Peter Rayney takes a quirky look at the issue of share transfers on retirement
On a sunny afternoon in December 2011, Jennifer Eccles, managing director of J E Promoters Ltd (JPL), was reminiscing over her life of promoting music concerts and events. She was waiting in the boardroom to greet the company’s accountant, Jack Flash. Jen had formed JPL in June 1998, subscribing for all the company’s 1,000 £1 ordinary shares. She had recently celebrated her 66th birthday and has been contemplating stepping-down as managing director, leaving the business to be run by her two daughters – Jesamine and Carrie-Anne.
Both daughters were appointed as directors in 2005 and have increasingly assumed most of the day-to-day running of the business. Jen also transferred 125 shares to each of them back in 2006. Jen saw company accountant Jack in the doorway. ‘Come in Jack, good to see you.’
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