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The best option is to discuss and agree with your co shareholder on the percentage dilution or they may agree to transfer some of their shares to you. Alternatively, you may offer your shares to them and you quit.
You may then form your own company.
If you cannot reach agreement, you would need to go to court for an appropriate order under the Companies Act 2006.
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If you exit the first company as a director, you are free to enter into a competing business/company and take the IP if it was not assigned to the first company.
However, if you remain as a director, you would be in a conflict of interest situation in breach of your duties as a director under the Companies Act 2006.
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