through the process to create the approvalThe Prescribed Particulars are a summary of the rights attached to a particular share class. It may be necessary to change these at times.
Inform Direct has written a blog explaining prescribed particulars in more detail and including several specimen examples. This can be found here.
To edit the Prescribed Particulars of a share class:
1. Go to the Share Classes tab and click on the yellow pencil and select Edit share class.
2. This will bring up this screen, enter the Date of change and select Next.
Note: If you are adding back Prescribed Particulars because none have been returned by Companies House then use the date of the transaction (e.g. the share split) which triggered the Prescribed Particulars to disappear.
3. The next screen will give you the opportunity to either add or amend the Prescribed Particulars. Leave the Class description (name) and Currency as displayed. Select the Type of share from the dropdown list if this is Unknown.
Note: If you wish to change the Class description (name) then instead of this process please see How Do I Edit the Class Description? - you can change the particulars at the same time, if needs be.
4. Enter your new prescribed particulars into the free text field. If you wanted some standard wording then you can use the below. Please note that it is your responsibility to ensure that the particulars are suitable for your requirements.
Each share is entitled to one vote in any circumstances. Each share is entitled pari passu to dividend payments or any other distribution. Each share is entitled pari passu to participate in a distribution arising from a winding up of the company.
If the Nominal Value is £0.00 see: How do I correct the nominal value of a share?
4. Then click the green Submit button.
Before completing the change on Inform Direct you will be asked if approval is required, this allows you to create a summary document to be approved if necessary. Selecting Yes will take you through the process to create the approval document.
Selecting No does not create the summary document and proceeds to the next step to complete the change.
For this process, nothing will be sent to Companies House electronically and a paper form will be generated.
Note: The approval feature is only available to subscribers of the software, please see What are the benefits of subscribing to Inform Direct? Pay as you go users will skip straight to step 5 below.
5. You will then be presented with a summary whereby you can simply click the green Continue button. Here, you will be presented with the option to generate supporting documentation i.e. minutes by selecting the relevant tick boxes.
The SH10 form will also have been generated and this will be available in your Document Library. This form needs to be sent to Companies House - you can either print, sign and post or upload online.