Was that from somebody at the club or was it hearsay and does that rely on the 500k.

I suggest you attend the meeting of supporters in the Cats Bar 7.30, 18/01/11

There may be some answers to the questions that have been raised

A meeting has already been held with the club & efforts are being made to arrange a second. Details of what has been discussed will be made available at next week's meeting.

who did the meeting involve ?

Secret

As alluded to on another thread I have very little faith in us getting proper answers from the BOD. The answers to the questions should be provided by the clubs accountants and lawyers or they should allow access to the full information to a small group of fans with the requisite professional skills (eg accountancy and legal), assuming there are fans with such skills, who can then report back to the rest of us as to what the true position is.

That could be one thing that gets looked into at the meeting, and i'm sure they will be welcomed to represent us.

The other side of this coin is we don't need to wash our mucky clothes on here, too many trolls lurking and feeding off it, some may see that as hiding but imo its for the best untill we get some answers.

Unfortauntely, the club's accountants & solicitors are bound by client confidentiality. Even in the event of a full sale of the business as a going concern, the buyer would have to instruct their own accountants & solicitors to review the paperwork as part of a due diligence process.

Even if the client confidentiality wasn't an issue, the accountants & solicitors are not involved on a day-to-day basis and are not actually in the best position to give the answers that are needed.

The full detail can only be established by speaking to management - ultimately, it's in their best interest to be as open as possible with those people who are thinking about contributing to the fundraising effort.

As BIGAL says, the answers have been obtained to help those attending the supporters' trust meeting decide on the best course of action & that is why the first place this should be discussed is at next week's meeting.

Not really the case.

As this is effectively a rights issue there should be a prospectus clearly setting out the club's current situation, it's financial viability and it's business plan. It would clearly state the proposed category of shareholding, voting rights and dividend rights and most importantly, the potential buyer would be able to assess the likelihood of being called upon to add further funds at future dates.

It is a straightforward business requirement and a prospectus should be available by now so we can all make a considered judgement on the situation.

Agree with last post.

At the last 'share issue' though conclusions on here were it's not an investment, more of a donation.

I think that your outline of proceedings is the usual for a plc.

If the plan, however vague, is for the board's shares to somehow be set aside and a new board elected from the new shareholders then this must be a share issue, not donations. As such, the company needs to prepare a prospectus outlining the full terms, conditions and obligations on future shareholders.

Can I suggest one or two of you read some of the discussion on one of your other threads?

1 - whatever it is, it is clearly NOT a rights issue. A rights issue is made to existing shareholders, who may take up or sell their rights or just ignore it.

2 - borntoit is otherwise making a similar point to the one I made on the other thread - that this looks on the face of it to be an invitation to the public to subscribe for shares. If it WAS, then not only would a prospectus (and a shedload of costs) be required, but the company would have to be a plc - which it is not. It would otherwise be illegal for the company to act as it is doing.

3 - someone - I think it was Derwent - explained on the other thread the one possible reason why this invitation might avoid being seen as a public issue, which had been my thought too although I think some fast talking might be required to justify it. I do think someone should get to the bottom of this, unless not already done so, so that if nothing else you can be happy the BOD is actually empowered to do what it is doing and is acting legally. I am sure it must be. They clearly believe they are.

4 - everything I have seen makes it clear this is a share issue. I cannot see how anyone can view this as being a solicitation of donations. If it IS then there is some extremely disingenuous wording being used, bordering on the actionable maybe.

And, for the avoidance of doubt, I am commenting only as a concerned observer. Despite the pathetic anti-Bulls rantings of a few on here over recent years, and the occasional run-in with a mod when I might have stated an inconvenient truth, I remain concerned not to see your club fall over and you fans let down by a useless BOD. Who, incidentally, could have launched a "Pledge" campaign just the same as Bulls did, since you were perhaps the one other club most in need of such. One or two very old hands might remember me from the very early days of the internet forums and chatrooms, before the atmosphere was poisoned by some of the fekkwits, and should recall my bona fides.

My memories of you do have something to do with a bona!