Wayne.Kerr
Vital Champions League
We don't know that and won't know until the annual return [not the accounts] is filed with Companies House
GFC Holdings Ltd Struck Off
- Thread starter LE14_Gill
- Start date
Baghdad_Rob
Vital 1st Team Regular
We do know that actually. As per my comments that you were replying to, this information was provided in the last set of published accounts.
As per Companies House for the club, there is a list of shareholders as per April 2017. In that list it says:
So who owns GFC Holdings Limited? According to the last set of main accounts:
I cannot image that Scally would just give way control of the club and had he done so then I am sure we would have known about it.
Edit: Ah, but you are a Liptrott-ite so are probably aware of various conspiracies and behind the scene shenanigans.
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Wayne.Kerr
Vital Champions League
We'll see
There are no longer annual returns, just confirmation statements. But as you'll see, the confirmation statement for the football club is overdue.
Scally isn't giving away control of the club, he's continually disorganised on matters related to company secretarial. If Holdings is dissolved, the Official Receiver will have some shares in GFC Ltd to dispose of at a potentially knock down price...
Scally isn't giving away control of the club, he's continually disorganised on matters related to company secretarial. If Holdings is dissolved, the Official Receiver will have some shares in GFC Ltd to dispose of at a potentially knock down price...
There isn’t an official receiver. The company’s assets are bona vacantia which means that the Queen just got a bit richer. It’s easily reversed but it is really bad form for a company to be dissolved. At the very least, a quick email to Companies House objecting to the dissolution would have prevented such action!
markinkent
Vital Football Hero
I am not an expert Dave so don't quote me but I suspect their value is FA. I don't believe they are listed on any exchange so not sure how you could sell them even if you could find someone to buy them.
All they have is the sentimental value that you own a tiny little bit of the football club. Probably the broken and rusty bit just behind the plant room but hey its still a little bit of GFC :-)
Wayne.Kerr
Vital Champions League
You can't say the shares have no value; they represent the net worth of GFC Ltd. The owner of the 35m shares and the thousands of owners of the other 12m odd shares that make up the Company's capital are all stake holders in GFC Ltd. Each share is issued pari passu in respect of the whole club not just the rusty bit you mentioned.
markinkent
Vital Football Hero
How would I go about selling some then Wayne? Hypothetically of course
markinkent
Vital Football Hero
I haven't got any - thats why I said hypothetically. I am just interested in how you can sell shares that are not available on a market. Even I accepted your offer of 2p we couldn't change the ownership to you legally as you need a registrar or similar.
I think they have sentimental value only. I know the point Wayne is making but I just wanted to understand if people could actually sell them if they wanted to.
Wayne.Kerr
Vital Champions League
The sale or transferability of the shares will be covered by the Company'a Articles of Association but I aint going to look them up. Still, if someone came along and offered £20m for the club [it isn't going to happen], ie its shares rather than the assets, then, as a shareholder, you'd be in line for a few bob. Each 1p share would be worth 40p; so, if you had a thousand shares, you'd be in line for £400.
Re: bad form from a director. A quick trawl of Companies House's website shows that this isn't the first company associated with Scally that has been lined up for a compulsory strike-off. Accounts and confirmation statements are routinely overdue and his correspondence address is still in Dubai (although he's been back here permanently for a couple of years or so).
Wayne.Kerr
Vital Champions League
How do you think he'd react if questions were raised via Twitter?
Baghdad_Rob
Vital 1st Team Regular
Not necessarily.
As the club is a private limited company, the would be new owners could just make the offer to Scally for Scally's shares only. The would be new owners don't have to make the offer to all shareholders and since Scally owns a majority then there is no reason why the new owners would bother offering everyone else. They might make an offer to the handful of shareholders with 100k shares or more if they want to increase their shareholding over 75% for various reasons but for those who bought a few blocks of 250 shares then forget it.
Baghdad_Rob
Vital 1st Team Regular
In defence of Scally, the chairman of a club is rarely the person who deals with the creation of the accounts and is normally the responsibility of the Finance Director. Mike Quarrington is a qualified Chartered Account so quite probable the preparation of the accounts falls under his remit.
Wayne.Kerr
Vital Champions League
The financial statements are signed off by the chairman; therefore, he is responsible before the authorities.
Baghdad_Rob
Vital 1st Team Regular
While true that doesn't contradict what I wrote. And being pedantic he makes himself responsible as he signs certain forms. There is nothing in Company Law to my knowledge that says the chairman has to be the person who signs them off and any officer of the club can do so.
What I was getting at was Scally was probably not the person who created the accounts and therefore might not be the cause of the delay.
RotherhitheGill
Vital 1st Team Regular
Baghdad, you are getting as bad as Durham.
Baghdad_Rob
Vital 1st Team Regular
While some of Scally's prior behaviour and decisions open up valid criticism, it is wrong to assume that Scally is involved in every part of the day to day activities of the club and is directly to blame for everything that is judged negative.
Scally might sign off the accounts as chairman but they'd be prepared by accountants and not photocopier salesmen.
For all we know, the delay could be caused by the auditors who have last minute concerns over Michael Anderson's involvement and to what extend additional notes need to be added.
Scally might sign off the accounts as chairman but they'd be prepared by accountants and not photocopier salesmen.
For all we know, the delay could be caused by the auditors who have last minute concerns over Michael Anderson's involvement and to what extend additional notes need to be added.
