Club News

Share certificates: An update from Ann Budge

17th September 2014

Ann Budge updates fans waiting on shares certificates on progress and next steps.

To all subscribers in the 2012 share issue,

As you all know, as part of the recent public share offer, although not obliged to do so, Bidco (I) offered to buy back shares from anyone who had subscribed for shares in the 2012 share issue and who wanted to sell them… at the public offer price. A number of you elected to do so and should by now have received your cheques. For those who opted to keep their shares, I committed to issuing them with share certificates.

Not surprisingly, we are receiving a number of enquiries asking "Where is my certificate?" I hope the following explains why there has been a delay in getting these issued and to some extent reassures those concerned that they will get their certificates as promised.

The delay has come about because of various factors, including:

• The need to negotiate with and appoint a Registrar to handle the transaction.

• The need to ascertain what parts of the legal process had been properly completed by the previous owners and what had not.

• Errors or omissions in completing the forms to be returned, which meant we had to revert to a number of individuals more than once to ascertain what action they wanted to take.

• Failure on my part to fully appreciate the timescales involved to resolve all of the above.

Where we are now is as follows:

• We have obtained a certified copy of the resolutions passed at the last AGM which included authority to allot the shares.

• This certified copy resolution can now be signed by me and filed at Companies House. This will be done this week.

• At the next Board meeting, which is to be held on Friday of this week, the new Board will approve the issue of the relevant shares. The allotment of shares was never actually completed by the previous Board which is what has led to some of the difficulties.

• Following Board approval, the allotments can then be entered into the company's register and the register of members updated. This needs to be carefully co-ordinated, given that some of the original subscribers have sold their shares to Bidco (me).

• At that point the relevant form will be filed at Companies House.

• At that point the share certificates can be issued.

In short, we have tidied up the legalities and are in the final stages of finalising the process to ensure this is all done properly. This aspect should be completed this week. Thereafter, it is an administrative task on behalf of the Registrar to get everything properly recorded and updated and the share certificates issued.

I apologise most sincerely for the delay but do assure you that we are almost there. Please believe me when I say that it was no easy task to unravel everything.

Thank you for your patience.

Ann Budge (on behalf of Bidco 1874 Ltd)