Converting Ordinary shares to A and B Ordinary

[gordano]

Does anyone have experience of changing form just Ordinary shares to A Ordinary and B Ordinary?

My situation is I have 1000 Ordinary shares and I would like to create two separate share classes, A and B, no longer keeping the Ordinary as they exist today.

My articles permit variation of share classes, etc. It is the process that needs to be followed for making share changes .... does anyone know the process to be followed?

Thanks

 

[UK Contractor Accountant]

Why do want get rid of the Ordinary Shares?

Just create new classes of shares - A & B. You can specify different rights to the A & B shares

 

[Scalloway]

This may help

http://www.conciseaccountancy.com/companies_house/variation_of_class_rights.html

 

[gordano]

Why do want get rid of the Ordinary Shares?

Just create new classes of shares - A & B. You can specify different rights to the A & B shares

Why do want get rid of the Ordinary Shares?

Just create new classes of shares - A & B. You can specify different rights to the A & B shares

Many thanks for the feedback. I have found form SH01 on companies house which allows the creation of the new share classes. The problem is the existing share class would need to be removed. The overall objective is to change from Ordinary to A Ordinary and B Ordinary.

 

[gordano]

This may help

http://www.conciseaccountancy.com/companies_house/variation_of_class_rights.html

Many thanks, this confirms that you can create the share classes, I just now need to work out how to change from the current share structure to the new share structure.

 

[UK Contractor Accountant]

will need board meeting minutes, notice of meetings, shareholders resolutions, forms SH08 & maybe SH10 plus a check of the Articles (see if post 2006)

 

[gordano]

will need board meeting minutes, notice of meetings, shareholders resolutions, forms SH08 & maybe SH10 plus a check of the Articles (see if post 2006)

Thanks for the feedback. I have found SH08 and SH10 but am not totally clear on the process for completing them so have submitted a query to companies house for their advice. Re articles, thanks for pointing this out, mine are pre 2006 but has clauses for creating new share classes and variation of rights.