I can still not get my head around how poor this is, patronising at best shameful at worst. Last season for me i'm afraid, i have no faith in the people runnimg the club.

Don't give up on the club - with any luck this mess will end up with those people having nothing further to do with the club and a brighter future (albeit possibly outside SL)

Can I ask one serious question will this money ensure Mr Richardson will leave?If so i will put 2 thousand in !! Also something isn't adding up sir Rodney is not stupid to give 350 thou away he must know something I am sure some good news is around the corner.NEW SEASON = NEW BOARD/CHAIRMAN AND NEW GROUND !

From the outside this is looking more bizarre by the day and as a RL fan I thought the 'plea' was disgustingly worded! To ask in such away for high amounts of money in an unstable economy, just after Christmas is just wrong without releasing more details!

Your 'club people' on here are admiral and let's be honest most fans would be suicidal without them, lol. But over the weeks re tax issues they were saying no issues (as a Widnes fan we've heard all the same before btw). They commented all tax was paid and actually said your image rights case had Bren pushed through and that caused the dilemma Sir Rodney had to step in... Yet now that's not the case? So whether that's from the top as fans you have been blatantly lied to just weeks before 'how much does the club mean to you?' it's unbelievable!

As fans it's understandable you'll do anything to help your club, but if their is a 350k tax bill overhead is that coming from the 500k? How much other debt is left? Based on crowds & salaries how much will it cost to run the club in SL this season? To me it doesn't seem like the 500k will go far (if 350k out of that) so why doesn't the club come clean on the exact amount needed... How long is securing the immediate future... Two weeks?

People will say private companies dont have to publicly release balance books and projected costs. But when you have begging bowls out and make 'pleas' like that, surely as fans it's the least you deserve?

Just out of interest, does this not represent an offer of shares to the general public? Or are the promoters happy that this can be treated as a "domestic" issue? If so, how have they satisfied themsleves that this is not a public offfer?

If the former, is some form of prospectus not required? And plc status? Etc.?

Were any financials or whatever distributed with this letter?

Just some sudden thoughts from an outsider. I'm sure your highly-clued up board have taken appropriate advice and satisfied themselves that this is not a public offer, and that they are not in breach of the Companies Act and whatever else, but (and without reading the whole thread, but picking up that some of you don't rate their abilities too highly?) I suddenly got to wondering.

Not trolling - and apologies if this has already been addressed.

Must admit - crossed my mind too, but are they actually offering "shares" or just asking for voluntary donations with conditions attached?

I should imagine that it was a case of YC, saying where still committed, the RFL saying they would be treated fairly (lol) and SL that no disciscions had been made on franchises. And Nigel wood assuring them that he would not eat on entering Red Hall.

I presumed the appeal was just for donations.

Everything you've asked has been asked by other people on this and other threads; the reality is that we have very little information from the club about the current financial situation, apart from the glaringly obvious admission that we're skint. Again.

This appears to be on a public website.

It sort of looks like a public share offer to me. Could I apply?

If it looks like a duck, and it walks like a duck, and it quacks like a duck...

Guys, not being funny but unless this has been resolved/answered (I hope it has, and that someone will show it has) I'm not sure this is right.



In fact, the more I think about it, the more concerned I am. And that is genuine concern, not [ischadenfreude[/i.

a straight question: Do the Companies Act conditions you refer to apply to both listed and unlisted shares, ie shares in a listed company which are traded [iand[/i shares which aren't tradeable (which the Wakey shares won't be)?

Yes. Although I was referring to the wider arena of legislation and regulation, not just the Companies Act 2006.

According to the Companies Act 2006 though, a limited company is a limited company regardless of whether or not a company is listed, unlisted but traded, or private and not traded.

The Act goes on to draw distinctions between public and private companies - including that the latter may not offer its shares to the public. All public companies must end "plc" not "ltd". There is quite a bit of regulation in the act restricting the activities of private companies, in exchange for various exemptions. There are various conditions to be met before a company can be a public company.

