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Retraction Transactions

Nonto Mthembu
Nonto Mthembu
  • Updated

Learn how to retract 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 retract shares, follow these simple steps:

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

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

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

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

  5. In the Details section:

    • Fill in the Transaction Date and Resolution Date; if you do not yet have these dates, check off Blank Transaction Date/Blank Resolution Date and fill them in at a later time - note: if you check off Blank Transaction Date, underlines will appear in the documents when you generate them where the dates would have appeared

    • In the Select Type field, select Retraction

    • In the Number of shares field, enter the number of shares you wish to retract, and enter the Price per share if applicable

  6. In the Holding Selection section:

    • Select the holding from which you would like to retract shares

    • A list of the share certificates issued to that shareholder will appear - check off the certificate(s) from which you would like to retract the shares

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

    • Check off Leave balance on certificate if you would like to leave the balance shares (where applicable) on the original certificate - note: if you do not check this 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

  7. Move on to the Preview tab, review the information and select Create

  8. You will notice the retraction transaction appear in the Transactions section, and in the Certificates section you will see the related certificates

  9. You can then proceed to generate documents to support this transaction as required.