Purchase of own shares using a multiple completion contract

On a rare sunny afternoon in February 2021 Jennifer Eccles (Jen) the managing director of J E Logistics Ltd (JEL) was reminiscing over her life in the haulage and logistics business. She was waiting in her hosted Zoom room to greet the company’s accountant Jimmy Mac.

JEL had fared better than most businesses during the Covid-19 pandemic. In fact it had been seriously stretched and had recently posted an unprecedented increase in its 2020 trading profits.

Jen had formed JEL in June 1998 subscribing for all the company’s 1 000 £1 ordinary shares. She had recently celebrated her 66th birthday and she felt that working long hours six days a week with few holidays was beginning to take its toll. She had therefore made a life-changing decision to step down as managing director leaving the business to be run by...