As a sharholder in the company (only 25 so don't get carried away) I am entitled to a proxy vote. As an individual this will mean little, however there are many small shareholders out there and if we banded together under the banner of BULLBUILDER we could get the fan representation many want.

In case you are interested I purchased the shares in NORTHERNS version of the pledge. They could not afford to sign Deryk Fox and asked fans to stump up. One option was to purchase shares, which I did.

I think if the club was to increase its number of shares allowed and offer the new ones for investment many fans would like a small share £100 in the club and we could use them through BULLBUILDER.

What do you think, especially ADEY and any others involved with BULLBUILDER.

Non-starter as things stand, unfortunately:

1 - there are (as near as makes no difference) no unissued shares that could be issued.

2 - the only way more shares could be made available for issue is if the existing shareholders passed a resolution to amend the Articles of Association, most especially to remove the provision (transferred in from the now-defunct Memorandum of Association by the Companies Act 2006) that sets a £200,000 "Authorised Capital". So you'd need to convene an EGM and have the necessary resolution passed.

3 - Then, and only then, could the directors issue new shares to persons of whom they approved (the Articles seem to contain no pre-emption rights in favour of existing shareholders).

4 - The directors could not anyway invite "the public" to subscribe for new shares, firstly because that would first mean converting the company into a plc (not practicable as things stand) and secondly issuing a prospectus (very much ditto).

5 - It is almost inconceivable that Caisley and cohorts would entertain any issue of new shares that would dilute their own holdings such that they would no longer have control, IMO.

The only way as it stands that fans could gain significant representation would be if they - through an acquisition vehicle - were able to persuade one or more of the likes of Hood, Bates, Agar etc to sell their shares. But that would firstly mean paying out good money to enrich someone whose shares are essentially worthless right now, and secondly it would only be allowed if the directors approved of the transaction. And, right now, can you see anyone feeling able to approve of anything?

Also, unless you have 25.0001% of the shares, you have stuff all power to do anything. At 25% you can block a Special Resolution. But even above that, in the face of a group holding over 50% (as Caisley has indicated he has) you have stuff all power on a day to day basis.

Sorry of this sounds negative, but there really is very limited scope to do very much as things stand.

The above posted in a personal capacity, btw.

Thanks Adey knew from your previous comments it was unlikely. As my individual shares have no real value I would be happy for them to be held by BULLBUILDER, but I assume I would need approval to transfer them.