Share Certificates...

[Simon Pieman]

if the share certificates exist, then why haven't they shown proof of them yet?

on the flip side if Power has proof that the £1.2 million was a loan why hasn't he produced the paperwork?

I can't believe that Power would have been stupid enough to loan/invest over a million quid without getting everything in writing.

Wouldn't it just be a standard loan agreement - a directors' loan/current account as per most limited companies? Unless it varied from the usual terms I wouldn't expect any additional agreement.

[TalkTalk]

Wouldn't it just be a standard loan agreement - a directors' loan/current account as per most limited companies? Unless it varied from the usual terms I wouldn't expect any additional agreement.

Yep.

If it isn't an application for shares then it is a loan. And in that case the only paperwork you need is a bank statement.

[TalkTalk]

Si - a question for you.

I've just read Rob's post. Were the "shares" that BP is supposed to have a new issue or a transfer from James Wills?

[Simon Pieman]

The info from the 2005 accounts:

On 20th April 2006 a special resolution was passed and a deed of rectification was agreed which were both eddective on 30 September 2003. The company's authorised share capital was reduced from £2,663,780 to £1,581,890 by the cancellation of 1,081,890 unpaid £1 ordinary shares. These shares were issued in error on 30th September 2003.

As the figures now suggest the issued shares are greater than 1,581,890 - suggests that the shares are new issues.

[TalkTalk]

Thanks. A new issue then. Transfers are a different ball game in terms of proof and as Rob rightly points out, Bill's money would have gone to James Wills and not the club.

The company's authorised share capital was reduced from £2,663,780 to £1,581,890 by the cancellation of 1,081,890 unpaid £1 ordinary shares. These shares were issued in error on 30th September 2003.

WTF?!?!?

How can you make an error on a million quid's worth of shares? Well I suppose it is STFC...

[Simon Pieman]

Incidentally the 'investment' in the holding company accounts (shown as an asset) is £1,081,840 which is £1,081,890 less £50 in an associate company.

Looks like they issued shares in the holding company because they got confused over the acquistion of SPD's and STFC's shares worth £1,081,890


fucking.hell.

[TalkTalk]

Fucking hell indeed.

So the million quid is Shaw Park Developments presumably and the timing  is about right with St Modwen?

[Simon Pieman]

It's 70% of STFC and 50% SPD.

'll have more of a butchers later.

[flammableBen]

Sipie investigates. It would be like Murder She Wrote with out the murder or exciting stuff.

[TalkTalk]

The company's authorised share capital was reduced from £2,663,780 to £1,581,890 by the cancellation of 1,081,890 unpaid £1 ordinary shares. These shares were issued in error on 30th September 2003.

I don't understand this at all.

The current "shareholding" of the holding co is:

BOODLE HATFIELD NOMINEES LIMITED 899,703 ORD 1 SHARES (26.04%)
JAMES S WILLS 1,764,077 ORD 1 SHARES (51.06%)
PHILIP EMMEL 395,472 ORD 1 SHARES (11.45%)
WILLIAM POWER 395,473 ORD 1 SHARES (11.45%)

If you take out Bill and Phil's shares that leaves Boodle and JW having a total of 2,663,780 which is the authorised share capital that was reduced in April 2006.

Now I am confused.

 :?

[STFC4LIFE]

This is confusing the fuck out of me?
Are you saying Power has got shares  :?

[Chubbs]

I'd love to have a clue what everyone is talking about, but when it comes to accounts/finances etc etc you might aswell be speaking french.

[TalkTalk]

This is confusing the fuck out of me?
Are you saying Power has got shares  :?

No - the club have sent a form to Companies House stating that they have issued new shares to Bill and Phil.

The essence of the argument is whether there was a formal application by Bill and Phil for those shares and if so, did the holding company formally accept.

[TalkTalk]

I'd love to have a clue what everyone is talking about, but when it comes to accounts/finances etc etc you might aswell be speaking french.

Or Polish?  

[Simon Pieman]

The company's authorised share capital was reduced from £2,663,780 to £1,581,890 by the cancellation of 1,081,890 unpaid £1 ordinary shares. These shares were issued in error on 30th September 2003.

I don't understand this at all.

The current "shareholding" of the holding co is:

BOODLE HATFIELD NOMINEES LIMITED 899,703 ORD 1 SHARES (26.04%)
JAMES S WILLS 1,764,077 ORD 1 SHARES (51.06%)
PHILIP EMMEL 395,472 ORD 1 SHARES (11.45%)
WILLIAM POWER 395,473 ORD 1 SHARES (11.45%)

If you take out Bill and Phil's shares that leaves Boodle and JW having a total of 2,663,780 which is the authorised share capital that was reduced in April 2006.

Now I am confused.

 :?

What's happened is that in 2003 they issued all of those shares wrongly. In 2006 this was rectified so the accountants have changed the figures in the 2005 retrospectively to compensate. This also means that those 1,081,890 were also struck off. Now since 2003 there have also obviously been other share issues, making the present shares issued figure higher.

Had those other shares not been taken out the figure would have been higher still.