Re: Call for funds : Wed Sep 11, 2024 1:46 pm  

Things got a bit clearer/more muddied depending which way you look at it this morning. Gareth Dean it turns out has a 19% holding of the total shares and is willing to sell these and give anything he makes on top of his original outlay (approx 30k) back to the club. He says he will accept 40p per share which is what he paid for them but unless I am missing something there is no way that anyone in their right mind is going to pay 40p per share for something that was almost worthless just a couple of days back. In reality even as low as 5p a share seems a bit of a reach.

Is this a bad take or am I completley losing my mind as to what is going on here?

Re: Call for funds : Wed Sep 11, 2024 2:35 pm  

Greg Florimos Boots wrote:

Things got a bit clearer/more muddied depending which way you look at it this morning. Gareth Dean it turns out has a 19% holding of the total shares and is willing to sell these and give anything he makes on top of his original outlay (approx 30k) back to the club. He says he will accept 40p per share which is what he paid for them but unless I am missing something there is no way that anyone in their right mind is going to pay 40p per share for something that was almost worthless just a couple of days back. In reality even as low as 5p a share seems a bit of a reach.

On the above part.

Thought the same about Fax shares but I suppose it couldn’t be any worse than just donating and never seeing your money again.

On the below part.

Is this a bad take or am I completley losing my mind as to what is going on here?

No, looking at the time lines that happened much much earlier.

Re: Call for funds : Wed Sep 11, 2024 5:30 pm  

Greg Florimos Boots wrote:

Things got a bit clearer/more muddied depending which way you look at it this morning. Gareth Dean it turns out has a 19% holding of the total shares and is willing to sell these and give anything he makes on top of his original outlay (approx 30k) back to the club. He says he will accept 40p per share which is what he paid for them but unless I am missing something there is no way that anyone in their right mind is going to pay 40p per share for something that was almost worthless just a couple of days back. In reality even as low as 5p a share seems a bit of a reach.

Is this a bad take or am I completley losing my mind as to what is going on here?

Where have you got that info from GFB?

Re: Call for funds : Wed Sep 11, 2024 8:36 pm  

MP wrote:

Where have you got that info from GFB?

On the Facebook forum. Can't get my head around it. He said himself that he would not give up his shares previously because the financial situation was not as bad as the board made out but now when we were within hours of going out of business he feels the shares are still worth what he paid for them.

Re: Call for funds : Wed Sep 11, 2024 11:06 pm  

Just seem this thread and read it through. You all are more in the know than Bongser, but let it be said that no GENUINE RL fan wants to see an historic club go to the wall (whup their asses on the field yes, but not the former). All the best for a/the future.

Re: Call for funds : Thu Sep 12, 2024 12:24 am  

Not sure I can get my head around all this, might have to join Hudds/Shay and sink a few. Firstly, Fax have been in dire financial trouble, the current BoD turned a bind eye( if ever both were open and focused) over several months, then face a winding up order from HMRC, put out a plea for financial help, gather a few grand together, hey presto enough to have a stay of execution, monies offered then withdrawn. Secondly Shareholder(s)wanting to cash in their share and expecting at least as much as they paid for them, are we in Wayne’s World? No real explanation I have seen from BoD as to just what is happening, if they need help transparency has to be paramount. Thank you to those on here who have given an insight as to goings on trying to explain to the rest of us what is fact or fiction. Finally previous BoD members names are banded around giving their view, (unless I have misread/ misunderstood which is quite probable) and do Directors have to ‘pass’ Due Diligence or can any one say I have a few quid to throw into the pot and are welcomed with open arms?

Re: Call for funds : Thu Sep 12, 2024 7:52 am  

the fax in asia wrote:

Not sure I can get my head around all this, might have to join Hudds/Shay and sink a few. Firstly, Fax have been in dire financial trouble, the current BoD turned a bind eye( if ever both were open and focused) over several months, then face a winding up order from HMRC, put out a plea for financial help, gather a few grand together, hey presto enough to have a stay of execution, monies offered then withdrawn. Secondly Shareholder(s)wanting to cash in their share and expecting at least as much as they paid for them, are we in Wayne’s World? No real explanation I have seen from BoD as to just what is happening, if they need help transparency has to be paramount. Thank you to those on here who have given an insight as to goings on trying to explain to the rest of us what is fact or fiction. Finally previous BoD members names are banded around giving their view, (unless I have misread/ misunderstood which is quite probable) and do Directors have to ‘pass’ Due Diligence or can any one say I have a few quid to throw into the pot and are welcomed with open arms?

I think (and this is a personal opinion) the troubles are far from over, I understand that while the HMRC bill has been settled, wages are still not fully paid. And we're now almost half way through another month so another payday looms in a few weeks. The HMRC bill may have been a quarterly VAT bill or similar.

The figure of £130-150k to get to the end of the season was mentioned. Still a lot of money to be found. Especially when we have 1 home game left and limited income. Season ticket sales will likely be down because of how this season has gone, and the expectation that the playing budget will be cut further meaning a mediocre season next season as well.

As for due diligence on people, the RFL have a "fit and proper persons test". Although the only person I have ever seen named publicly as failing it was that Ryan Whitcut who was at Bradford when Omar Khan owned it and tried to move it onto him. Quite what the test involves I do not know, but it usually appears to be a formality when a club is taken over.

Re: Call for funds : Thu Sep 12, 2024 8:10 am  

What gets me is last week from the club was need help, please send money, attend the game (which I did all) and I’m sure many of you did. Enough money raised to pay HMRC and the nothing from the club. They should be keeping us informed event by event now we have handed over more money to the BOD.

Re: Call for funds : Thu Sep 12, 2024 8:41 am  

It’s only a maybe and said some of it before.

We keep mentioning the board but many of the original consortium have left, Lee Kenny joined later and he’s been the one front and centre of late and obviously heavily involved in sorting it all out.

Not sure what else he’s on with but must have a life and other commitments away from the club.

It’s only been a week so as frustrating as it is, maybe have to have a bit of patience.

Again not likely to find out what went on in the past and the future will all unravel one way or another.