Re: AGM/EGM tonight : Wed Jan 05, 2011 7:56 am  

LG wrote:

whats the big secret?

Ceejames might be browsing

only one of plans' b,c,and d will be used the other two are in place to confuse her

Re: AGM/EGM tonight : Wed Jan 05, 2011 8:28 am  

Our fate is in the hands of a BOD who appear to have no clue. If I am reading some of the posts on here correctly, we do not have a finalised plan B, even though we have been in discussions for 12 months. Sorry but this is simply bad planning/management yet again. There can be no excuses - all variations on timescales should have been discussed during the past 12 months.

Everything should have been finalised before the SOS decision was known, and an agreement in place with the other party to release a joint statement, if and when the "call in" was announced.

There still appears to have been no comment from the BOD has to how they plan to deal with the need for extra finance, be it through additional supporters or investors. When a business is in difficulty, it requires someone with leadership qualities and a clear idea of how to turn things around to cure the problem. Sadly, there is no one on the BOD who has either of these attributes.

I presume these financial issues mean the two rumoured signings going back to early December will now not materialise? This being the case the team are not going to have a chance of being competitive on the field with only 2 specialist experienced props, thus we are likely to lose more supporters, as the floating support wont come to watch a team being beaten every week. It also raises the question as to why signing props was not a priority over hookers and full backs.

Re: AGM/EGM tonight : Wed Jan 05, 2011 8:30 am  

underground wrote:

hell this looks bad.....

very, very bad!

merlin wrote:

That's ok now you have pointed out the bleeding obvious it's ok the club is saved

Was there any need for for that childish little outburst? it appears that you and old tomboy feel a growing sense of your own importance on this matter because you were there, Your £100 has given you 10 minutes of fame on here enjoy while you can.

Re: AGM/EGM tonight : Wed Jan 05, 2011 9:08 am  

kinleycat wrote:

Anyone?

You are correct - there is a share option available and details will be sent out to all existing shareholders imminently. The gist is - are there 500 people willing to invest £1k to raise £500k and re-capitalise the club - by the 31st January. If that can be achieved - the BoD will resign en masse and offer new people the opportunity to step forward and take over the running of the club.

The money would be paid into an ESCO (?) account, which is a holding account, and should an insufficient amount be raised, then the money would automatically be returned. If the target is reached, the money will be converted into shares, with Ted's existing shares transferred into a Trust or similar.

Failure is not an option, although efforts continue to try and entice an investor into the club.

As a general comment, please do not confuse the frustration of not knowing details with bad management. The club are inbetween a rock and a hard place on these matters - they have been heavily criticised by many for not having a shareholders meeting, now they have and, quite rightly I'm afraid to say, the shareholders are entitled to first dibs on new details about the club - they do own it!

Those that were there were given an honest and full account of all the ongoings over recent months, which partly explained the delay in holding a shareholders meeting. We were told the details of 2 major investors (one is our sponsor) who spent weeks each going through the books and then surprising everyone by pulling out. Part of the reason for their withdrawal lies with the situation created by the RFL and Crusaders!

More energy needs to be directed as to why the new Welsh club have a £700k loan from the RFL, yet we were refused £350k - even when granted security against the NM site.

I'm not quite sure how or when the club will reveal more details from last nights meeting, but I've set the ball rolling here - maybe prematurely - so the question is - are we willing to pay up to secure RL in Wakefield and, for all those Ted bashers, here is your chance!

Re: AGM/EGM tonight : Wed Jan 05, 2011 9:11 am  

Frustrating as though I may find it by not knowing what the Plan B (C or D) is, the fact that TRB and Sandal Cat have pretty much outlined what was discussed without going into specifics settles my concerns a little.

There is a Plan B, the finances of it have been examined and are deemed to be viable should the club retain its SL license, and if they are unsuccessful then there is a possibility to stay at BV until NM is ready, which, in turn, is still a viable proposition should the club be in the Championship rather than SL. The only thing of concern is the lack of any confirmed information breeds speculation, which lends itself to supporters making their own mind up and turning their back on the club when they need them more than ever.

