Digita User Area product support, updates and advice
From the company Register of Transfers, transfer the required shares from the member(s) concerned to the company itself, then from Register of Members allot a new share member transaction and select the company itself.
Change the transaction type from ‘Allotment’ to be ‘Redemption’ (or you can key in another description e.g. ‘Buy-Back’) and then enter minus sign preceding for number of shares and cash received.
You will get a warning message saying is it okay to issue shares to the company itself? respond – ‘ YES’ in this case.
This reduces the share capital in issue by the number of shares redeemed.
Finally, go to share capital register and edit the share capital to reduce the number of shares in issue and put in ‘Notes’ any details you wish in regard to the redemption.
Optionally from the Form Log you can add Form 169 to the log for a buy back of shares but note users have to manually enter the relevant figures
If this is part of a share capital restructure/change then add in the new share class and re issue the shares to the original members.
This way you have an audit trail of the original shares being re-purchased by the company and then redeemed together with the issue of the new share class.