I bought a redeemable preference share (7.5k) in a PLC Golf Club in 2006, i am now trying to redeem the share and the PLC are refusing to buy the share back now as they say that no shares are selling now.The information provided at the time of purchase stated that i could:
Transfer Owenership of the share to another person
Transfer the share in a will
Redeem the share for 5% above it's fully paid up value.
I understood from this that the PLC would buy the Share back with some timeframe conditions that have now passed.
The PLC Golf Club provided me with a copy of Memorandum and Articles Of Association but this hard to understand for a lay person like me. One section in relation to the redemption of the share states:
If the Company does not in writing during the option period (6 months) exercise the option to buy the Transferor's share, or subsequently it is not able or willing to complete the purchase in accordance with the clause, then the transferor may during the period of 60 days from the end of the option period transfer the preference shares to the proposed transfereereferred to in the particulars furnished to the company for an amount not less then the price specified in those particulars and on the same terms as those contained in those particulars.
Can anyone provide any infomation in relation to this matter or point me in the direction of where i can find same.
Any help would be appreciated.
Transfer Owenership of the share to another person
Transfer the share in a will
Redeem the share for 5% above it's fully paid up value.
I understood from this that the PLC would buy the Share back with some timeframe conditions that have now passed.
The PLC Golf Club provided me with a copy of Memorandum and Articles Of Association but this hard to understand for a lay person like me. One section in relation to the redemption of the share states:
If the Company does not in writing during the option period (6 months) exercise the option to buy the Transferor's share, or subsequently it is not able or willing to complete the purchase in accordance with the clause, then the transferor may during the period of 60 days from the end of the option period transfer the preference shares to the proposed transfereereferred to in the particulars furnished to the company for an amount not less then the price specified in those particulars and on the same terms as those contained in those particulars.
Can anyone provide any infomation in relation to this matter or point me in the direction of where i can find same.
Any help would be appreciated.