Published: 19 October 2020 3:42 pm Author: Oliver Stanley
As part of the various steps in a share reorganisation, a fast-growing startup needed to cancel a number of shares (by buy back) before being able to proceed to the next steps (including running shareholder resolutions using the correct, new shareholdings and voting percentages).
The company obtained the necessary approvals off system, and was then able to update the company books, Companies House and issue revised share certificates for all affected shareholders within a matter of moments.
“Getting the cancellation correct was complicated and we were grateful for the advice of our lawyers. It was then great, once it had all been approved, to complete the important administrative outputs of the transaction ourselves so quickly and easily. We’d kind of lost interest and the will by then, so to be able to do it in seconds was fantastic!”