Checklist For Buy Back Of Shares
Description
How to fill out Checklist - Evaluation To Buy A Business?
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FAQ
Certified true copy of the special resolution passed at the general meeting. Certified true copy of board resolution authorizing buyback. Balance Sheet of the company. Compliance certificate for the buy-back rules as per the sub-rule (14) of Rule 17 of the Companies (Share Capital and Debenture) Rules, 2014.
Offer Period: The buy-back offer shall remain open for a period of at least 15 days and not more than 30 days from the date of dispatch of the letter of offer to the Shareholders. In case all the members of a company agree, the buy-back offer may remain open for a period of less than 15 days.
There are stages to work through as follows: Background review of the articles and shareholders agreement before the share buy back; Drafting the share buy back documentation; Obtaining shareholder approval; and. Filings with HMRC for stamp duty and Companies House.
(Section 257B, Corporations Act 2001 (Cth).) If the 10/12 limit is exceeded, the company's shareholders must approve the buy-back in general meeting. The exception to this is a selective buy-back, which requires shareholder approval regardless of whether or not it exceeds the 10/12 limit.
Buyback of shares can be done either through the open market or through tender offer route. Under the open market mechanism, the company can buy back its shares from the secondary marker.
