1. To transfer shares in your share registry on Orchestra, you will need to be logged in and have access as a company administrator to make any changes. From your dashboard, click the ‘Share Register’ dropdown from the toolbar on the left of the page and select ‘Transfer / share Issue’.
2. On the next page, select “Create a transfer” from the options available.
3. You will need to select who the shares are transferred from (i.e. the seller/transferor). When you choose the correct shareholder, their current shareholdings and share classes will be displayed. You will not be able to transfer shares that the existing shareholder doesn’t already hold (i.e trying to sell 'non-voting shares', when the shareholder owns 'voting shares'.
4. You will then need to select who the shares are transferred to (i.e. the buyer/transferee).
- If you are transferring shares to an existing shareholder, you can select their name from the dropdown menu under ‘New shareholder (to)’
- If you are transferring shares to a new shareholder, select “Create a new shareholder” from the dropdown and input the details of the new shareholder
Depending on the type of shareholder you are adding, you will need to enter certain information in the fields provided. The process is straight forward for a individual or a company, but can become a little trickier when trying to add a trust. To add a trust, you will need to add each of the trustees as 'Direct Parties'. More information on direct parties and how to add them is available in this article: What are Direct Parties?
5. Once the shareholders have been identified, you can specify the details of the transfer, including:
- class of shares
- number of shares being traded
- share price
- price per share
- date of transfer
Note: You can only transfer the maximum number and class of shares that the existing shareholder (seller) actually holds.
If one of your share classes has any transfer restrictions applied, you will see a yellow warning message notifying you of this.
6. (Optional) If you would like to attach any associated documentation with the share transfer, you can upload a document, which will be saved under a new folder called 'Share Transactions' to be saved in your document vault.
7. Once all details have been checked over, click ‘Continue’. A box will pop up confirming the details of your transfer before executing.
If you are happy that all details are correct, click Confirm, and the share register will be updated with the new transaction. The relevant shareholder's dashboards will also be updated with their new holdings, and they will be notified by email that there has been new activity for them to view.
If the transaction has taken place with one of the top 20 shareholders as presented on the New Zealand Companies Office, the New Zealand Companies Office will automatically be updated with their new holdings within the same day.
If you have made an error with your transaction, please just get in touch with the Orchestra team, and we can get it corrected for you quickly. You can reach us at: firstname.lastname@example.org