The shareholders of The Givons Grove Estate Limited are almost exclusively the residents of the Givons Grove Estate. Of the 117 properties on the Estate, 112 residents are currently shareholders, owning one share each with a nominal value of £0.50. New shares can be issued to any resident who is not a current shareholder at a price of £800.
Please contact the Company Secretary Barbara Vernon for information on how to purchase a share.
Transfer of Shares
Shareholders who move from the Estate frequently ask about the transfer of their share to their purchaser, and solicitors acting on behalf of both vendor and purchaser occasionally ask for clarification of the Articles of Association and the rules governing holding of Givons Grove Estate Limited shares.
The Articles of Association make it clear that it is intended that only householders on the Estate should be shareholders and there is provision to suspend voting rights if a shareholder is not a householder. Householders who move from the Estate should discuss with their solicitor the transfer of the share to the new owners. The procedure is relatively straight forward and in summary comprises:
The price to be paid for the share is agreed with the prospective purchaser. Most residents include this in the overall price of the house, but occasionally a separate price is negotiated – usually either the original price paid for the share or the current price (£800)
The solicitors complete a Stock Transfer form signed by the shareholder authorising the transfer of the share to the purchaser and recording the price agreed (nominal if included in price of house).
The Stock Transfer form with the old Share Certificate is sent to the Company Secretary who amends the Share Register, cancels the returned share and issues a new share in the name of the purchaser.
The Company Secretary sends the new Share Certificate to the purchaser’s solicitor for forwarding to the purchaser, unless asked to do otherwise
The Company Secretary writes to the purchaser confirming the transfer has been completed with any other details that are appropriate.
If a solicitor or other interested party wishes to have a copy of the Company Memorandum and Articles of Association, the Report & Accounts or the AGM Minutes, these may be obtained from Barbara Vernon, Company Secretary for a small charge.
Please contact the Company Secretary Barbara Vernon if there are any further queries on this subject.