Where is the OGLE GTE now...?!

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Where is the OGLE GTE now...?!

Post by Coupe Racing » Sat Sep 30, 2017 9:35 pm

All well and good but effectively people then have shares in the car
What happens when they either don't want to be part of it or leave the club
Could get messy and the legal costs could be quite high


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Where is the OGLE GTE now...?!

Post by Old and Slow » Sat Sep 30, 2017 9:43 pm

Sure, we did the same with our Company (a bit like Waitrose).
Each investor gets the equivalent of a share, and when he wants out we get a recognised valuation of the car and offer the share at the new value to subscribers, either new investors or the existing investors put a bit in to buy the seller out.
Investors could be allowed to subscribe for more than one share, if we find it difficult to raise the full amount.
We need a "simple" owners agreement that ensures any seller gets paid the valuation figure, rather trying to hold out for something higher.
And also, a simple majority is all that is required to vote for a sale of the car.
etc, etc.


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Where is the OGLE GTE now...?!

Post by drcdb15 » Sat Sep 30, 2017 10:29 pm

Old and Slow wrote:
Sat Sep 30, 2017 9:43 pm
Sure, we did the same with our Company (a bit like Waitrose).
Each investor gets the equivalent of a share, and when he wants out we get a recognised valuation of the car and offer the share at the new value to subscribers, either new investors or the existing investors put a bit in to buy the seller out.
Investors could be allowed to subscribe for more than one share, if we find it difficult to raise the full amount.
We need a "simple" owners agreement that ensures any seller gets paid the valuation figure, rather trying to hold out for something higher.
And also, a simple majority is all that is required to vote for a sale of the car.
etc, etc.
Sorry, but far too complicated, and it puts an unreaslistic administrative burden on the club secretary. I had in mind something much more simple: At £10 funding/member this is a donation, not a purchase. The car becomes an asset of the club (which as a limited liability legal entity is fine) and is then accounted as such until such time as the club is liquidated or bought. The asset is then disposed of as any other - probaby at auction or bought by the new owner. Or...

Simpler still, the members give £10 each, the club buys the car, then gives it to museum X, eg Beaulieu, so it becomes an asset of the museum. The museum then has liability for it, maintenance, PLI etc, and a covenant of the sale* is that it must be displayed N% of open times, or something equivalent, so as not to be 'buried' as the 4x4 seems to have been. Anything can be included as a condition of 'sale' (or donation) - such as if the museum decides it can't keep it any more, it must go back to RSSOC; museum must maintain it to MoT standard; museum must keep it insured for greater of market value or £25K ... and so on. (* I say sale, so let's make it £1 to keep it legally correct).

Legally quite simple. Affordable for members. Reasonable for museum. I'm sure Tom Karen would chip in too.


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Where is the OGLE GTE now...?!

Post by scimjim » Sat Sep 30, 2017 10:51 pm

We went through this several years ago. Once you look into it in any detail it's just unaffordable and unworkable.


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Where is the OGLE GTE now...?!

Post by drcdb15 » Sun Oct 01, 2017 12:17 pm

Oxymoron wrote:
Thu Sep 28, 2017 7:42 am
Should be in a motoring museum! 8)
If you can identify one that would take it...


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Where is the OGLE GTE now...?!

Post by drcdb15 » Wed Oct 18, 2017 11:02 pm

This car is no longer listed on AutoTrader or on AMS's web site, so either it sold or it didn't - anyone know, and who is the new owner ?


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Where is the OGLE GTE now...?!

Post by scimjim » Wed Oct 18, 2017 11:08 pm

It’s been on and off for several years now.


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Current: SE5 (8Ball), TI SS1 (snotty), 1600 SS1 (G97), 1600 SS1 (C686CCR), 2.5TD SE5a (diesel 5a), 6 x random other SS1s.
Previous: SE5, 3 x SE5a, 2 x SE6a, 3 x SE6b, GTC, 2.9i GTC, 3 x 1600 SS1, 1300 SS1, Mk1 Ti Sabre, Mk1.5 CVH Sabre
Chief mechanic for: 1400 K series SS1 (Megan3), 1400 CVH EFi SS1 (Grawpy), Sabre/MX5 auto (The Flying Broomstick),
1300 SS1 (Number One) & Sarah's coupe.
CURE THE FAULT - NOT THE SYMPTOMS

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