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Thank you for your question and welcome. My name is ***** ***** I will assist you. Were you ever listed as a shareholder on the Annual Return? What percentage of shares were you given? Did you ever sign a shareholders agreement?
Thank you. How did you put your the money into the Companies ? Did you pay it into a company account? Do you know how this money was recorded in the annual accounts of the companies? Kind regards AJ
Thank you. The share certificates are absolute proof of ownership - without the certificates or a payment to the company -or a stock transfer form if the shares were bought from him and not issued by the company- the share circular is not sufficient evidence. You could push to sue for the shares but ultimately you are just going to be a minority shareholder in five companies with someone you don’t trust. You are better off pursuing this as a debt that the owes you for failure to deliver the shares agreed. Are the shares worth more money than you would have otherwise paid? If you treat this as a straight forward money claim it will be much easier to remedy - as you have the evidence of the money being paid to his account. I look forward to hearing from you. Kind regards AJ
Thank you. The share certificates would be a big help but that is not fatal to any claim. Claiming the shares is going to be more difficult to prove than a straight forward money claim. Having 1% of shares in a company where you don’t get on with the majority shareholder is a risk- he could dilute your shares etc. If that is the route you want to explore - a starting point is were the shares issued to you or sold to you? Were you required to pay Stamp Duty on them? Kind regards AJ
Thank you. The emails are not "legally binding" but they can be used as evidence that a contract existed for the sale of the shares. Has this individual sold more shares than the number of shares in issue? Are there other shareholders in your position? Kind regards AJ
Thank you. The advice is you can sue on one of two grounds:
(i) You paid money for shares - he is in breach of contract for not transferring those shares to you. You can sue him for all the losses you have suffered as a naturally occurring consequence;
(ii) You paid money for the shares - you sue him for specific performance of that contract and for the shares to be legally transferred into you name.
Those are the two options. Option (i) your evidence is proof that payment was made, Option (ii) your evidence is the emails which show a contract for the transfer of the beneficial interest of the shares was made to you.
Have you sent initial correspondence demand the share certificates? Kind regards AJ