Sometimes you will see two similar share classes with one of them having a nominal value of £0.00 but the number of shareholders as 2 (as in the below example) and the other share class with a nominal value of £1.00 but the No. of shareholders as 0.
This will usually be due to the share class being referred to by a different name in previous filings e.g. Ordinary and Ordinary 1 Gbp in the example below.
Note: If an old share class is still appearing the nominal will also show as £0.00. Why is an old share class showing?
The Share Classes tab will appear like the image below.
These two similar share classes can be easily merged by following the steps detailed:
Make sure that the nominal value and prescribed particulars are showing for both share classes. They need to be updated before you are able to proceed.
How do I correct the nominal value?
How do I edit the prescribed particulars?
To merge the two share classes
1. Go to the Share classes tab.
2. Click on the blue Share reorganisation' button.
3. Select 'Reclassify/convert shares.'
4. Make sure to select "Convert the whole or part of a share class into another share class"
5. Now you can enter the date of change and share class. You can then follow through the process to finish.
Note: At the end of the process you will have the option to produce supporting documents that will be pre-populated and put immediately into you document library.