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 TRB very informative.
What is the significance of £500k?
Would ALL the money go into the club?
Would ALL the directors leave unconditionally?
Would any new investors inherit any debt and if so how much?
If there is debt is this what may have put off other potential investors?
If we were to go into admin, would that make us debt free (or reduced) would we be still favoured as the crusaders seem to be, and a better investment to investors?
Are the other investors available to "the supporters trust" for discussion?
What do you believe is the likelihood of us raising either the amount of £, or the amount of investors?
Is there a compromise, on either the £valuation or the make up of how/Where the cash comes from?
Will someone, figurehead this process, and keep the masses informed?
Sorry for all the questions, but they will need answering before anyone is daft enough to hand over their cash.
Lots of good answers and im in.