The legislation is framed, at least in part, to protect investors and to ensure the appropriate level of corporate governance.

A lot of other legislation and regulations apply as well though. Such as the accounting standards, the rules for offering securities for sale, the rules admitting shares to a recognised trading exchange or platform...once you start offering shares to the public a whole raft of additional legislation and regulation kicks in. Others will have more expertise in that particular field - many of whom are these investment bankers who get paid such scandalous megabucks.

So are you saying that as the company is a Private Limited Company this "share offer" is nothing of the sort but is just a request for donations dressed up as such?

Someone might be, but I'm not.

It says it is a share issue. To the public. I am not sure they can do that, at least not in this way.

Be good (for you guys) if I am wrong, and on this occasion at least I would be quite happy if I was.

I think you have a point regarding issuing shares to the general public - but I am sure the BOD and their financial people will have put it together correctly





Hope so

I suspect that in this case they can invoke the 'common interest' rule which would allow them to sell shares to groups or individuals who have a common interest in the continuance and well-being of the business. Fans of the club could be argued as having such a common interest.

I wondered about that, and I hope that is indeed how they are getting round the general prohibition? Its really the only answer I can think of without having a lot more specialist knowledge here. And assuming of course the Articles allow the BOD to do this - if I had time I'd have a peek. But surely in that case the offer would have to be issued to a restricted group of people? What I have read looks worryingly like a general public offer, since although it is clearly targeting Wakey fans it does not seem to be restricted to them?

But I have not seen the actual application form, and what is sent out with it, and maybe that addresses the issue in some way?

I SUSPECT they could argue, probably with justification, that the only people that were likely to be attracted by the offer were indeed "common interest" parties, and that since the club does not have details of all such parties (given e.g. the awfully small season ticket base) this was the most effective way of ensuring most such "common interest" parties could be approached?

I'm trying to convince myself that they have indeed received valid advice about how to avoid the public offer prohibition. If anyone actually knows or finds out, it might be a good idea if they confirmed?

Sharing their debt, thats about it really.

Soon as we hit administration, get them lot out and rebuild in the Championship the better. It's gonna be a rocky few months/years, but awfully better once they are out of the way.

There are people vowing never to go to BV again until they are gone. We can't afford that to happen to any more people.

I can't afford to care.

So, Adeybull, is it possible that the club have acted illegally?

What I do know is that the letters have only been sent to existing shareholders, as I haven't had one and I'm a season ticket holder, and so they have my address. Although the club has publicised what they are doing, I haven't seen any evidence that it is an open invitation. Or am I wrong?

The CLUB are not selling shares & therefore there is no obligation to provide any form of prospectus.

The form of fundraising being proposed is in relation to a existing shareholding and is being offered by an individual shareholder, albeit that any money raised is for the benefit of the club NOT the shareholder concerned.

if the 1k shares "donations" is only open to current shareholders it does reduce the chances of getting the 500k quite considerably.

just out of curiosity how many shareholders are they?

Just trying to understand this:

A shareholder ( lets assume TR) is giving 1 of his £1.00 shares to any person who will donate £1,000 to the club.?

Is that what is happening?

Quote ="braytontiger"if the 1k shares "donations" is only open to current shareholders it does reduce the chances of getting the 500k quite considerably.'" It isn't, otherwise, why write [iThe club are asking the people of Wakefield to purchase £1000 worth of shares to raise £500,000 with a deadline of 31/1/11 for purchase. [/i www.wakefieldwildcats.co.uk/2011 ... re-scheme/

Quote ="braytontiger"if the 1k shares "donations" is only open to current shareholders it does reduce the chances of getting the 500k quite considerably.'" It isn't, otherwise, why write [iThe club are asking the people of Wakefield to purchase £1000 worth of shares to raise £500,000 with a deadline of 31/1/11 for purchase. [/i www.wakefieldwildcats.co.uk/2011 ... re-scheme/