Permitted Transferees are a new type of shareholder under Flexible Shareholding.
A ceased Supplying Shareholder or ceased Secondary Shareholder will be able to apply to transfer shares to a Permitted Transferee before the end of the first complete season after their cease application is accepted and becomes effective.
Hopefully this is something the ceased shareholder has discussed with you – you’ll need to be their relative, any entity or trust controlled by them or you or, if they’re an entity or trust, a person who has a sufficient level of ownership or control interest in them.
Each initial transfer to a Permitted Transferee must be for at least 20% of the shares held by the ceased shareholder when their cease application was accepted. Following the initial transfer, no further shares can be acquired by the Permitted Transferee (they can only be disposed of).
No, because they do not supply milk to the Co-op.
No – it is up to you if you wish to hold shares as a Permitted Transferee. If you don’t complete your section of the application form, it won’t be approved and you do not need to take any further action.