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We have recently been appointed to act on behalf of a new client company that has three divisions all related to the provision of training. The shareholders currently hold ordinary shares carrying voting rights of at least 5% but in most cases more and satisfy the conditions for obtaining entrepreneurs’ relief.
A third party wishes to acquire the trade of two of the divisions and as a preliminary step to facilitate a share sale ordinary shares will be reclassified as A and B shares which will have the same rights and be held in the same proportions as the ordinary shares.
The B shares will be issued pro rata to reflect the value of the two divisions to be sold and the A shares will reflect the value of the division to be retained subject to the number not exceeding 5 000 £1 Ordinary A shares in...
