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Share Holders Page

An information page for holders of shares in the VOC Spares Company

NB: Information on share transfer can be found at the bottom of page  (Click)

AGM: to be held at the company address Desbourgh on the  7th May 2022 at 11am to end at 12am

I am pleased to announce the Annual General Meeting of your company will be held on May 7th 2022 11:00 am at the Club/Spares Co premises, Rear of 29 Station Road, Desborough NN14 2RL. Parking is very restricted so cars and non Vincents must park on the road, Vincent motorcycles are welcome until site capacity is filled and please respect our neighbours parking rights. The agenda will be as follows
1 Apologies for absence
2 Chairman’s address
3 Directors Report and adoption of accounts
4 To re-appoint T Kingham and M McKenzie as Directors
5 To re-appoint Duncan and Toplis as Accountants
6 Any other business (to be notified prior to the meeting)
The AGM is a formal meeting not a questions and answers session and any voting is of course confined to Shareholders, however at close there will be an opportunity to raise any matter appro- priate with the Directors in “open session”.
Tim Kingham and Malcolm McKenzie will this year be up for re-election, and as I said last year (and several before) this was my final year and I am standing down having accomplished all the visions I had 12 years ago when I started at a rather poorly Spares Co. I would like to thank the Club’s Executive for having the confidence to ask me to take on a one year Directorship prior to accepting the post of Chairman. As a business owner then and now one could see there was room for development and with much hands-on help at the time from Ian, Michelle and Tim, all of whom remain actively involved, visions were, over time, achieved with fair rapidity and the business is now strong, professional, ethical and confident.
Somebody asked me a few months ago what the greatest achievement was. A rather unanswerable question : Becoming solvent with good parts supply, stock control, solid staffing, proper manage- ment and accounting or being the driving force behind the Club and Spares Co premises. Dreams do become reality with planning and vision – that is all I offer to those who laughed 12 years ago.
The Spares Co has always had its detractors, professional moaners or those that live in the dreamy past of ‘Pistons for a Quid’ or components that needed “fettling” or simply and oddly those perhaps jealous of its success. But thankfully in the main the business and all the hard workers, voluntary or otherwise, are greatly appreciated and almost entirely the reason your Vincent is a valuable delightful asset that will remain enjoyable in the way the two Phils intended.
So what of the future? Malcolm has kindly agreed to take over my role and as you will see from the accounts whilst still in a fair position Covid hit quite hard in the last financial year (the previous financial year we just had six months of Covid) and a number of innovations are planned to roll us forward. Workshop services and a show trailer are, and will, prove their worth I am sure. New owners do not necessarily want to work on their own bikes, older members need to understand this and the Company is responding in every way it can. We will be open to constructive ideas not negative self serving grizzles on the internet. Talk to Malcolm and the team. Currently there is no plan to appoint any new Directors BUT it is my earnest hope that somebody will step forward to help – perhaps a business owner with some proper hands-on engineering skill experienced in purchasing or marketing.
In the last financial year a major IT, web shop and software update has occurred with expend- iture at over £6k. Our suppliers had decided to suspend services entirely unless we moved to a vastly more expensive and unsuitable system so we went our own way amortising over one year. This was a major strain on human resources which inevitably deflected from other activities, but it does set the business up well for the foreseeable future with far more bespoke functionality. It was time to move on anyhow.
In comparing this 20-21 accounts with 19-20 one must also take into account that in 19-20 we had the £10,000 Covid “bonus” which hasn’t happened this year of course. Additionally and to our exasperation our accountants pointed out that in the 19–20 accounts we failed to take a £4K
National Insurance employment incentive. Thus in these 20–21 accounts, with permission from the relevant authorities, we have taken £8k which increases actual profitability by £4k (and thus in the 19-20 year was understated by £4K)
That we have managed to keep the business solvent, profitable and increased Shareholder funds in very difficult times is something of a triumph and the Board will now work to turn up the business in all areas with new incentives and offerings for Vincent Owners everywhere. Long may it remain so and whilst I am riding off into the sunset the Club and Spares Co can always rely on this Volunteer to honestly serve in any way I can.
CHEERS I have greatly enjoyed it.

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.

SELLING

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.
 
 

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