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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 31300
Experience:  Over 5 years in practice
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There, we are a Limited company that has been made an offer

Customer Question

Hi there, we are a Limited company that has been made an offer for purchase if at first all shareholders turn their shareholder loans into share capital. To date our shareholders were allocated shares based on the loans offered.
If we vote in favour (75% or more) will this allow us to make those that vote against also turn their loans into share capital ?
Thanks
Andy
Submitted: 1 year ago.
Category: Law
Expert:  Alex J. replied 1 year ago.
Hi, Thank you for your question and welcome. My name is ***** ***** I will assist you. So I under stand, the shares in the company will be sold to a third party? Instead of paying for the shares, they will be recorded as a debt owed by the company to the old shareholders? Do you have a shareholders agreement or articles of association with drag along and/or tag along rights? Are the shares in anyway redeemable or convertible at the option of the Company?