Nah - my understanding is the current SH would transfer their shares in return for £500k, but the £500k is going into an escrow account, so in effect the current SH are "donating" the £500k raised for their holding into the club.

It's basically a question of the board saying they'll step aside if the fans want to put cash into the club. The cash wouldn't be going to the shareholders - their shares are worth rock all.

Ah, so yes it IS the existing shareholders selling their shares to new applicants, but the existing shareholders are not then running off with the proceeds but letting the club have the use of them. Cash injection of £500k. That not only makes more sense, but then fully explains why it is not a public offer and no plc status or prospectus is required. (I think...).

And in which case...I'm pretty relieved.

I guess the other questiion then is - is the £500k a gift to the club, or will it be treated as a loan repayable at some point in the future?? That of course has tax implications for the existing shareholders, but (even if it is a subordinated loan, as you would hope) it also has implications for the new shareholders.

I assume the existing shareholders will be giving up their shares for their fair value (i.e. £1 since the co is clearly insolvent) and that the remaining £499,999 will be a straight equity investment in the co; i.e. new shares to the (newly) existing shareholders.

If its new shares, then we are back to the question of it being a public offer unless the exemption for involved parties applies?

I agree that the existing shares are worthless. But inviting people to invest in what would effectively be new equity brings us right back to where I first started!

My understanding is that the funds are to purchase existing Shares off the Board but that they accept that the shares are not worth anything with the club as it is, so they are just allowing the money raised from that sale to go into the refinancing of the club and they will walk away from any money that would otherwise be due to them.

After 2 weeks since the announcement surley there must be at least one person on this forum who has enquired and been sent by post or e mail the full particulars of this "scheme".

are you lost?
this is the wakey forum?

I Know, that's why I am posting about Wakey

sorry the point i was trying to make was this is wakey, there arent going to be any particulars, thats not how we do things, which is why we're in this hole!

So it is a "scheme" and nothing more, to bring a last bit of money into the club before the 31st January.

The silence from the "club"/"bod"/ and "certain posters on here in the know" is very worrying for all WTWC fans.

There is. While there is no direct link between the ST & the current offer, answers have been sought in an attempt to help those attending next weeks meeting decide how a ST should be created & how it should focus its efforts.

I'm sure the additional info from the club will be posted during or just after Tuesday's meeting.

Why not tell everybody now RDM if you have some answers from the club? It seems a bit tight to with hold information from supporters just to bolster you own groups position.

And to be honest I would want to hear it from the BOD themselves, because lets face it you and The Clan are the two people trying to spin everything in a positive manner regards the share issue.

Which group is this?

I'm not part of any group & have certainly not intended any of my posts to be overwhelmingly in favour of the proposal. I will not be attending the ST meeting as I live & work in the south-east, but feel that the greater detail should be discussed at that meeting first to avoid things being twisted on here by doommongers & trolls on here that would damage the effectiveness of Tuesday's meeting.

I agree it would be better if the BOD had released greater detail, but there is also a hardcore minority who won't listen to what they have to say in any case (even if in some cases their objections to the cuurent management are quite hypocritical).

I don't think you give people enough credit as to their ability to make up their own mind rather than be persuaded by 'doommongers' on a messageboard. Give us the facts and let us make up our minds for christs sake.

Sorry I meant the ST. Fair play if your not going. I just see it as singling out one set of supporters to tell the some of the the truth to, and then they will interpret it for themselves before regurgitating it back on here with what ever spin suits their cause. Like the Share holders meeting one set of events dozens of different recollections.

I just think if somebody has some fact from the BOD then share them with all the your fans not just one group (st). After all time is running out and not a time for one group (ST) to be playing keeper of the facts, giving them out when and to whom they see fit.

Well if the minority are not listening anyway then surly the BOD should tell the majority the facts and let them make an informed decision.

Could I ask why anyone would want to purchase shares at the clubs valuation of £1.00 each taking into account that the only assets the club has is the players.

If the club goes into administration or even liquidation it would be wiser to wait and purchase those same shares for something like 30p or 40p to the £1.00.

And any shrewd investor wanting full control of the club would wait for that to happen.

The share scheme isn't about ' shrewd investement ' it's about ' blind faith ' , and everybody has to make their own decision on that

The meeting is open to anyone who wants to know what's going on, so everyone who has an interest, hopefully knows the "facts" after Tuesday.

And you are 100% sure of that are you.

Blind faith = money down the toilet ans skint

TBF I think you can discount the "share scheme" as too many people at this point no too little, blind faith or not.
It is too big a amount to find in too short a time, unless they're are major investors wishing to contribute in this manner and take a lesser steak in the club, and then do some funding afterwards.
The two options I see, both involve administration sadly:
1) SD involved after admin, along with administrator.
2) shrewd purchase of the club by investor, who has so far not taken the risk, and they will do this 100%, no need/wish for SD, or perhaps some SD involvement.

I won't disagree with you on that , but as I said , it is your club , your decision

Not everybody with an interest or potential to invest will be able to attend. Also any news from the meeting will be second hand, and open to any interpretation those attending want to put on it.

Plus why get the ST mixed up with giving out the facts from the club, surely the best thing is for the club to make an open statement of its intentions on the club website.

To address the first point, this is taken from the sticky thread about the ST meeting:


In terms of the club's statements so far, the shortened version of what they've said is "We need to raise £500k & can't raise this solely from the directors or the bank. If supporters can raise £500k in an escrow account, we'll tell them more to see if they agree with how the money will be spent. If they agree, they can allow the money to be released to the club. If not, they get their money back."