Nige has finally had enough of us

[Mistadobalina]

When did this happen? I missed it and wondered recently why he didn’t seem to be as present at the club.

It wasn’t a sale, but he scaled back his holding and wrote off a lot of the debt outstanding to him, to make way for Parry…. over three years ago.

Kent wrote off £2m worth of shares which Coley Parry bought.

Do we have any evidence that Parry bought £2m of shares from Kent? Genuine question. Would be interested to know what value that puts the club at and what our exposure is to Parry being a bit of a charlatan.

[OyinbO]

It wasn’t a sale, but he scaled back his holding and wrote off a lot of the debt outstanding to him, to make way for Parry…. over three years ago.

Kent wrote off £2m worth of shares which Coley Parry bought.

Do we have any evidence that Parry bought £2m of shares from Kent? Genuine question. Would be interested to know what value that puts the club at and what our exposure is to Parry being a bit of a charlatan.

Kent cancelled £2m of his shares at the time. We can't assume that Parry went in for an equivalent amount, as there was some new investment, and a bit of shuffling that went on at the same time, including some other smaller players (I don't mean Paul Smyth) joining in. Of course the most transparent club in the universe didn't really discuss this much, because it's none of your bloody business. But have reason to believe it was more than £2m.

[Hoover Attack]

What does this mean, cancelling shares?

[aylesburyos]

Parry paid for his shares so no risk to the club. He an only get his money back if he finds a buyer

[CEB2ElectricBoogaloo]

I know basically nothing about business, but the idea of cancelling shares, then someone else buying other shares, not from anybody, just buying them, sounds a little bit mad to me.

[StillSpike]

What Co-pilot thinks:

What does it mean to "cancel" ones shares in a UK business. Is it even possible?
Copilot
In the UK, "cancelling" shares in a business typically refers to reducing or eliminating the company's share capital1
. This can be done through various methods such as share redemption, share buy-back, or share reduction1
.

However, shares cannot simply vanish into thin air2
. The company must follow specific legal and financial processes to ensure the cancellation is permitted and properly executed1
. For instance, shareholders might gift their shares back to the company, or the company might buy back its own shares2
.

It's important to seek professional advice before proceeding, as there can be significant legal and tax implications1
.

Does this help clarify things for you?

[StillSpike]

So Kent may have gifted his shares back to the company, for example. Not sure why he'd do that. The company could have bought back Kent's shares and then sold them to Parry.

[PKM]

So Kent may have gifted his shares back to the company, for example. Not sure why he'd do that. The company could have bought back Kent's shares and then sold them to Parry.

Why would he do that? Generosity, a desire to see the O’s prosper?
If the company bought back Kent’s shares for £10and sold them to Parry for , say, £30, the net investment would be £20. By gifting the shares back the company ( in effect Orient) get the full £30.
The other point here is dilution. If there are, say , 100m total shares, if Kent gifts 10m shares back & Parry buys 10m shares the total, 100m, remains the same. If Kent hadn’t gifted back then the 10m bought by Parry would mean there would be 110m shares in issue and all holders had been diluted by 10%.
To me it sounds like Kent has put the best interests of the club way above his own interests, what a guy, we’re lucky to have his like onboard.

[Orient_Man_And_Boy]

[quote=StillSpike post_id=405078 time=<a href="tel:1729081072">1729081072</a> user_id=129]
So Kent may have gifted his shares back to the company, for example. Not sure why he'd do that. The company could have bought back Kent's shares and then sold them to Parry.

Why would he do that? Generosity, a desire to see the O’s prosper?
If the company bought back Kent’s shares for £10and sold them to Parry for , say, £30, the net investment would be £20. By gifting the shares back the company ( in effect Orient) get the full £30.
The other point here is dilution. If there are, say , 100m total shares, if Kent gifts 10m shares back & Parry buys 10m shares the total, 100m, remains the same. If Kent hadn’t gifted back then the 10m bought by Parry would mean there would be 110m shares in issue and all holders had been diluted by 10%.
To me it sounds like Kent has put the best interests of the club way above his own interests, what a guy, we’re lucky to have his like onboard.
[/quote]

So Kent may have gifted his shares back to the company, for example. Not sure why he'd do that. The company could have bought back Kent's shares and then sold them to Parry.

Why would he do that? Generosity, a desire to see the O’s prosper?
If the company bought back Kent’s shares for £10and sold them to Parry for , say, £30, the net investment would be £20. By gifting the shares back the company ( in effect Orient) get the full £30.
The other point here is dilution. If there are, say , 100m total shares, if Kent gifts 10m shares back & Parry buys 10m shares the total, 100m, remains the same. If Kent hadn’t gifted back then the 10m bought by Parry would mean there would be 110m shares in issue and all holders had been diluted by 10%.
To me it sounds like Kent has put the best interests of the club way above his own interests, what a guy, we’re lucky to have his like onboard.

At the 2019 AGM, the day before JE brought us back into the League, I was sitting in the front row and KT described his purchase of shares / investment as “my gift to you”.

[BiggsyMalone]

It wasn’t a sale, but he scaled back his holding and wrote off a lot of the debt outstanding to him, to make way for Parry…. over three years ago.

Kent wrote off £2m worth of shares which Coley Parry bought.

Do we have any evidence that Parry bought £2m of shares from Kent? Genuine question. Would be interested to know what value that puts the club at and what our exposure is to Parry being a bit of a charlatan.

Its in the press release, just google it. They were split between him and a couple of others but he’s the biggest shareholder behind Nigel

[Hoover Attack]

Had debt been cancelled?