writing shares off

worldwheeler

Millwall Holdings have just sent a letter concerning an Extraordinary General Meeting. They propose writing off and voiding as worthless the shares of 35000 share holders. Thanks, we have used your money, the value the shares you bought has dropped by 99% and now we are deleting them and you from the register.
Anyone else had similar experience?

datostar

That's worse than the stolen Railtrack shares! At least some compensation was paid.

opinions4u

This would be a football club with a white elephant stadium in an area that can never get planning permission to hold any other events that would generate an income for the business?

You invested in a dud.

This is the result.

(Personally, if they were my shares, I'd like to retain a value to my ownership, however small, on the off-chance that they might win a play-off final and spend a couple of seasons doing a Blackpool in the Premiership).

datostar

opinions4u wrote: »

This would be a football club with a white elephant stadium in an area that can never get planning permission to hold any other events that would generate an income for the business?

You invested in a dud.

This is the result.

(Personally, if they were my shares, I'd like to retain a value to my ownership, however small, on the off-chance that they might win a play-off final and spend a couple of seasons doing a Blackpool in the Premiership).

Seems the shares are currently worth 1/100 of a penny, so 100,000 are worth £10. The proposal is to consolidate each 100,000 shares into one valued at £10. Holders with less than 100,000 will have their shares cancelled. The value will be aggregated and either given to the Supporters' Club or donated to Help for Heroes. I've no idea what the shares sold at on flotation and how much the losing shareholders will have lost.

As you say, investment in a dud, but that's the fantasy world of football finance.