The Pompey Chimes Forum

I have my own share vote and am named person for Syndicate 2's vote. I would assume this to allow two separate votes.
No. That is not the case.
As both shares are registered in my name then I have only one vote and one ballot paper return.
What the hell happens if I vote No and the Syndicate votes Yes. Cannot be right. Luckily both Syndicate and I are like minded. PST are now running around trying to sort this out for me as I may not be the only one affected.

Now I didn't know that. I always assumed that if you owned 100 shares you got 100 votes.

Bit of a ***** setup. However, if you disagreed with the syndicate, then don't vote; the Yes and the No cancel each other out. If you agree with the syndicate, then vote.

But, as you say, I'd have thought you should get one vote for your personal share and one for the syndicate. Maybe it's a situation that they've missed, or maybe it's the best they can do, if the rules are "one vote per shareholder, no matter how many shares they have"? But does that not mean the HNW share holders should also only get one vote? Doesn't quite look right to me.

blue architect wrote:I have my own share vote and am named person for Syndicate 2's vote. I would assume this to allow two separate votes.
No. That is not the case.
As both shares are registered in my name then I have only one vote and one ballot paper return.
What the hell happens if I vote No and the Syndicate votes Yes. Cannot be right. Luckily both Syndicate and I are like minded. PST are now running around trying to sort this out for me as I may not be the only one affected.

RubiconCSL wrote:Bit of a ***** setup. However, if you disagreed with the syndicate, then don't vote; the Yes and the No cancel each other out. If you agree with the syndicate, then vote.

But, as you say, I'd have thought you should get one vote for your personal share and one for the syndicate. Maybe it's a situation that they've missed, or maybe it's the best they can do, if the rules are "one vote per shareholder, no matter how many shares they have"? But does that not mean the HNW share holders should also only get one vote? Doesn't quite look right to me.

blue architect wrote:I have my own share vote and am named person for Syndicate 2's vote. I would assume this to allow two separate votes.
No. That is not the case.
As both shares are registered in my name then I have only one vote and one ballot paper return.
What the hell happens if I vote No and the Syndicate votes Yes. Cannot be right. Luckily both Syndicate and I are like minded. PST are now running around trying to sort this out for me as I may not be the only one affected.

Syndicates are not recognised as separate categories because there isn't a legal mechanism to do so. Syndicates were an act of trust between individuals. It would have hugely complicated the share issue.

As for the voting entitlement, the PST is a co-operative (legally an Industrial and Provident Society) so the weighting is done by member rather than shareholding. This is truer to the spirit of what the PST is but does cause a problem due to syndicates.

There were always some concerns about what would happen in this situation because of the need for a named person on the shareholding iirc. Its messy but what can they do?

I have also been informed that PST members, who are not shareholders, have the same right to vote. I just assumed that it was shareholders only, but again I am possibly mistaken.

blue architect wrote:I have also been informed that PST members, who are not shareholders, have the same right to vote. I just assumed that it was shareholders only, but again I am possibly mistaken.

You have been wrongly informed.

There are two votes.

On the selling of PST shares in PCFC - that is the decision of PST shareholders only.
On the selling of presidents shares in PCFC - that is the decision of all PST members.

Lost in Transportation wrote:

blue architect wrote:I have also been informed that PST members, who are not shareholders, have the same right to vote. I just assumed that it was shareholders only, but again I am possibly mistaken.

You have been wrongly informed.

There are two votes.

On the selling of PST shares in PCFC - that is the decision of PST shareholders only.
On the selling of presidents shares in PCFC - that is the decision of all PST members.

Thanks LIT for explaining.