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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience:  Solicitor with 5+ years experience
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Some years ago my employer offered to buy back my Company shares

Customer Question

Some years ago my employer offered to buy back my Company shares at an attractive rate, the next day I accepted their offer. Nothing was forthcoming despite several attempt to progress & the refusal of several lower offers with reminders of their original offer.
Subsequently I was told I would be given into my pension scheme £100,000 as a kind of bonus? I was told it would be made available to me within 3 months. We are now 5 years down the line & upon forcing the issue I have been offered £100,000 pension contribution but the share offer is now only £5.5 per share which is less than 50% of the original offer.
I have been given a letter that says this is the final offer & I must accept in 7 days.

I have in writing all the offers with dates & I don't feel I should take this offer which is 50% lower than the original offers & I believe they have only given me 7 days so I cannot have time to get correct legal advise. Can you please advise me how I stand should I fight this? the difference is £88,000 which is a lot of money to me.

Regards

Mark
Submitted: 3 years ago.
Category: Law
Expert:  Ash replied 3 years ago.

Alex Watts :

Hello my name is Alex and I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return. There is no need to wait here, you will get an email when I reply.

Alex Watts :

Has your employer said why they have withdrawn the original offer and on what basis please?

JACUSTOMER-7ezolyio- :

No they are just trying it on. With regards to the shares they say the lower offer is all they are now worth; my point is I had an offer considerably higher which they did not honour.

JACUSTOMER-7ezolyio- :

Regards

Alex Watts :

If they offered you a higher price, you accepted then this is a binding contract.

Alex Watts :

If they refuse then you can issue proceedings for breach of contract but you need to be quick as Limitation Act runs from 6 years from the date of breach of contract.

Alex Watts :

You need to write and set out your losses and request a refund within 14 days or say you will go to Court within 14 days. You should make sure you send this recorded delivery and keep a copy.

If they do not refund you then you can issue proceedings in the County Court. You can either do this online at: www.moneyclaim.gov.uk or by completing form N1 http://hmctsformfinder.justice.gov.uk/courtfinder/forms/n001-eng.pdf and take it to your local County Court.

The Court will then issue a claim which a copy will be sent to the Defendant who will have a limited time to defend it, if not you can enter Judgment and enforce.

If the matter is defended it will be set down for a trial. If the claim is for £10,000 or less it will be a small claim and you will not need representation. However given this value if the claim is defended then you would need a Solicitor to represent you in Court. You would have to pay for this but if you win then you can claim legal costs back from the other side. But the same applies to the other side, if you lose then you would have to pay the legal costs of your employer as well as your own.

Can I clarify anything for you about this today please?

JACUSTOMER-7ezolyio- :

The original offer was dated July 2007, then in Oct 2007 I was offered a lower valuation at £8.5 per share but with an offer to double this up to £33150 there has been ongoing correspondence from 2007 to this year. How do I stand?

JACUSTOMER-7ezolyio- :

I also need to know if the 7 x days to accept their final offer is legally Ok it does not give me much time.

Alex Watts : If it says in full and final settlement then do not accept it as you can not do anything after.
Alex Watts : But you if you accepted in July 2007 and they changed in October then your claim would run from October 2007 which means it may now be statue barred.
Alex Watts : I am sorry if this is not the answer you want and certainly not the one I want to give, but I have a duty to be honest.
JACUSTOMER-7ezolyio- :

What does statue barred mean, surely my non acceptance of any reduced offer & my insistence for payment of the original offer right up to current time must have some bearing? They can just change their mind & renege on the original offer?

JACUSTOMER-7ezolyio- :

The 7 days acceptance; this is not enough in the real world to allow me to get fair representation is 7 x days correct for these things.

Alex Watts :

Statute barred means the claim is time limited. If they change their mind and renege on an offer you have 6 years to bring a claim. As I understood it this was either July 2007 and they changed their mind in October 2007. This means you had 6 years from that date to bring a claim.

Alex Watts :

Or have I understood wrongly?

JACUSTOMER-7ezolyio- :

The original offer was July 2007 which I accepted immediately they have just not paid it & over the years have then produced reduced offers which I have rejected claiming I want paying at the price of the original offer I accepted not the subsequent reduced ones. These delaying & reducing offer tactics have been going on for six years, in March of this year within the 6 year period I again reiterated I wanted paying at the original full price & all I get is another reduced offer.

Alex Watts : The problem if you had 6 years from then to act. It makes no difference if in March there is a further offer, the time expired already by now. you needed to have acted within 6 years.
Alex Watts : I am sorry as I know this is not the answer you want and certainly not the one I want to give but I have a duty to be honest.
Alex Watts : Can I clarify anything for you please?

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