North Bank Posted July 26, 2012 Report Share Posted July 26, 2012 How will this work? 10000hrs CIC ltd have 100 shares registered to one director (CS) The secretery of 10000hrs is a limited company which is made up of a bunch of solicitors and the other director is REA. Now this is what I can't understand: If 10000hrs take over the 52% SMFC shares they, 10000hrs, and in particular CS will own SMFC and CS could if he chose to do so sell his 100 shares to REA or to anybody else for that matter. Can someone please tell me exactly how Saint Mirren fans will be allocated shares from the 100 shares held by CS? This information is in the public domain. Quote Link to comment Share on other sites More sharing options...
St. Sid Posted July 26, 2012 Report Share Posted July 26, 2012 The message from REA was not to discuss the "process". Quote Link to comment Share on other sites More sharing options...
Gruffalo Posted July 26, 2012 Report Share Posted July 26, 2012 (edited) 10000 hrs only has one shareholder and its not REA. He is a Director along with the 100% shareholder. I would not read to much in to that. As its in the early stages of a Company, Articles of Association would normally be drawn up based around the constitution of the CiC The CiC are damned if they do and damned if they don’t in some peoples eyes. Edited July 26, 2012 by Gruffalo Quote Link to comment Share on other sites More sharing options...
St. Sid Posted July 26, 2012 Report Share Posted July 26, 2012 10000 hrs only has one shareholder and its not REA. He is a Director along with the 100% shareholder. I would not read to much in to that. As its in the early stages of a Company, Articles of Association would normally be drawn up based around the constitution of the CiC The CiC are damned if they do and damned if they don’t in some peoples eyes. Damned if they do what? Quote Link to comment Share on other sites More sharing options...
10000hours Posted July 26, 2012 Report Share Posted July 26, 2012 How will this work? 10000hrs CIC ltd have 100 shares registered to one director (CS) The secretery of 10000hrs is a limited company which is made up of a bunch of solicitors and the other director is REA. Now this is what I can't understand: If 10000hrs take over the 52% SMFC shares they, 10000hrs, and in particular CS will own SMFC and CS could if he chose to do so sell his 100 shares to REA or to anybody else for that matter. Can someone please tell me exactly how Saint Mirren fans will be allocated shares from the 100 shares held by CS? This information is in the public domain. The legal set up pre any ownership of the 52% of the shares is as you describe above. However as you may have read within the Draft Articles upon their adoption and the takeover of the shares each member is issued with a "member" share. This creates the correct number of shares within 10000hours from the current 100 to say 1100, and locks in the Coop one member one vote nature of the organisation. It is a long established process that is used for all these sorts of organisations that are initially created with 100 shares but that end up with many more members. This happens in tandem with any takeover so that if the Shares are bought by the CIC they will be owned via the CIC by the members Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.