shares not wanted by beneficiaries of will

[didds]

as Im sure the sharper of you have by now worked out mum died a few weeks ago.

In her estate are 500 shares in Gillingham FC which are worth nominally 1p a share ie £5 total, and they are not tradable

GFC : "The value of GFC shares is their nominal value of 1p each as they are not traded on an open market. The club de-registered from a PLC in December 2009 and re-registered as a Limited Company due to the excessive costs of operating as a PLC. Unfortunately, there is no facility to buy or sell these shares."


I have no interest in holding them and neither has my brother the other beneficiary of mum's will (and fellow executor).

To transfer the shares would require
GFC: To transfer your mother's shares you will need to complete a Stock Transfer Form which is attached to this email. You will also need to provide a certified copy of the Grant of Probate, Death Certificate and the original share certificate if held.

As the cost of 2 x certified copies would far exceed any nominal and no tradable value there is not point transferring them. ie they'll be left in mum's name.

So my question is ...

DAK what happens to such shares owned by a dead person?

[DrFfybes]

Can't you gift them to Charity.

I would suggest https://register-of-charities.charityco ... full-print

Paul

[didds]

Can't you gift them to Charity.

I would suggest https://register-of-charities.charityco ... full-print

Paul

we certainly can

assuming they dont want/need us to transfer them to ourselves first incurring the charges in the OP. Then we're back to square one

didds

[genou]

Can't you gift them to Charity.

I would suggest https://register-of-charities.charityco ... full-print

Paul

we certainly can

assuming they dont want/need us to transfer them to ourselves first incurring the charges in the OP. Then we're back to square one

didds

They are as useless to a charity as they are to you. Send the share cert back to the club with instructions to take them back in to treasury ( i.e. the club could re-issue them if they wanted ). Up to them what they do next.

[mc2fool]

As the cost of 2 x certified copies would far exceed any nominal and no tradable value there is not point transferring them. ie they'll be left in mum's name.

So my question is ...

DAK what happens to such shares owned by a dead person?

No, but a quick google for GFC shares brings up, amongst others, this football forum thread, which confirms that they're worth diddly squat but also says "From what I read, most fans who own some only have them as a quaint memento and a certificate to stick on the wall in the man cave".

So, possibly they might have value as fan collectible memorabilia -- and very possibly an "active" one as, presumably, being a shareholder will entitle the fan to attend and vote at AGMs etc (even if their vote will be worth diddly-squat).

I'd suggest poking around whatever relevant supporter forums there may be. Some fan may well be happy to give you something+costs for them.

Or you can try putting them on eBay in the hope of some American getting excited about owning a piece of an English soccer team ...

[didds]

They are as useless to a charity as they are to you. Send the share cert back to the club with instructions to take them back in to treasury ( i.e. the club could re-issue them if they wanted ). Up to them what they do next.

now THIS is the sort of advice I need

[dionaeamuscipula]

In her estate are 500 shares in Gillingham FC which are worth nominally 1p a share ie £5 total, and they are not tradable

GFC : "The value of GFC shares is their nominal value of 1p each as they are not traded on an open market. The club de-registered from a PLC in December 2009 and re-registered as a Limited Company due to the excessive costs of operating as a PLC. Unfortunately, there is no facility to buy or sell these shares."

To transfer the shares would require
GFC: To transfer your mother's shares you will need to complete a Stock Transfer Form which is attached to this email. You will also need to provide a certified copy of the Grant of Probate, Death Certificate and the original share certificate if held.

As the cost of 2 x certified copies would far exceed any nominal and no tradable value there is not point transferring them. ie they'll be left in mum's name.

So my question is ...

DAK what happens to such shares owned by a dead person?

Certification of copies need not cost anything, although the rules vary. https://www.gov.uk/certifying-a-document

I have certified dozens of documents over the years with no difficulties arising (I have a relevant profession) at no cost.

GFC should change the name on the register to "Executors of Mrs Didds (Deceased)", and they will stay that way until they are dealt with. Ultimately there will be some action such as a takeover, or a liquidation, at which case the proceeds if any will sit around in the registrars bank account until they are either claimed or 6 years pass in which case they will return to the organiser of the action. Lost shareholders are very frequent, a company of which I have knowledge has 79 missing shareholders out of a register of just over 1,000 registered holders, the largest such holding being worth over £10,000.

DM

[dubre]

Yes..speak to the club secretary.
I have rather more than 500 shares in GFC and have been offered real money by private buyer over the years..not recently!
DYOR but some perks are available to shareholders.
When the club are in the Premier League your 500 shares will be worth a fortune.

[didds]

When the club are in the Premier League.

BWA HA HA HA HA HA!!

[gryffron]

a certified copy of the Grant of Probate, Death Certificate and the original share certificate if held.

Suggest to them they amend their procedures. I dealt with a large number of financial companies following my dad’s death. NO-ONE asked for BOTH grant of probate and death certificate. It’s completely redundant, the latter being a necessary precursor for the former.

Gryff

[jaizan]

As the cost of 2 x certified copies would far exceed any nominal and no tradable value there is not point transferring them. ie they'll be left in mum's name.

So my question is ...

DAK what happens to such shares owned by a dead person?

I don't know what happens, but I would imagine it's safe to ignore assets of near zero value. Why waste time on it ? Hypothetically, the certificates could have been "lost".

[dionaeamuscipula]

Yes..speak to the club secretary.
I have rather more than 500 shares in GFC and have been offered real money by private buyer over the years..not recently!
DYOR but some perks are available to shareholders.
When the club are in the Premier League your 500 shares will be worth a fortune.

Yeah, like my Spurs shares.

DM

[dubre]

The owner of 500 shares in GFC will have had real affection/interest in the club. There is no other reason for holding the shares. This I would consider.

[dealtn]

If you simply want to do the least costly thing then do nothing.

If you want to deal with the Club liaise with the Company Secretary not the Club Secretary.

There are around 150million shares. The Club will have a valuation of around £20 million I would estimate. The shares aren't worthless just because they aren't traded, but don't have a huge value if you own just 500 shares, but you do (as far as I know) have voting rights. Those voting rights in practice are dwarfed by the significant owner.

[didds]

cheers all.

Ive decided to do nothing. they can sit in mum's name and ill keep the needed paperwork filed away incase GFC win the champions league and they become worth 8 gazillion quid.

and ill cough the CGT on the gain at that moment ...

[didds]

and ill cough the CGT on the gain at that moment ...

though they aren't tradable of course so still effectively worthless as I cant realise the value anyway!

DOH!

[UncleEbenezer]

and ill cough the CGT on the gain at that moment ...

though they aren't tradable of course so still effectively worthless as I cant realise the value anyway!

DOH!

I thought the "at that moment" referred to a circumstance where that might change, and they have a value?

[DrFfybes]

cheers all.

Ive decided to do nothing. they can sit in mum's name and ill keep the needed paperwork filed away incase GFC win the champions league and they become worth 8 gazillion quid.

and ill cough the CGT on the gain at that moment ...

If you keep them until you die then that negates the IHT

Paul

[SteelCamel]

though they aren't tradable of course so still effectively worthless as I cant realise the value anyway!

They are tradeable, just not on a market - so you'd have to find a buyer yourself. Based on Dealtn's post they're worth approximately £67 - but, like any asset in an illiquid market, they may actually sell for much more or much less.

[dubre]

no luxuries at GFC. club and company secretary are same person.