Lee Power

[pauld]

one would hope that if power did sell for £1 that Clem would get his rightful 15p.

[Robinz]

Interesting comments about the rights of a minority shareholder........

In a previous life I was founding member and Director of a then small software IT company with a 49% shareholding. The company grew to having offices in Auckland Sydney and agencies in Asia and London. As with many fledging companies the fun started and trust honesty and initial ideals went out the window. After a melt down at Board room level legal representatives arrived and that was the beginning of the end for me.
As a then 20% shareholder of a multi Million dollar company I was advised the rights of a minority shareholder is basically f#ck all.
These comments were proven 100% correct.
Yes, you can fight and wriggle as much as you like however, experience has shown just recover as much as you can from a bad situation and move on.
Tricksters like our one will pull everything and everyone down to their level and they don't care who and what they destroy in the process.
     
       

[BambooToTheFuture]

Out of interest RNZ, how did you go from being a 49% Shareholder (I take it just two of you) to a 20% Shareholder? I am assuming you did cash in/sold 29% of your share at some point or am I looking at that with hopeful eyes?

[RobertT]

Probably the same way Black managed it here, by diluting the minority shareholding.  For the all the positive comments they get, they pretty much stitched up every fan of Swindon who had ever purchased shares in the club.

[Legends-Lounge]

Probably the same way Black managed it here, by diluting the minority shareholding.  For the all the positive comments they get, they pretty much stitched up every fan of Swindon who had ever purchased shares in the club.

Including me.

[jevs]

Considering Power has already told the court he wants to put the club into admin, or sell to able, I would not be surprised if that decision can be taken out of his hands.

Apologies if someone has linked this before, but this reads that it could be. God knows how long proceedings could drag on for though;

https://helix-law.co.uk/business-law/shareholder-and-partnership-disputes/?keyword=unfair%20prejudice%20minority%20shareholder&gclid=Cj0KCQjwsqmEBhDiARIsANV8H3aJuILgsicE9FGyXqcD1vp5sd9qS9fpsivokdjw5n70vhB2X27zclwaAgT5EALw_wcB

[Legends-Lounge]

Out of interest RNZ, how did you go from being a 49% Shareholder (I take it just two of you) to a 20% Shareholder? I am assuming you did cash in/sold 29% of your share at some point or am I looking at that with hopeful eyes?

It sounds to me that as the company grew more capitol was required. Either you borrow it, finance it yourself (keeping the share cap the same) or you issue more shares for the Capitol invested thus diluting the original share cap.

[Pookemon]

Hopefully back on track here. I presume some knowledgable chap on here will know.

Does Clem as a minority shareholder have any say in Power selling to Able for £1? As it would, obviously, be hugely detrimental to him does he get any protection from Power’s antics.

And, are Able willing to buy the club other than for Power’s Pound and/or out of Admin? What’s happened to their offer of £7.5m which was in the Letter Power said didn’t exist.

In the UK, the companies act includes the concept of "Unfair prejudice" which protects the rights of the minority shareholder.   It stops them being screwed in this manner.

CM has offered to buy Power out and take on all creditors in full so the judge will find in favour of him if Power is only willing to offer him 15p!

This is not a concept in NZ or Oz so would not have saved Robinz

[tans]

So its d-day where LP has to give Morfuni documents.

Do we reckon he will or not?

[swindonmaniac]

So its d-day where LP has to give Morfuni documents.

Do we reckon he will or not?

Anyone know What are the likely consequences if he doesn't comply ?.

[Flashheart]

Anyone know What are the likely consequences if he doesn't comply ?.

At the very least, it would surely mean the judge refuses to lift the injunction?

[Legends-Lounge]

At the very least, it would surely mean the judge refuses to lift the injunction?

Contempt of court.

[4D]

.

[Crackity Jones]

So its d-day where LP has to give Morfuni documents.

Do we reckon he will or not?

I don't think it's in his interests not to comply.  I imagine he will leave it to 23:59:59 to press send.

[JBZ]

Court orders typically refer to a deadline of 4 pm on a particular day