The legal route

[paulnv]

I forgot to add that the reason pre-emption rights were removed early on by v2001 was because it would have meant that every time the club issued 100 shares they would have to work out how many shares every shareholder would have to be offered to maintain their own percentage of the new total issued and offer it to him/her.

 

It would have made small share issues unworkable.

[cooperpvfc]

I forgot to add that the reason pre-emption rights were removed early on by v2001 was because it would have meant that every time the club issued 100 shares they would have to work out how many shares every shareholder would have to be offered to maintain their own percentage of the new total issued and offer it to him/her.

 

It would have made small share issues unworkable.

 

Not to mention the fact that pre-emption almost always acts as a deterrent for potential investors.

[Fordy]

Aren't there certain parts of the Companies Act which are a framework but which companies can exempt themselves from if the articles state they can? (Table A is one thing I think).

 

Personally I'm starting to find the illegal route more and more interesting.

 

Yeah I think this is correct, if you want to go down the legal route you will need to look at the articles of association along with the companies act. I found Vale on the companies house website where you can order certain documents online:

 

http://wck2.companieshouse.gov.uk/586d576a36e9f265a60a92dc5d9751c4/compdetails

 

There isn't one single document that contains all of the articles, but there are a few documents on there that could be useful. If you click the order information on this company you can see what documents are available. You can also click include allotment of shares which brings up a document filed on 25/11/11 called STATEMENT OF CAPITAL.

 

Anyway they cost £1 per document so don't go wasting your money on my account. Just thought some of you might find this interesting.

[paulnv]

Someone with a degree of knowledge! Quick run and hide!

 

Well I have been a chartered accountant for 30 years. So I would hope more than a degree.

 

Pre-emption certainly would have been a deterrent in the case of Port Vale football club.

I say this before anyone starts to think that v2001 removed pre-emption rights as part of their evil plan.

[Santa]

I've already got a pdf copy of the articles. Sadly.

[cooperpvfc]

Well I have been a chartered accountant for 30 years. So I would hope more than a degree.

 

Pre-emption certainly would have been a deterrent in the case of Port Vale football club.

I say this before anyone starts to think that v2001 removed pre-emption rights as part of their evil plan.

 

local? Howsons? Baker Tilly?

[deanleese]

I'm trawling through company law at the moment and though I remembered something. I found this about when considering whether someone should be disqualified as a Director. I've highlighted in bold some areas of interest. Anything more I find, I'll post on this thread. Anyone else with an understanding of this, it may be worth post points of potential challenge on here;

 

 

 

- Humprey's & Co solicitors

 

http://www.humphreys.co.uk/articles/directors_duties_3.htm

SV... Assuming the legal route would not come without some expenses could I ask how much you personally would be prepared to put into the pot?

[paulnv]

If anyone wants a copy of the current articles of the club or a summary of the accounts since the company was incorporated, send me your e-mail address by pm and I will send it to you on Monday (my copy is at work). But please only ask if you intend to read it and I warn you, it's boring. I don't want posters to waste money but I also don't want to spend all of Monday on my computer sending e-mails.

 

The Companies Acts (1985 and 2006) and Table A are available on the internet.

[paulnv]

local? Howsons? Baker Tilly?

 

Not local - the East Midlands. The first twenty years in practice, 12 as partner, then the last 10 in industry

[1517sharps]

If anyone wants a copy of the current articles of the club or a summary of the accounts since the company was incorporated, send me your e-mail address by pm and I will send it to you on Monday (my copy is at work). But please only ask if you intend to read it and I warn you, it's boring. I don't want posters to waste money but I also don't want to spend all of Monday on my computer sending e-mails.

 

The Companies Acts (1985 and 2006) and Table A are available on the internet.

 

How very generous of you, Sir.:)

[Andyregs]

Why were deakins and millers shares IOU note binding when hanks, which were issued at the same time, not apparently binding? Yet still used to

Vote?

[MagicFlask]

 

'A member of a company may apply to the court... for an order... on the ground that the company's affairs are being or have been conducted in a manner that is unfairly prejudicial to the interests of its members generally or of some part of its members...' [emphasis added; a 'member' is simply a shareholder]

 

 

What the section seeks to do is protect minority shareholders (those with a 50% shareholding or less) in circumstances where the majority shareholders seek to act in a way which is 'unfairly prejudicial' to their interests. So the provision protects minority shareholders from 'unfairly prejudicial' conduct, but what is that?

 

in very general terms it means that minority shareholders have a right to complain to the court if the majority shareholder(s) run the Company in a manner that damages their position and the worth of their shareholding, often done deliberately.... I wonder if the issuing of nil paid shares actually reduced the value of all other shares, and thus was prejudicial to the interests of other shareholders .

Examples of 'unfairly prejudicial' conduct might be using company assets or money for the personal benefit of a shareholder or the majority shareholder(s) paying themselves far more than people in their position could objectively justify." wouldn't that cover Miller paying himself a massive salary as chairman???

 

I don't know if either of these have any legs, but it might be worth a shot.........please someone put me right if I'm mistaken....

[Thats Entertainment]

Why were deakins and millers shares IOU note binding when hanks, which were issued at the same time, not apparently binding? Yet still used to

Vote?

 

This needs to be answered - were the shares paid for ?

 

Does this make the votes void ?

[Stone Valiant]

Clueless.

 

You know nothing about me or what I do know, so I suggest that you keep your misinformed and "clueless" opinions on me to yourself and stick to the subject matter of the topic rather than bandying about personal comments!

 

I have more knowledge than you realise - I suggest next time that YOU do your homework!

 

Attack the argument, not the person!

[Stone Valiant]

SV... Assuming the legal route would not come without some expenses could I ask how much you personally would be prepared to put into the pot?

 

I am looking at this not from ourselves putting forward legal action, but where;

 

1. Hank Julicher could take some form of legal actions

2. Where the football League could take legal action