The shareholders of The Givons Grove Estate Limited are exclusively Dwellingholders on the Givons Grove Estate. Of the 117 properties on the Estate, 114 Dwellingholders are currently shareholders, owning one share per property with a nominal value of £0.50. New shares can be issued to any Dwellingholder who is not a current shareholder at a price of £800.
Please contact the Company Secretary for information on how to purchase a share.
Transfer of Shares
The Articles of Association make it clear that it is intended that only Dwellingholders on the Estate should be shareholders and there is provision to suspend voting rights if a shareholder is not a Dwellingholder. Shareholders who are about to move away from the Estate should discuss with their solicitor the transfer of the share to the new owners and provide them with the contact details for the Company Secretary.
Solicitors acting on behalf of a potential purchaser often ask for information about the estate. This may include asking for a copy of the Articles of Association and past accounts, details of any rules governing the holding of Givons Grove Estate Limited (GGEL) shares or guidelines for living on Givons Grove.
The transfer procedure is relatively straight forward and in summary comprises:
- The price to be paid for the share is agreed with the prospective purchaser. Most shareholders 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).
- On completion of the sale of a property, it is important that the purchaser’s solicitor should let the Company Secretary know that this has occurred in order to start the transfer process.
- The seller’s solicitor completes a Stock Transfer form (J30) signed by the shareholder(s). authorising the transfer of the share to the purchaser(s). and recording the price agreed (nominal if included in price of house).
- The Stock Transfer form, along 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 Certificate in the name of the purchaser(s).
- 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 Articles of Association, the Accounts or the AGM Minutes, these may be obtained from the Company Secretary for a small charge. Existing shareholders are not charged for copies of the documents.
Pease contact the Company Secretary if there are any further queries on this subject.