Redenominate shares
What is share redenomination? Redenomination enables a company limited by shares to convert the nominal value of a share class from one currency to another (eg £ shares redenominated into $ shares). There is a strict process a company must follow to calculate the new nominal value (which is explained as part of the process inside Kudocs). This process means that sometimes the new nominal value is not a round number. Therefore, following a redenomination, a company may also cancel part of its share capital to round the new nominal value to a more appropriate value.
Can I redenominate shares using Kudocs? Yes – you can record a recent or historic redenomination, and this can include a reduction of capital as well.
How can I redenominate shares using Kudocs? Easily! Just click on Actions > All Actions > Redenominate shares and follow the instructions.
Can I generate Companies House forms SH14 and SH15 using Kudocs when I record a redenomination? Yes – you will be able to preview draft forms and generate finalised forms as part of this process. They cannot be filed electronically at Companies House – yet – but as soon as Companies House allows these types of filing, we’ll enable them!
Can I include a reduction of capital as part of the redenomination process? Yes. Following a redenomination of a share class, the nominal value of that class might not be a whole number. Therefore, the company may want to cancel – by reduction – some of its share capital to select a more appropriate value. The company must do so in according with the relevant legal provisions (including s.626 and s.627 Companies Act 2006). This includes preparing and filing form SH15 at Companies House. Kudocs will generate this form, if requested.
