
HinckleyGolf Club
AGM Documents
Notification regarding the redemption of B Shares
At the recent Shareholders meeting, our Accountants, Lester and Co, highlighted that the Club has 'negative retained earnings' within the Balance Sheet. This has largely been brought about by the fine imposed on the Club. The Board has been advised that under this circumstance, it would be illegal to redeem any B shares.
The Board has been advised that there can be no B share redemption until such times as the retained earnings becomes positive.
Whilst this will be disappointing for B shareholders who may have been looking to redeem them in the near future, the Board has no alternative than to act within the law and the advice given.
In view of this situation and the history behind the B shares, the Board is seeking advice on a number of potential options. When we have received this and our proposal agreed, we will report back to the Members. We anticipate this being within the next 6 months.