Truth be told what Sandal Cat and TRB have said perhaps would’ve been better served coming from the club. It wouldn’t have pleased everyone, but it’s still something for supporters to grasp onto and have a little hope for the future.

Re: AGM/EGM tonight : Wed Jan 05, 2011 9:31 am  

TRB wrote:

You are correct - there is a share option available and details will be sent out to all existing shareholders imminently. The gist is - are there 500 people willing to invest £1k to raise £500k and re-capitalise the club - by the 31st January. If that can be achieved - the BoD will resign en masse and offer new people the opportunity to step forward and take over the running of the club.

The money would be paid into an ESCO (?) account, which is a holding account, and should an insufficient amount be raised, then the money would automatically be returned. If the target is reached, the money will be converted into shares, with Ted's existing shares transferred into a Trust or similar.

Failure is not an option, although efforts continue to try and entice an investor into the club.

As a general comment, please do not confuse the frustration of not knowing details with bad management. The club are inbetween a rock and a hard place on these matters - they have been heavily criticised by many for not having a shareholders meeting, now they have and, quite rightly I'm afraid to say, the shareholders are entitled to first dibs on new details about the club - they do own it!

Those that were there were given an honest and full account of all the ongoings over recent months, which partly explained the delay in holding a shareholders meeting. We were told the details of 2 major investors (one is our sponsor) who spent weeks each going through the books and then surprising everyone by pulling out. Part of the reason for their withdrawal lies with the situation created by the RFL and Crusaders!

More energy needs to be directed as to why the new Welsh club have a £700k loan from the RFL, yet we were refused £350k - even when granted security against the NM site.

I'm not quite sure how or when the club will reveal more details from last nights meeting, but I've set the ball rolling here - maybe prematurely - so the question is - are we willing to pay up to secure RL in Wakefield and, for all those Ted bashers, here is your chance!

In answer to your question, as a Ted basher, I am willing to stump up a grand to get rid of him (and more importantly to secure the future of the club). Can you please let me know how I let the club have my details to ensure I receive the offer.

Also, if we don't get the GBP 500k by the end of the month, are you saying the club will go into administration?

Its an ESCROW account where the money will be deposited

Re: AGM/EGM tonight : Wed Jan 05, 2011 9:44 am  

TRB wrote:

Part of the reason for their withdrawal lies with the situation created by the RFL and Crusaders!

More energy needs to be directed as to why the new Welsh club have a £700k loan from the RFL, yet we were refused £350k - even when granted security against the NM site.

I'm not quite sure how or when the club will reveal more details from last nights meeting, but I've set the ball rolling here - maybe prematurely - so the question is - are we willing to pay up to secure RL in Wakefield and, for all those Ted bashers, here is your chance!

I assume that was the reason for the reported bust up between Diane and the fat controller and if so well done Diane!

I'd like to see a bit more detail about how the RFL/Crusaders deal has scuppered the take over process.

Re: AGM/EGM tonight : Wed Jan 05, 2011 9:47 am  

Tricky2309 wrote:

In answer to your question, as a Ted basher, I am willing to stump up a grand to get rid of him (and more importantly to secure the future of the club). Can you please let me know how I let the club have my details to ensure I receive the offer.

Also, if we don't get the GBP 500k by the end of the month, are you saying the club will go into administration?

Its an ESCROW account where the money will be deposited

I think the details will be up before too long and you can take it from there.

Thanks for the correction - I knew it was something like that!

Re: AGM/EGM tonight : Wed Jan 05, 2011 10:13 am  

TRB wrote:

More energy needs to be directed as to why the new Welsh club have a £700k loan from the RFL, yet we were refused £350k - even when granted security against the NM site.

No, Wakey's energy needs to be directed into securing the club's own future, not complaining about an expansion club's relationship with the RFL.

Re: AGM/EGM tonight : Wed Jan 05, 2011 10:42 am  

I can understand that the powers that be might not be able to fully announce details until fully finalised, surely though they can at least announce what there working on at the moment and perhaps a time scale. Why do we fans have to hear drips and drabs of infomation, third hand on the forum!?. Whats the purpose of the offical web page?.