Public Service Mutual Healthcare CIC (Healthcare CIC)
Healthcare CIC is an employee-owned community interest company.
Healthcare CIC’s share capital comprises redeemable ordinary shares of £1 each (each a Partnership Share) and one ordinary (non-redeemable) share of £1.
Shares may only be held by employees. Each permanent employee may subscribe for one Partnership Share for £1.
Each share carries one vote. In practice no dividends are paid and if they were they would be subject to the dividend restrictions in the Community Interest Company Regulations 2005.
If a holder of a Partnership Share ceases to be an employee of Healthcare CIC then their share is redeemed for £1.
The ordinary (non-redeemable) share is the same as a Partnership Share except that it is non-redeemable and must be held only by an executive director.
There are numerous issued shares and each shareholder has a very small insignificant minority shareholding.
The Actual Market Value of each share in Healthcare CIC is £1.
It is unusual in private company share valuations for the Actual Market Value and the Unrestricted Market Value to be the same but, in the particular circumstances of this example, the Unrestricted Market Value may also be taken as £1.