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.

a straight questionand[/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.