Redemption of shares
Where your shares part of a squeeze-out as a result of someone buying more than 90 percent of the shares in a company? In that case, the money is deposited with the County Administrative Board and, as a shareholder, you must make sure you collect the money.
When someone owns more that 90 percent of the shares in a company, they have the right to demand a squeeze-out of the remaining shares. The money is then deposited with the County Administrative Board. As a shareholder, you must make sure the money is collected. If you do not collect the money within 10 years, you lose the right to collect the money and, on the eleventh year, the acquisition company has the right to apply to get the money back.
The requirements for redeeming shares are:
- a written request for redemption, signed by the shareholder,
- full details regarding social security number and address,
- that the person who makes the request is listed in the shareholder register or that a share certificate, or proof of a stop transfer request, is attached to the application,
- that authorization documents (registration certificate, estate inventory record, power of attorney) are attached to the application, if the shares belongs to a legal entity (for example, an estate or limited company), and
- that information is provided regarding which Plus Giro, Bank Giro or bank account we are making the payment to.