Madlock wrote:Thanks for the reply Paul, some interesting points there.
Firstly, I think the Trust board were right to write to the club to request an AGM be held in the first instance. It just seems the most professional way to go about it. I understand from other posters (Since 62 I believe, but I'm not sure), that the club have not held one for the last 2 years. Are they not required by corporate law to hold one every year (as the name suggests!)?
I think they do not have to hold AGM's now but others would know better than me.
Secondly, I think its worth asking if club gave any reasons as to why they could not sell more than £1000 worth of shares to the Trust?
That was the ammount of money we had raised at that time to buy shares and to be honest we were not happy with the 35p price but we had promised members we would buy shares so we agreed to just £1,000 at that time.
I think a sum of £11,000 is quite impressive for a new organisation to have raised in the year of so it has been running. Really well done to all Trust members, and especially the board members. I just hope more supporters realise that by becoming members of the Trust, we have a bigger mandate to take the supporters views to the people in charge of running our club.
Thanks mate, it is not easy and the volunteers actually lose money(pertrol, expenses etc) by attending meetings, nobody takes a halfpenny out. It is hard to convince people to join though, many don't see the point because they believe a Trust can have no use against such a big organisation.
By the way, I make it £718,387.95 required to purchase 5% of the shares in the club based on the 35p figure (on a calculator, not my head!)
corky wrote:Thanks mate, it is not easy and the volunteers actually lose money(pertrol, expenses etc) by attending meetings, nobody takes a halfpenny out. It is hard to convince people to join though, many don't see the point because they believe a Trust can have no use against such a big organisation.
Madlock wrote:Thanks for the reply Paul, some interesting points there.
Firstly, I think the Trust board were right to write to the club to request an AGM be held in the first instance. It just seems the most professional way to go about it. I understand from other posters (Since 62 I believe, but I'm not sure), that the club have not held one for the last 2 years. Are they not required by corporate law to hold one every year (as the name suggests!)?
Secondly, I think its worth asking if club gave any reasons as to why they could not sell more than £1000 worth of shares to the Trust?
I think a sum of £11,000 is quite impressive for a new organisation to have raised in the year of so it has been running. Really well done to all Trust members, and especially the board members. I just hope more supporters realise that by becoming members of the Trust, we have a bigger mandate to take the supporters views to the people in charge of running our club.
By the way, I make it £718,387.95 required to purchase 5% of the shares in the club based on the 35p figure (on a calculator, not my head!)
Madlock wrote:Thanks Keith. So £205,253.80 rather than my initial amount of £718,387.95? If this is correct, that is a hugely significant difference.
Owain wrote:Madlock wrote:Thanks Keith. So £205,253.80 rather than my initial amount of £718,387.95? If this is correct, that is a hugely significant difference.
If you want to buy 5% of the shares then it would most likely be more like your initial amount, as the most recent share purchase was around 35p I think, I'm sure Keith or someone can correct me! But the club aren't selling any more at the moment
For the EGM they need to get 5% of the existing shareholders to agree to it, or ask for it.
edit: I've just re-read the first couple of posts, If the trust needed/wanted to hold the 5% figure then it would cost £700k or whatever it is, but hopefully with the support of existing shareholders the 5% figure should be attainable
Tony Blue Williams wrote:corky wrote:Thanks mate, it is not easy and the volunteers actually lose money(pertrol, expenses etc) by attending meetings, nobody takes a halfpenny out. It is hard to convince people to join though, many don't see the point because they believe a Trust can have no use against such a big organisation.
Uccello Azzurro did a great piece yesterday on club membership which is hugely popular on the continent. His example was Benfica who have 100,000 members paying around £11 P/M.
This allows the supporters to ‘own’ their clubs and run them properly with a President elected each year. I think it’s a brilliant idea and is not a million miles away from the Trusts aspiration to ‘own’ shares.
The Trust might only have £11,000 now but if the aspiration for us to own our club was marketed we could in theory raise £2m P/A (e.g. 16,000 season ticket holders paying £10 P/M).
Obviously that is a lofty goal but if the Trust is to grow it will be through radical ideas and TBH what is more radical than club ownership?
Blake wrote:If a new owner came to the club and bought more than 75% wouldn't they then force all the smaller shareholders to sell their shares ?
Uccello Azzurro wrote:Blake wrote:If a new owner came to the club and bought more than 75% wouldn't they then force all the smaller shareholders to sell their shares ?
In private companies, I believe that a "squeeze-out" of minority shareholders can only take place once a 90% threshold has been achieved. A lawyer would need to confirm this.
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