his employment.   

Summary 

An individual who was originally a private equity investor and who exercised an option over shares after subsequently becoming a director of the company was not deemed to have acquired the option by reason of his employment. 

Background 

The business of the appellant company was incorporated in 2003 as VSL Ltd. In 2006, an equity fundraising exercise took place. The appellant was incorporated, into which new investments raised in 2006 (and 2007) were made. A share-for-share exchange took place as part of the 2006