Redenominate Shares
Use the Share Redenomination wizard to record a redenomination of shares.
Use the Redenomination option to change the nominal value or the currency of the share class and apply them to all existing shareholders in the share class. Redenomination enables you to rename existing share classes and change share class codes where applicable.
Watch this short video on how to redenominate shares or read the steps below.
Before you start
Make sure you have created the share class you want to redenominate. Refer to Create a Share Class to learn more.
In this example, an ordinary share class with a nominal value of £1.00 with 100 issued shares is redenominated into an ordinary share class with a nominal value of $3.50 with 100 issued shares. To redenominate the shares:
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Open the required company record and go to Ownership > Share Classes.
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Select Options
against the share class you want to redenominate and select Redenomination to open the Share Redenomination wizard.Note
The Redenomination option is also available on the Shareholders page under Wizards > Batch Many People.
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On the Share Class to Redenominate page, select the share class that you are redenominating, then select Next.
In this example, an ordinary share class with the nominal value of £1.00 is selected.
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On the Event Date page, enter the event date, then select Next.
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On the Details page, enter the details for the new share class.
In this example, the new share class is an ordinary share class, the currency is US dollar and the nominal value is 3.50.
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On the Shareholders page, review the list of current shareholders with the amount of shares they currently hold and select Next.
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On the Notes page, enter any relevant notes and record whether the notes should appear on the statutory registers. Select Next.
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On the Board Meeting page, enter the date of the board meeting that was held approving or noting this event, then select Next.
If the date of the board meeting is unknown, skip this step.
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On the Shareholders' Resolution page, enter the shareholder resolution details, if required, then select Next.
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On the Action page, choose whether you want to save the event as pending or update all records immediately, then select Next.
In the Tracking section, you can assign the event to a specific user and add a reminder. Refer to Pending events to learn more.
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On the Documents page, select whether you want share certificates to be produced, then select Next.
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On the Finish page, wait while the event and the documents are processed. When the status shows as Completed, select Finish to close the wizard.
If you chose to action the event immediately, a new share class is created with the details provided in the wizard. All shareholdings in the original share class are disposed of and reacquired in the new share class. All affected share certificates are cancelled in the original share class and reissued in the new share class. The original share class is cancelled and all authorised and issued shares are disposed of.
Note
No forms are generated at the end of the Share Redenomination wizard. Its purpose is to make the share conversion process easier.
