Shareholder registration form now available

richard@imutual
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Shareholder registration form now available

Post by richard@imutual » Wed Jul 14 2010 2:57pm

You'll be pleased to hear that imutual members can now complete their shareholder registration at http://www.imutual.co.uk/shareholder

Once you've done this and we've checked the information submitted, you will then receive a share certificate when we next undertake an update of our share register. At present, we intend to do this quarterly with the first certificates being issued in September.

We only plan to send updated certificates on a quarterly basis so that we can minimise the time we spend on administration, allowing us to focus on getting great cashback deals for you. But if we find that we are able to process them more quickly in future, we'll certainly consider doing so :)

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Re: Shareholder registration form now available

Post by colsey » Wed Jul 14 2010 4:02pm

It may sound like a funny question but is this form linked to our accounts? As when I look at the link I cant see any reference to my forum name/number.

Forgot say well done in uploading the document.

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Re: Shareholder registration form now available

Post by One Eyed Snake » Wed Jul 14 2010 4:11pm

Will this register be available to anyone to look at?

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Re: Shareholder registration form now available

Post by kevinchess1 » Wed Jul 14 2010 5:25pm

Will we get Hard Copy or email?

Bruce
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Re: Shareholder registration form now available

Post by Bruce » Wed Jul 14 2010 5:27pm

richard@imutual wrote:We only plan to send updated certificates on a quarterly basis so that we can minimise the time we spend on administration, allowing us to focus on getting great cashback deals for you. But if we find that we are able to process them more quickly in future, we'll certainly consider doing so :)
Is the certificate something that we download online/receive by email or will it actually be an official piece of paper that I can get my hands on?

Also, an excellent question from OES.

Edit: Seems like someone got there before me :lol:

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Re: Shareholder registration form now available

Post by richard@imutual » Thu Jul 15 2010 7:50am

One Eyed Snake wrote:Will this register be available to anyone to look at?
Only as required by company law and for what the company considers a 'proper purpose'. e.g. NOT for commercial purposes
Brucey wrote:Is the certificate something that we download online/receive by email or will it actually be an official piece of paper that I can get my hands on?
It will be sent by email, but of course you are welcome to print it out! ;)

imutual will do as many things electronically as company law permits, in order to keep overheads down and run a sleek operation

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Re: Shareholder registration form now available

Post by One Eyed Snake » Thu Jul 15 2010 9:56am

richard@imutual wrote:
One Eyed Snake wrote:Will this register be available to anyone to look at?


Only as required by company law and for what the company considers a 'proper purpose'. e.g. NOT for commercial purposes
If these shares are "proper" ones, then the law is that the register can be inspected by anyone. (Any shareholder can inspect it free of charge - (it seems anyone can become a shareholder) and non shareholders can inspect by paying a fee)

==========================================================================================================

As we will be the owners 0f 90%, are we protected should there be any liabilities in the future?
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Re: Shareholder registration form now available

Post by richard@imutual » Thu Jul 15 2010 10:03am

They are 'proper' ordinary shares, so your rights and liabilities are no different than if you held shares in another PLC e.g. BT, Lloyds TSB etc. In company law, shareholders in a limited company (be it public or private) are not liable for company debts
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Re: Shareholder registration form now available

Post by One Eyed Snake » Thu Jul 15 2010 10:06am

In that case, any shareholder has the right to inspect the register of shareholders. (Anyone can become a shareholder, therefore it seems anyone can get our details) And apart from the usual concerns about privacy and the net, there seems to be at least one bad person who could want to get his revenge!
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Re: Shareholder registration form now available

Post by richard@imutual » Thu Jul 15 2010 11:02am

I think this is alarmist and will cause undue concern to any potential members reading it

The Companies Act 2006 includes provisions to ensure that this right is only exercised for proper purposes, such as requisitioning a meeting of members. This is a good thing for shareholders, as it gives you power over your company

If someone requests access to the register, we are entitled to ask for the requester's name and address, or if an organisation an individual's name, plus the purpose of the request and whether the information will be shared with anyone else and if so, to whom and for what purpose. It is a serious criminal offence to make a false statement when providing the details required for disclosure, or to misuse the information provided

If we are not satisfied that the access is being sought for a proper purpose, we can refuse to provide the information. Note that the information consists purely of your name and address and cannot be linked with your email address / forum posts etc

Try buying 1 share in LTSB and requesting access to their list of 2 million+ shareholders and see where that takes you
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