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We worked with a communications agency based in London in preparing new articles of association for them. The company had alphabet shares and the scheme/new articles required further classes of shares, which we issued. These were designated as ‘hurdle shares’ to participate in the capital value above a designated threshold.

The new shares were offered to an executive director of the company as a reward through dividends and an incentive of the capital value. These were allotted shares worth 7.5% of the issued share capital of the company.