I have an 11% share in a commercial property Two others hold 11% each and two directors hold 33% each.

ok

yes the original company Insulation Industries was a pty ltd company. The company holding the commercial property is Broadmeadow Holdings.Originally with Insulation Industries the agreement was to offer the share first to a shareholder and then to sell privately if they don't accept the price

the company has been sold

its just the commercial ownership I have of the land and buildings

in a letter from one of our directors prior to the sale he stated"At some time in the future the Purchaser may wish to buy our property.If a sale can be negotiated proceeds will be distributed to Sharehloders and it is likey the company can be dissolve" I took this as meaning the Commercial property is up for sale

Can majority share holders or directors prevent me from doing this by way of making me sign an agreement as to the future sale of the property to the new Business owner?

Ok so, if I wish to sell my share then I can put only my share up for sale?

OK so if I advertise my share of the property can I make reference that if someone wishes to negotiate for the complete Commercial side then they can contact Broadmeadow holdings to see if the two directors are willing to sell the property?

that's correct but it is only a few weeks away

can I refuse to sign part of an agreement

I thought I would be able to get an interested third party to make me a fair offer before proceeding down that path as the directors would only give me an under value,

no they sold the company under value as this is a matter of 3 families one family are ok but the other have sons and daughters working for the company and have an entitlement to their fathers share when he passes on he is 86.

would the previous agreement still be legal ?

Under the old company they owned the building and land as well and had an agreement to offer the share back to existing share holders.I just wondered is this agreement still legal under another Company which has changed to just owning the building and land

there is a business sale going through now and a leaseback which I have not seen as yet

The shares originally were my fathers,then my mothers, then distributed to the three children when she passed away.

the new shares as far as I know has mentioned nothing about a new distribution of shares as the new owner will be making progressive [payments over the next two years to the existing share arrangement until he has paid for the business in full.

I have a share certificate but as for signing something I honestly remember there was a small book which where the rules for the company.

that should be for the old company

I have signed nothing at this point for Broadmeadow Holding except a change of name

I have a copy somewhere so I will find it and read the details

Same share holders just divested itself of the Company INsulation Industries

ok so if I give notice my share is for sale to Broadmeadow Holdings and I set a price then they can refuse or accept or offer me less and then I can refuse to sell at their price and proceed with a private sale?

That's correct Insulation Industries became Insid and the Commercial property became Broadmeadow holdings. The two directors basically did what they wanted and then advised us what was going to happen and I guess as they have control we could do nothing even though I could have got a higher price but was not given enough time do

Yes, but my brother was the only working member of our family in the company until he died last year and then it all unravelled and we only get basic Asic reporting when we ask for it never the fine detail.The company was listed for sale about 10 years ago and they sold it off for a third of the price that originally was offered,so we get to attend meetings when they are called and just listen to what they have to tell us

I believe they have done this for the benefit of their sons and daughters and to eliminate us from the equations.Profits were quite substantial until my brother passed and then profits fell by 50%

They never kept minutes as my sister found a note from one of the meetings saying my brother had attended but we know he didn't .

last meeting in December my sister attended and noticed they weren't taking minutes

That is what I wanted to do originally.I have The valuers general rating price for the land, but I asked my sister at the time to get that valuation and then when I asked about it she said that they were told to forget about it as the directors could do what they like and also there was one report missing and I thought how can they value this with out the reports.Also there was no good will included

Sure, I will try and get what paper work I have and talk then