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/

It's not a proposal that goes on a pro-rata basis immediately. Control of the whole shareholding is being made available to those individuals who are able to raise the £500k required. That could be anything from one person putting the whole amount in (unlikely I know) to 500 each putting £1,000 in.

If the money is raised by a group of people it will be up to them how they then divide the voting rights that come with them.

So how do fans who are not shareholders get to know what the total shareholding for the £500,000 will be?

The more I read about this, the more nebulous the whole thing becomes. I'm not even sure what people are being asked to invest in/donate to/raise funds for any more (other than the club, of course). What exactly is the deal here? Add the supporters' trust to the mix, and you have one very murky soup indeed, from my perspective.

Let me clarify one thing at least

THE SUPPORTERS TRUST IS NOTHING TO DO WITH THE SHARE OFFER!

The ST was already being organised long before the current glut of financial issues became public, the severity of the clubs situation has hastened the proposed formation of the ST but thats all.

I understand that. What confuses matters for me is how the planned supporters' trust is running along in parallel to the share offering. I know this may be jumping the gun here, and there's no doubt a lot still to be decided, but is the ST also aiming to pool resources to buy into the current share offering? If not, where (and perhaps more importantly, when) does it come into the equation?

As I understand it, the meeting next week will be considering the creation of a ST which will then consider the most appropriate way to help the club. Answers to pertinent questions about what's been happening at the club over the last few months will be available to help people decide whether they wish to be involved in either the fundraising effort, the ST or both.

OK, thanks for that. I'll "od me osses".

I thought everyone was saying that the meeting next week to set up a Supporters Trust was nothing to do with the Club or the BOD

You are correct. The meeting is to seek a mandate from supporters to establish a Supporters Trust. It is nothing to to with the Club or the BOD.

Until the Trust is consituted, assuming a mandate is forthcoming how can anyone say what the trust is going to do - that decision will be one for its members to make.

It certainly will not be advising Supporters/Shareholders whether or not to buy shares in the Club as it will not be qualified to do so - That would be a breach of FSA rules and have potentially serious consequences.

I for one am totally confused by this "share offer". So many people seem to have differing opinions on what it actually is. I am pretty clued-up in this arena, so if I am confused what must most fans be?

And it is nothing to do with me, I appreciate. But, speaking as one of the founder board members of another Trust, albeit for a club not (now) facing the problems yours is, I would urge as many of you as possible - hell, I'd PLEAD with as many of you as possible - to get to the Supporters' Trust meeting next week.

What Sandal Cat just said is 100% spot on, of course. But, as an outside observer, I really think it could prove to be the start of something as important as anything in trying to ensure the long-term future of the club. If enough of you guys have the will to make it so. And I know the core of Wakey supporters are as passionate as any in the game so the basis simply has to be there?

I wish I could somehow put across on here just how important I believe enough of you guys turning up next week might prove to be! And how genuine I am in that belief.

Sincerely,

A concerned observer and well-wisher.

this is exactly my point it is marketed as a "share package" by the club, the club will relinquish there shares if enough shares are bought, but then its no a share offer!!!!!!!!!!!!!!!!!!!!!!!!!!!
Only at Wakefield!!!!!!!!!!!, the lunatics that have got us into this mess cant even get shut without cocking it all up.

Hang on...are you telling me this is not an issue of NEW shares, but an offer by existing shareholders to sell their shares??????

If perchance it IS, that could explain why its not being treated as a public offer.

But again, if it IS, then it is a total complete and utter scandal - since all it would do is pay out the existing shareholders and dump the problem on a new lot, and the money would be paid to the old shareholders personally and not the club. And if anyone thought it was putting money into the club, it would not be.

Reading the wording of that web-page - and that is all I have to go on - it could indeed be what you seem to be saying.

If it IS, then the wording is disingenuous at the very best.

Surely surely not??

FFS Surely it must be clear SOMEWHERE what this is really all about???

And again, sorry - but I'm commenting solely as a concerned observer and well-wisher.




ps: the more I think about it, the more what you say fits the - otherwise rather strange - wording on that web-page.

If so, then it looks like fans with some dosh are being invited to take over the club? But they will then still be faced with the debts and all the other financial chanllenges.

Maybe it would be better for a consortium/supporters' trust/whatever to hang fire, await what could prove to be a looming administration, then buy the club off the adminsitrator?

I hope nobody thinks that the BOD would actually know the correct and legal way to do anything do they? Legal advice costs money and we ain't got a pot to p1ss in so don't take any. Wikipedia is as good as it gets in that respect I imagine.

good point well made!

In fact the last two entries on the clubs official facebook page have the clubs stadium as the the Rapid SOLUTIONS stadium, rather than solicitors. We just come accross as amateurish in everything we do.