Re: AGM/EGM tonight : Wed Jan 05, 2011 11:18 am  

Gazemous wrote:

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.

I don't think you can seperate the two, in attempting to secure Wakefields future you surely have to question the RFLs inequality of treatment between Crusaders and Trinity not to mention Blackpool etc.

Re: AGM/EGM tonight : Wed Jan 05, 2011 11:36 am  

The Clan wrote:

I don't think you can seperate the two, in attempting to secure Wakefields future you surely have to question the RFLs inequality of treatment between Crusaders and Trinity not to mention Blackpool etc.

Classic example of why this game and the RFL are bent and corrupt. The RFL should be made to expain their decisions.

There is no way Crusaders will be demoted whilst they owe that kind of money. It makes a mockery of the game. It is no longer a game of who is good enough to survive in SL. Its about who the RFL want there!

Re: AGM/EGM tonight : Wed Jan 05, 2011 11:43 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!

Thanks once again for your input. lets be open and honest, i think we will struggle to get anywhere near that many to invest. i am quite alarmed at the part where 2 major investors pulled out after studying the clubs books. Are we in danger of going under?

Re: AGM/EGM tonight : Wed Jan 05, 2011 11:52 am  

I feel Jambons last point was 100% correct, so should we not be venting our frustratuion at S/L not the club?

Re: AGM/EGM tonight : Wed Jan 05, 2011 12:00 pm  

youngcat wrote:

Thanks once again for your input. lets be open and honest, i think we will struggle to get anywhere near that many to invest. i am quite alarmed at the part where 2 major investors pulled out after studying the clubs books. Are we in danger of going under?

The finances are not great - what's new - but that is not the sole reasoning behind the investors not going through with the deals - the amount required is well below any level which would cause any concern to those 2.

£500k - it's a lot of money to me and you, but to some it is nothing. There is a guy called Allum who has put £40m into Hull City recently - as his gift to the people of Hull! FFS, for that money you could buy the whole of SL!!!!!

Re: AGM/EGM tonight : Wed Jan 05, 2011 12:01 pm  

Was it stated what %age of the limited company shares would potentially be represented by this £500K share offering? Would it still leave Ted Richardson as majority shareholder even if he stepped down from the board?

Re: AGM/EGM tonight : Wed Jan 05, 2011 12:02 pm  

JonM wrote:

Was it stated what %age of the limited company shares would potentially be represented by this £500K share offering? Would it still leave Ted Richardson as majority shareholder even if he stepped down from the board?

He would relinquish his shares - therefore the £500k would in effect control the club.

Re: AGM/EGM tonight : Wed Jan 05, 2011 12:09 pm  

The two investors pulling out is based on the fact that unless SL is expanded we're odds on favourites to get kicked out, with Cas a close second. Crusaders seem to have a get out of jail free card so although it should be them we're the next in line.

Would you want to invest in a club who'd have the expenses of a SL one but playing in the NL? You might as well wait for it to go into admin then buy the whole club from the administrators with little or no debt and 100% ownership

Re: AGM/EGM tonight : Wed Jan 05, 2011 12:14 pm  

TRB wrote:

He would relinquish his shares - therefore the £500k would in effect control the club.

Apologies for what is possibly a stupid question from an outsider, but what assets does the club have? The club doesn't own Belle Vue, right? You're not going to get someone buying the club to shut it down and take the land? How much of the debt is directors loans?

Re: AGM/EGM tonight : Wed Jan 05, 2011 12:22 pm  

TRB

Have the club not considered offering various share amounts? Clearly, there will be fans who would be willing to put money in but not at a grand.

I think it is going to be a tough ask to get 500 people at the proposed level, but there maybe more able to pay smaller amounts (4 people paying 250 each is better than none of them contributing)