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Old 6th June 2019, 08.11:19   #10-0 (permalink)
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Default Re: Bryn Law puts forward 'Gate Approval Process' changes and NDA changes

Quote:
Originally Posted by Rob View Post
Two sets of technical changes put forward by Bryn Law - the pair are to the bottom of https://wst.org.uk/wp/?page_id=503

He wants a penalty clause of £2k for breaking an NDA rather than £50,000, explaining it as "It is my contention that this figure has been set too high and that it actually discourages any approaches from those with serious investment intent as they regard such a figure as being excessive in comparison to other investment negotiations in which they have been involved."

The Gate process is worth a read fully, with the first two intro paragraphs below from him: "It is my proposal that The Gate Approval Process be amended to better encourage credible investment approaches. It is my contention that, as it exists, the process is overly punitive and, as such, is discouraging all potential investors from taking the process anywhere beyond the requirement to sign an NDA, particularly as the onus to
maintain confidentiality only falls on the investor, not on the Society Board.


"Furthermore, the fact the potential investor must then make a 5k payment to facilitate a second meeting and provide a business plan and proof of funding, but the Society board still has the right to end the process at this stage without disclosing the detail to the membership is unlikely to encourage credible investors to pursue the process to
this stage. There are good and bad investors out there, my contention is that whilst this process is rightly designed to discourage those whose intentions could be harmful, itís actually too restrictive and is actually discouraging even those with positive intentions."


The Board advises against the first and 'strongly' advises against the second says it '...could lead to a repetition of the near farce which occurred when the previous owners were attempting to sell the club.'
Final paragraph gives the board advice...so my question is has the board met to discuss motions already?
And was it the full Wst board position ie was it unnanimous?