Deakin to send out letters

[ItWasTheLightsThatDidIt]

My guess is Deakin will roll out the lines of doing this to facilitate the removal of Bill Bratt, as per supporters and BSI wishes, and to fend off administration.

 

It is likely that the £350K has now gone in, but that is not the point. I'm convinced they were forced into it after the Sentinel exposed the nil paid shares issue.

 

I don't even think it's gone in! Return to sender unopened everybody as previously said...

[Aussie Rules]

My guess is Deakin will roll out the lines of doing this to facilitate the removal of Bill Bratt, as per supporters and BSI wishes, and to fend off administration.

 

It is likely that the £350K has now gone in, but that is not the point. I'm convinced they were forced into it after the Sentinel exposed the nil paid shares issue.

 

I'm inclined to agree Vantaa

 

Perry has had ample time to be honest and open with us, but for me it all goes back to the original 'lie' that the £8M BSI Deal was signed, sealed and delivered. For me he simply cannot recover from that. ===

[geosname]

Its Friday now then for the independent observer

 

Funny how the dates these boys give always always slip.....

 

The amazing world of coincidences again

 

Or was it on friday that he said the observer was coming... as in... on friday deakin said the observer would be called in.

[fairportnick]

My guess is Deakin will roll out the lines of doing this to facilitate the removal of Bill Bratt, as per supporters and BSI wishes, and to fend off administration.

 

It is likely that the £350K has now gone in, but that is not the point. I'm convinced they were forced into it after the Sentinel exposed the nil paid shares issue.

 

Administration would have been fended off more easily if £350k had gone in straight away.

[KEV.WILLIE]

I'm inclined to agree Vantaa

 

Perry has had ample time to be honest and open with us, but for me it all goes back to the original 'lie' that the £8M BSI Deal was signed, sealed and delivered. For me he simply cannot recover from that. ===

 

My guess is that BSI never even mentioned BBs removal! I think like the rest of us he was simply outmanouvered

[Jimmy]

Have a bonefire and burn all his letters at the main entrance in Old Sages Coffin........

[TheLegalBeagle]

Hi All,

 

An interesting development if PD does indeed write to the Shareholders.

 

I anticipate the letter will of course justify the issue of shares for no immediate consideration as "usual business practice".

 

A company can issue shares nil or partly paid. In the instance of PVFC that means it can issue a £5 share and take no money for it on issue; or it may issue the share paid as to a lesser amount (say 25p).

 

However the amount unpaid (the full £5 or the balance if issued less than face value) remains due and will have to be paid when the company calls for payment at a time anticipated in the terms of the share’s issue, or on a winding up if the company’s assets are not enough to settle its liabilities. (Nb. It would be interesting to know the expected payment timescale within the terms of issue?).

 

The directors are under a duty in issuing shares (as in all things) to act in the best interests of the company, and if a £5 share is issued for nil value (or less than face value) they must have a good reason for issuing.

 

So whilst PD asserts the issue of shares for nil consideration is "usual business practice" (which in my humble opinion is certainly not the case), the real issue I suggest the shareholders demand an explanation upon is why the directors felt it in the best interests of the company to issue £500,000 of shares at nil consideration - and in that respect "usual business practice" is not enough to discharge the legal and fiduciary duties upon directors to explain their actions to the shareholders.

 

No doubt the devil will be in the detail of PD's letter.

 

Best of luck to you all. Commendable efforts by the Supporter's Club taking up the mantle for the Vale fans.

 

Regards.

[fairportnick]

I have prepared the accounts of hundreds, probably thousands of limited companies from PLCs to one man bands . The only times in nearly 40 years I have seen nil paid shares is when the company is dormant and has never traded and no transactions have arisen . Grindco is a perfect example of such a company , and as such is normal practice and perfectly acceptable.

[TheLegalBeagle]

I have prepared the accounts of hundreds, probably thousands of limited companies from PLCs to one man bands . The only times in nearly 40 years I have seen nil paid shares is when the company is dormant and has never traded and no transactions have arisen . Grindco is a perfect example of such a company , and as such is normal practice and perfectly acceptable.

 

Hi Fairportnick,

 

Precisely my experience - nil paid shares in dormant companies - and PVFC is anything but dormant and sleepy !!!!!!

 

Regards

[fairportnick]

Hi Fairportnick,

 

Precisely my experience - nil paid shares in dormant companies - and PVFC is anything but dormant and sleepy !!!!!!

 

Regards

 

Hi

 

Welcome back.

 

Depends upon how do you define dormant?:D

[Fosse69]

I have prepared the accounts of hundreds, probably thousands of limited companies from PLCs to one man bands . The only times in nearly 40 years I have seen nil paid shares is when the company is dormant and has never traded and no transactions have arisen . Grindco is a perfect example of such a company , and as such is normal practice and perfectly acceptable.

 

I think the noose is starting to tighten. Is the bolt on the trapdoor oiled?

[the old bycars tea bar]

thank you for your imput LB, it is greatly appreciated

 

i know many people are digging through the legalities of the boards actions i'm sure your imput will be greatly recieved

 

kindest regards to you and your family at this festive season

[carpetman123]

The other thing is that if we were in such a perilously close thing with admin 6 mths ago then why did the directors agree to 'nil paid shares' on that basis, surely we were in that much dire straits that we must have needed the money then?

[Fosse69]

The other thing is that if we were in such a perilously close thing with admin 6 mths ago then why did the directors agree to 'nil paid shares' on that basis, surely we were in that much dire straits that we must have needed the money then?

 

Just a formality, there was £5M waiting, with £3M to come, we had just won the lottery, pay the agents fee and its all ours. One born every minute.

[Jimmy]

I think the noose is starting to tighten. Is the bolt on the trapdoor oiled?

 

Mr Pierrpoint is on standby........;)