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Hi, Thank you for your question and welcome. My name is ***** ***** my colleague has asked me to assist you. Is there a mechanism for valuing the shares in the articles of association or does the PoA contain a price at which the shares can be sold?
Hi, Thank you. So the clear point to consider her is that if your husband leaves he will only receive what he invested. Does he currently have a signed contract obligated the purchaser of the shares to pay 8dollars a share? Kind regards AJ
Hi, Thank you. Normally an exchanged contract would mean there is an obligation to complete the sale. The issue I would be concerned about here is, have you actually seen a signed contract? Even with a power of attorney, your husband should still be party to our mentioned in the contract?
Hi, Thank you. If they have given you a date for exchange - are they able to confirm a completion date?
Hi, Thank you. Until you know your husband has a contractual right to the proceeds and you have written confirmation, either by way of a draft contract or otherwise, I would be of the opinion that handing in his notice would jeopardize his right to the price proposed. The only way to tacitly find out without making it obvious that he intends to hand in his notice, is to ask whether the provisions of the shareholders agreement/articles still apply now there is an offer on the table? If he has C Class shares, do you have a description of the rights attached to those shares currently?
Hi, Thank you. The date of termination is the date the notice expires. So the sale would have to be completed before the notice expires. If the notice expires and the sale is not complete he risks a call being made on the shares.