I am glad that I am not alone.I’ve read that statement and I’d like to make it very clear that I’ve absolutely no idea what it means, can someone put it in simple terms please?
If I remember rightly, he wrote the book on it.I think it means that GFC Holdings Ltd is changing hands.
Where is WayneKerr when you need him ?
I’m sure he’s an expert in gobbledygook.
I think it means that GFC Holdings Ltd is changing hands.
Where is WayneKerr when you need him ?
I’m sure he’s an expert in gobbledygook.
I agree and covers off the shares some supporters own.Does suggest a change in ownership.
So my worthless shares are worth less ?
I have had a look at Companies House records and I think these are the current Articles, which are being altered:
application-pdf
You will see that Article 3 limited the company to a share capital of £6,000,000 divided in to £600 million 1p shares and that is being deleted suggesting they want to give directors the power to make it unlimited?
Could be done that way to give the new owner millions of newly created shares so Scally holds the same number but a smaller percentage, and will water down minority shareholdings like those held by fans, but not sure.
So my worthless shares are worth less ?
You are on the right track.I have had a look at Companies House records and I think these are the current Articles, which are being altered:
application-pdf
You will see that Article 3 limited the company to a share capital of £6,000,000 divided in to £600 million 1p shares and that is being deleted suggesting they want to give directors the power to make it unlimited?
Could be done that way to give the new owner millions of newly created shares so Scally holds the same number but a smaller percentage, and will water down minority shareholdings like those held by fans, but not sure.
Last time I looked (years ago) Scally owned 81%.It does sound as if they want to flog more shares which presumably will water down the existing share holding. Sounds a bit like quantitative easing. Perhaps if they take the limit off the number of shares it won't actually diminish the current shares in terms of value but would decrease the percentage held. Any experts about? Anyway, I've checked the majority that you need to make a change to the articles and it is 75% so I don't think there's much we can do about this. If it allows more investment it's probably a good thing on the whole.
GFC Holdings has one Director - Paul Scally.Last time I looked (years ago) Scally owned 81%.
EDIT: I assume that was GFC Ltd.
I note the reference above to GFC Holdings Ltd.