TRANSFER OF SHARES IN THE VOC SPARES COMPANY
Because of the way the Spares Company was launched back in 1975 and financed subsequently there were about 60000 shares issued and over 900 shareholders still are on record. The VOC Spares Company is a private unquoted company and it has never paid a dividend to its shareholders and it is very unlikely to do so in the future. The whole purpose of the company is to ensure spares continue to be available for the Vincent motorcycle and a subsidiary benefit is that individual shareholders (like VOC members) receive 10% discount on most spares they purchase.
If you wish to sell your shares you have two ways to proceed. One is to privately locate a buyer. The other is to inform the company secretary who will place you on a list (however buyers contacting the secretary for shares is an infrequent occurrence). If a buyer is forthcoming then the secretary will place him in contact with you.
Once in contact with the buyer the shareholder or his Executor should negotiate a price, (The company has no part to play in this transaction)
When a transfer is agreed, you should inform the secretary who will send the shareholder an official form containing the details of the shares for the shareholder or his executor to fill in the new shareholders details and sign. The form should then be returned with the following:
The old Certificate or a statement regarding its loss
Any proof if necessary, of Executor status
A transfer fee of £25 (this may be sent separately by buyer) or by card to the spares counter
A new certificate made out to the buyer will be sent to the address on the form.
INHERITANCE or GIFT TRANSFER
Members of the family of the shareholder may inherit or be given the shares as a gift (perhaps with the bike) or the holder may wish to donate the shares to the club, The procedure will be the same as outlined above, from ‘When a transfer is agreed’ except depending on circumstances the transfer fee may be waved or reduced at the Directors discretion.