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Post by alloutofgas on Feb 16, 2020 11:58:26 GMT
Right, true story. I will relay this as if this hypothetically happened to me. When the Share scheme was started, I decided to invest a modest amount into the club I love, it seemed being a shareholder was a sensible route to take as it helped the club financially and I could have a limited say in how things were being managed. Spool on to the present day. I have decided to ‘cash in’ my shares and sell them to another person/entity who has said they will buy them. A couple of weeks go by, said potential recipient of shares has been told by the Clubs solicitors they are forbidden from buying them. Is this allowed? Surely they are my shares to do with as I wish? I am stuck with shares I no longer want and cannot sell. Thoughts on this please?
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harrybuckle
Always look on the bright side
Joined: May 2014
Posts: 5,415
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Post by harrybuckle on Feb 16, 2020 12:01:02 GMT
Right, true story. I will relay this as if this hypothetically happened to me. When the Share scheme was started, I decided to invest a modest amount into the club I love, it seemed being a shareholder was a sensible route to take as it helped the club financially and I could have a limited say in how things were being managed. Spool on to the present day. I have decided to ‘cash in’ my shares and sell them to another person/entity who has said they will buy them. A couple of weeks go by, said potential recipient of shares has been told by the Clubs solicitors they are forbidden from buying them. Is this allowed? Surely they are my shares to do with as I wish? I am stuck with shares I no longer want and cannot sell. Thoughts on this please? As far as I am aware once share scheme implemented you gave up your rights to sale them BRSC are in fact the owners of the block of shares paid for in their name.
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kingswood Polak
Without music life would be a mistake
Joined: May 2014
Posts: 10,255
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Post by kingswood Polak on Feb 16, 2020 12:01:51 GMT
Right, true story. I will relay this as if this hypothetically happened to me. When the Share scheme was started, I decided to invest a modest amount into the club I love, it seemed being a shareholder was a sensible route to take as it helped the club financially and I could have a limited say in how things were being managed. Spool on to the present day. I have decided to ‘cash in’ my shares and sell them to another person/entity who has said they will buy them. A couple of weeks go by, said potential recipient of shares has been told by the Clubs solicitors they are forbidden from buying them. Is this allowed? Surely they are my shares to do with as I wish? I am stuck with shares I no longer want and cannot sell. Thoughts on this please? That is appalling and I really don’t understand how anyone could tell you or the buyer, what do do. It stinks
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Deleted
Joined: January 1970
Posts: 0
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Post by Deleted on Feb 16, 2020 13:13:36 GMT
Right, true story. I will relay this as if this hypothetically happened to me. When the Share scheme was started, I decided to invest a modest amount into the club I love, it seemed being a shareholder was a sensible route to take as it helped the club financially and I could have a limited say in how things were being managed. Spool on to the present day. I have decided to ‘cash in’ my shares and sell them to another person/entity who has said they will buy them. A couple of weeks go by, said potential recipient of shares has been told by the Clubs solicitors they are forbidden from buying them. Is this allowed? Surely they are my shares to do with as I wish? I am stuck with shares I no longer want and cannot sell. Thoughts on this please? You mention the share scheme, I am presuming the actual Share Scheme is irrelevant and you bought Ordinary Shares directly from the Share Capital of 1883 Ltd? If you did, at the time of purchase were there terms and conditions of that purchase?
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Post by manchestergas on Feb 16, 2020 13:21:13 GMT
If you bought through the share scheme as Harry states you don’t own them. Legally Jim Chappell owns them in trust for the supporters club.
On normal shares, there is no market price for them as they are not traded, it’s a private company, however I do find it odd you could not sell them to someone else at a mutually agreed price, but do as Oldie states check if there were any conditions at the tine you bought them.
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Post by irenestoyboy on Feb 16, 2020 13:21:22 GMT
I can understand the SC ring fencing it and keeping those shares within the SC but I don’t see the issue in transferring those shares to another person.
What if you fell on hard times and desperately needed the money back?
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Post by Curly Wurly on Feb 16, 2020 13:24:00 GMT
Right, true story. I will relay this as if this hypothetically happened to me. When the Share scheme was started, I decided to invest a modest amount into the club I love, it seemed being a shareholder was a sensible route to take as it helped the club financially and I could have a limited say in how things were being managed. Spool on to the present day. I have decided to ‘cash in’ my shares and sell them to another person/entity who has said they will buy them. A couple of weeks go by, said potential recipient of shares has been told by the Clubs solicitors they are forbidden from buying them. Is this allowed? Surely they are my shares to do with as I wish? I am stuck with shares I no longer want and cannot sell. Thoughts on this please? As far as I am aware once share scheme implemented you gave up your rights to sale them BRSC are in fact the owners of the block of shares paid for in their name. So it's the Supporters Club's fault again!!
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Deleted
Joined: January 1970
Posts: 0
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Post by Deleted on Feb 16, 2020 13:28:50 GMT
As far as I am aware once share scheme implemented you gave up your rights to sale them BRSC are in fact the owners of the block of shares paid for in their name. So it's the Supporters Club's fault again!! They have a lot to answer for, but not in this case, I suspect.
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Deleted
Joined: January 1970
Posts: 0
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Post by Deleted on Feb 16, 2020 13:30:51 GMT
I can understand the SC ring fencing it and keeping those shares within the SC but I don’t see the issue in transferring those shares to another person. What if you fell on hard times and desperately needed the money back? The shares within the share scheme were never owned by the individual subscriber, so cannot be sold on by the subscriber. The OP must be referring to share he or she purchased from the share capital of 1883 Ltd, I think.
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Angas
Joined: May 2014
Posts: 2,067
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Post by Angas on Feb 16, 2020 15:02:39 GMT
If they are shares purchased by an individual, could they not sell them back to the club?
