HeliHub.com has been looking at the public-accessable company records of UK operator Heliair, in particular the shareholdings in the company.  The Financial Accounts for the year to 31 March 2010 stated that the only directors holding shares in the company at the end of that period were

Mr C E W Peel  – 2,233,700 shares
Mr S J A Brown -   323,650 shares

The accounts, and the company’s annual return as at 12 December 2010, noted that there are 2,999,540 shares issued.  This document also records the shareholders at the date of the return, and any changes since the previous time such a form was submitted.  The shareholders at that date were

Given Sean Brown has 40,316 shares in his own name, and the only mathematical way of reaching the accounts figure of 323,650 given in the accounts must mean that he is the principal behind the “Merchant Investors (Trustee Services) Co Ltd a/c 51536” shareholding of 383,334 shares.  But 40,316 and 383,334 makes 423,650, which is exactly 100,000 more than the figure he had at 31 March 2010 per the accounts.

There were two share transfers noted in the Annual Return, one of 30,640 shares from a shareholder who now has a zero holding on 2nd November 2010, and Mr Peel transferring 100,000 shares on 19th May 2010.

The only conclusion which can be reached is that Heliair Chairman Mr Peel transferred 100,000 shares to Managing Director Sean Brown on 19th May 2010.  The shareholdings at 12th December 2010 equate Mr Peel’s holding as 71% and Mr Brown with 14%.  The public statutory records of a private limited company under UK law do not require the company to state the payment made between the parties on transferral of shares.