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The Vanishing Shares!

Until I retired in September 2003 I was a director of a company whose business was estate agency. In 2000 we were approached by Fish4homes who, in return for uploading details of our properties to their website, issued us with 15000 shares in F4H.

The company heard no more about it until October 2003 (after I'd left) when F4H had the shares valued and asked us what we wanted to do with them. This was after my retirement and I think the company either didn't respond to F4H or perhaps decided to keep them.

In March 2004 the present directors put the company into administration. Yesterday I received a letter from the Administrator asking me about the shares. Apparently when F4H had written to the company in October 2003 they had addressed the letter to me personally and the Administrator wanted to know if I owned the shares or the company owned them.

I had no idea what had transpired and to be honest I wasn't particularly bothered (they are valued at 0.37p each) but I phoned F4H and explained what had happened to the company. Their response was ?Oh, in that case the shares are cancelled' No further discussion possible.

Can they simply cancel these shares because the Company is in Administration or do they belong to the Administrator?

Regards

Xavier

Reply to
xavier
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The company can't unilaterally cancel its shares without compensating the share owner.

The administrator will most certainly want to know about this company asset.

Rgds

__ Richard Buttrey Grappenhall, Cheshire, UK __________________________

Reply to
Richard Buttrey

Why did you copy the whole of the op ?

Agreed. I can't believe they said that ! Fuck em; Xavier/administrator could launch a complaint with the DTI or companies house to teach 'em some manners.

Daytona

Reply to
Daytona

By mistake - sorry.

__ Richard Buttrey Grappenhall, Cheshire, UK __________________________

Reply to
Richard Buttrey

Thanks for the input. More or less what I was thinking. I shall look into it further...

KR's

xav

Reply to
xavier

[snip]

But there was no suggestion in the OP that the shares were 'free' nor indeed not shares in the true sense of the word.

Once issued, shares are not conditional on the owner doing, or not doing something - (other than the situation - and not the case here,

- where shares are paid for in two or more tranches at different times).

Rgds

__ Richard Buttrey Grappenhall, Cheshire, UK __________________________

Reply to
Richard Buttrey

I know the value of the shares is very small 15000 adds up to something like £55 and I've pointed out to the Adminstrator that he's probably running at a loss already, simply by asking me about them.

It just seemed a strange thing for F4H to say, and they obviously weren't the slightest bit interested in discussing it. I too thought that shares, once issued, were issued. Up until I retired, we were still putting properties on their website, this was until last September (2003). Funny old world!

Reply to
xavier

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