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Cancellation Transactions

Daniel
Daniel
  • Updated

Learn how to cancel shares in Athennian!

In order to conduct a redemption, repurchase, cancellation or retraction of shares from a shareholding back into an entity's treasury, you must first have shareholdings with issued shares.

 

To cancel shares, follow these simple steps:

  1. Navigate to the profile of the entity for which you would like to do a cancellation transaction;

  2. Navigate to the Securities > Shares section down the lefthand side of the screen;

  3. In the Transactions tab, select + New - a list of various transactions workflows will appear;

  4. Select Cancellation from the list of transactions - a workflow will open up;

  5. Fill in the Transaction and Resolution Date; check off Blank Transaction Date/Blank Resolution Date and fill them in at a later time if the dates are unknown - note: if Blank Transaction Date is checked off, underlines will appear in the documents when you generate them where the dates would have appeared;

  6. In the Select Type field, select Cancel;

  7. In the Number of shares field, enter the number of shares you wish to cancel;

  8. In the From section, select the shareholder whose shares are to be cancelled

  9. A list of the share certificates issued to that shareholder will appear - check off the certificate(s) holding the shares to be cancelled;

  10. A line will appear next to each certificate number - enter the amount of shares to be cancelled from each certificate - note: make sure that the numbers entered in the certificates section match up with the amount entered in the Number of shares field;

  11. Check off Leave balance on certificate if you would like to leave the balance shares (where applicable) on the original certificate - note: if this is not checked off and there is a balance left on the certificate, the original certificate will be cancelled and a new certificate will be issued with the balance;

  12. Click Next and move on to the Review tab, review the information and select Cancel;

  13. Notice the Cancel transaction appear in the Transactions section, and in the Certificates section you will see the related cancelled certificates;

  14. Then proceed to generate documents to support this transaction as required.