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.

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.