- Original Poster
- #1
I'm looking for some help regarding a dispute with my fellow shareholders.
Background - I founded and grew a profitable tech company but fell out with fellow 2 Director / shareholders. Whilst I wanted to grow and sell, they wanted to take cash out / lifestyle business.
The company was well established, with clients in 70 countries, profitable and growing, with long term recurring contracts. It had solid financial processes, top-class bookkeeper, finance director, reputable accountants, regular reporting etc - everything was done by the book.
In early 2018, they appointed an Exec Chairman against my wishes. A few months later I was dismissed after a poorly run investigation and disciplinary into the financial management of the company. However the Exec Chairman chose not to use the financial professionals and made his own judgements - without checking facts eg whether or not I was entitled to RPI pay rises. He is not an accountant or lawyer.
My fellow shareholders and the Exec chairman tried to coerce me into removing my minority voting rights (each of the 3 shareholders has minority voting protection), which I refused. They then made further accusations (breach of covenant, stealing company secrets) and have continued to do so without much in the way of evidence. When I refused to give up my shares (independently valued at >£1m) they went to the police accusing me of fraud. the police took 2 1/2 years to find that there was insufficient evidence.
They have threatened my wife. They have tried to intimidate me. It has been very distressing and expensive.
In Jan 2021, I won my employment tribunal against them. The remedy hearing is in Nov. They continue to make new and unfounded allegations. They are simply ramping up my costs and I believe they have no intention to pay.
Inspite of the company being profitable and has long term contracts with blue chip companies, they claim my shares are worth zero. I am still a significant shareholder with minority protection voting rights.
I believe they are taking excess cash out of the business and potentially running it into the ground.
For the sake of my health and sanity plus the personal financial impact - I want this over and done with.
Any advice please!
Background - I founded and grew a profitable tech company but fell out with fellow 2 Director / shareholders. Whilst I wanted to grow and sell, they wanted to take cash out / lifestyle business.
The company was well established, with clients in 70 countries, profitable and growing, with long term recurring contracts. It had solid financial processes, top-class bookkeeper, finance director, reputable accountants, regular reporting etc - everything was done by the book.
In early 2018, they appointed an Exec Chairman against my wishes. A few months later I was dismissed after a poorly run investigation and disciplinary into the financial management of the company. However the Exec Chairman chose not to use the financial professionals and made his own judgements - without checking facts eg whether or not I was entitled to RPI pay rises. He is not an accountant or lawyer.
My fellow shareholders and the Exec chairman tried to coerce me into removing my minority voting rights (each of the 3 shareholders has minority voting protection), which I refused. They then made further accusations (breach of covenant, stealing company secrets) and have continued to do so without much in the way of evidence. When I refused to give up my shares (independently valued at >£1m) they went to the police accusing me of fraud. the police took 2 1/2 years to find that there was insufficient evidence.
They have threatened my wife. They have tried to intimidate me. It has been very distressing and expensive.
In Jan 2021, I won my employment tribunal against them. The remedy hearing is in Nov. They continue to make new and unfounded allegations. They are simply ramping up my costs and I believe they have no intention to pay.
Inspite of the company being profitable and has long term contracts with blue chip companies, they claim my shares are worth zero. I am still a significant shareholder with minority protection voting rights.
I believe they are taking excess cash out of the business and potentially running it into the ground.
For the sake of my health and sanity plus the personal financial impact - I want this over and done with.
Any advice please!
