Showing results for tags 'takeover'.
Perhaps Emmzzi can shed some light on a question I've had for a while on TUPE. In the rail industry, tends of thousands of employees are TUPEd over every few years as franchises are lost and won by the different companies. A lot of staff leave and join other Train Operating Companies (TOCs), sometimes to seek better working conditions, sometimes because they are effectively forced out, or sometimes just blatantly dismissed. Occasionally the "area/station boundaries" of each TOC are re-drawn by the government. This may get a bit complicated so I'll paint a fictitious example: January 2013 - A ticket office employee is employed by Green Trains at Birmingham Station May 2014 - The ticket office employee above is dismissed for gross misconduct. June 2014 - That ticket office employee finds another job quickly and is now employed further down the road with Red Rail at Wolverhampton Station and is an excellent employee. March 2015 - The government decides to redraw the railway franchise boundaries, and Green Trains will now run Wolverhampton station too, with all staff at Wolverhampton TUPE'd over from Red Rail to Green Trains. This means that the ticket office employee who was sacked from Green Trains would now be working for Green Trains again, despite previously being dismissed. Is Green Trains legally obliged to retain the employee because of TUPE legislation? Does their HR File from their original employment with Green Trains become active again or should they be given a clean slate and treated as new? Purely theoretical post, but I imagine this happens occasionally.
I have worked for my employer for 12 years and as they were the only trading Ltd company of a PLC listed on AIM I started to receive several share option packs over the years as part of an Enterprise Management Initiative, however due to the price listed on AIM these were never exercised. About 2 years ago the company swapped all my old share options of 19.6p to equivalent number of 10p options. I thought this was generous and signed the relevant agreement but to this date neither myself of colleagues ever received countersigned copies back. Last year we were subject to a reverse takeover (unsure if reverse bit is relevant) by a company who now trade on AIM using 'our old account' but with a new name- essentially they needed funds from the markets to start a new overseas project and reversing into a PLC was easiest method. A retired Director I am friendly with told me the takeover was completed at 6.75p per share. I have had no correspondence regarding my share options since the takeover and when I ask my MD he states he doesn't know and he cannot get answers from the PLC Company Secretary or so he tells me - could he be lying? The Ltd Company has now been put up for sale by the new PLC as we are not part of their core business. Should the new PLC have offered me something for my options or swap for an equivalent share scheme or benefit in kind?, do they now even exist as the listing on AIM is under a different name to my previous employer? Any help would be appreciated as I am worried if we are sold quickly by the new PLC that my chance may be lost