I'm puzzled by this post. It almost reads as if it's the SC who want to pass their shares on to someone else. Can't be of course, but it's a strange one.
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Deleted
Joined: January 1970
Posts: 0
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Post by Deleted on Feb 16, 2020 15:13:23 GMT
I can understand the SC ring fencing it and keeping those shares within the SC but I don’t see the issue in transferring those shares to another person. What if you fell on hard times and desperately needed the money back? The shares within the share scheme were never owned by the individual subscriber, so cannot be sold on by the subscriber. The OP must be referring to share he or she purchased from the share capital of 1883 Ltd, I think. Just read the OP again, and now not sure, it does read as if somebody thought that they were personally buying equity by subscribing to the SS. Mis-selling scandal?
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Deleted
Joined: January 1970
Posts: 0
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Post by Deleted on Feb 16, 2020 15:37:50 GMT
Firstly, I can't recall any individuals other than new board members being sold shares by the club around the same time as the share scheme launch. It is possible they were obtained by a transfer between existing owners as several transfers were approved during my time.
Secondly, the hypothetical person is correct. All share transfers have to be approved by the board but not sure what blocking the transfer of a small number of shares would achieve.
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Angas
Joined: May 2014
Posts: 2,067
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Post by Angas on Feb 16, 2020 16:10:11 GMT
The shares within the share scheme were never owned by the individual subscriber, so cannot be sold on by the subscriber. The OP must be referring to share he or she purchased from the share capital of 1883 Ltd, I think. Just read the OP again, and now not sure, it does read as if somebody thought that they were personally buying equity by subscribing to the SS. Mis-selling scandal? Says the club's solicitors told the prospective purchaser he was forbidden from buying them. They would presumably have explained why. The post doesn't make sense to me at all. To sell something, you have to have it in your possession. Or a note to say you are the owner. Either this person is particularly dim or we're only being given half a story.
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Deleted
Joined: January 1970
Posts: 0
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Post by Deleted on Feb 16, 2020 16:11:13 GMT
if somebody thought that they were personally buying equity by subscribing to the SS. Mis-selling scandal? Wow,can you imagine? The £1,000,000 repaid. Or converted into shares to the values of individual contributions. What would Gasheads do with them? Never gonna happen, but an interesting question.
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Angas
Joined: May 2014
Posts: 2,067
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Post by Angas on Feb 16, 2020 16:11:51 GMT
Firstly, I can't recall any individuals other than new board members being sold shares by the club around the same time as the share scheme launch. It is possible they were obtained by a transfer between existing owners as several transfers were approved during my time. Secondly, the hypothetical person is correct. All share transfers have to be approved by the board but not sure what blocking the transfer of a small number of shares would achieve. I wonder if 'a new board member' bought shares a couple of years after the share scheme was launched. Any way of knowing?
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Deleted
Joined: January 1970
Posts: 0
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Post by Deleted on Feb 16, 2020 16:20:16 GMT
if somebody thought that they were personally buying equity by subscribing to the SS. Mis-selling scandal? Wow,can you imagine? The £1,000,000 repaid. Or converted into shares to the values of individual contributions. What would Gasheads do with them? Never gonna happen, but an interesting question. I would sell my shares on Dragon's Den buy an extra thick double sized luxury quilt with the dosh and invite FJH round for a nice snuggle. Then again, I may just blow it all down the bookies. Can you place bets of less than £1?
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Deleted
Joined: January 1970
Posts: 0
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Post by Deleted on Feb 16, 2020 16:27:41 GMT
Firstly, I can't recall any individuals other than new board members being sold shares by the club around the same time as the share scheme launch. It is possible they were obtained by a transfer between existing owners as several transfers were approved during my time. Secondly, the hypothetical person is correct. All share transfers have to be approved by the board but not sure what blocking the transfer of a small number of shares would achieve. I wonder if 'a new board member' bought shares a couple of years after the share scheme was launched. Any way of knowing? No, because the last board sold their entire shareholding to the AQ's. edit: with the exception of the SC
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Deleted
Joined: January 1970
Posts: 0
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Post by Deleted on Feb 16, 2020 16:42:33 GMT
Firstly, I can't recall any individuals other than new board members being sold shares by the club around the same time as the share scheme launch. It is possible they were obtained by a transfer between existing owners as several transfers were approved during my time. Secondly, the hypothetical person is correct. All share transfers have to be approved by the board but not sure what blocking the transfer of a small number of shares would achieve. I wonder if 'a new board member' bought shares a couple of years after the share scheme was launched. Any way of knowing? The infamous 25,000 perhaps😱
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Deleted
Joined: January 1970
Posts: 0
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Post by Deleted on Feb 16, 2020 16:43:45 GMT
Wow,can you imagine? The £1,000,000 repaid. Or converted into shares to the values of individual contributions. What would Gasheads do with them? Never gonna happen, but an interesting question. I would sell my shares on Dragon's Den buy an extra thick double sized luxury quilt with the dosh and invite FJH round for a nice snuggle. Then again, I may just blow it all down the bookies. Can you place bets of less than £1? 🤣🤣
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Deleted
Joined: January 1970
Posts: 0
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Post by Deleted on Feb 16, 2020 16:44:32 GMT
Just read the OP again, and now not sure, it does read as if somebody thought that they were personally buying equity by subscribing to the SS. Mis-selling scandal? Says the club's solicitors told the prospective purchaser he was forbidden from buying them. They would presumably have explained why. The post doesn't make sense to me at all. To sell something, you have to have it in your possession. Or a note to say you are the owner. Either this person is particularly dim or we're only being given half a story. That made me laugh
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