Consortium bidding for Wrexham

[podders]

Originally Posted by Hightown Brymbo Red

It's 50k

It’s 5k, and the resolution was brought by the trust, resolution f

http://wst.org.uk/www3/index.php/component/k2/item/5333-wst-agm-election-and-resolution-results
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[standman]

Originally Posted by krux

What? Its a 50k bill just to enter negotiations???

5k I understand for out of pocket expenses
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Would not be surprised at £50k as it means the WST would never have to consider an offer so would never have to inform the members of anything.

If it’s £5k and refundable then fair enough but even to charge anything for initial talks is a farce and shows they hope never have to consider a genuine offer. Can someone confirm this as this has made me question my membership more than anything I’v heard in the last few weeks and least that’s not been bad enough.

[dixienormous]

Please tell me the Steve Morgan one is bollocks. He could get us to the premier league ffs

[podders]

Originally Posted by standman

Would not be surprised at £50k as it means the WST would never have to consider an offer so would never have to inform the members of anything.

If it’s £5k and refundable then fair enough but even to charge anything for initial talks is a farce and shows they hope never have to consider a genuine offer. Can someone confirm this as this has made me question my membership more than anything I’v heard in the last few weeks and least that’s not been bad enough.

See the link in my post directly above yours! It’s £5k, WST members voted it through, only 2 people voted against it!
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[Rob]

Originally Posted by Hightown Brymbo Red

Sure that Lindsey Jones brought a resolution forward last Summer...Just to make it difficult

If it is 'difficult' to pass the five grand bar then the bar has done the job surely?

I have posted before about the disengagement of fans, but it is all here in black and white and probably in various inboxes and doormats historically WST AGM ELECTION AND RESOLUTION RESULTS

Lack of engagement is how we have kept the dragon and rockin robin is fritzl'ed away somewhere waiting to fly free to promotion

[ABd]

This is the procedure set-out in the resolution:

1 Approach to Society Board

2 Signing of a Non-Disclosure Agreement (NDA)

3 Initial Meeting with investor(s) - [The initial meeting objective is to generate the understanding of the investor(s) intentions & proposal including funding model & vehicle(s) to do it]

4 Trust Board Review the investment proposal

5 Covering expenditure of the Society and its representatives - [At this point to ensure that any investment approach is genuine, the Society Board is to require a deposit of £5,000 from the investor(s)]

6 Follow up meeting with investor(s) - [Note: steps 4 and 6 may be an iterative process until the Society Board is satisfied that it understands the intention of the investor(s) and their funding model]

7 Proof of funding & Business Plan

8 Society Board Decision

9 Disclosure of names of investors to membership (if investment vehicle is a company then it will be all the shareholders in any chain of companies)

10 Heads of Terms Agreed

11 Due Diligence at investors cost

12 Society Board to call an extraordinary general meeting (EGM)

13 EGM with presentation by investor(s) & Society Board

14 Enact decision of EGM

So does this mean the WST board can talk to any potential investors before the £5k is due, as long as they sign the NDA?

How far did this alleged consortium get? Did they not want to sign the NDA?

Also it says steps 4 - 6 can be iterative.. does that mean the WST can require further deposits?

[ABd]

Sorry it says steps 4 and 6, not 4 to 6, so that answers my last question.

[Congy Red]

I don't want outside investment and I'll vote against it for two reasons.

1. Firstly we're doing fine without it, there are lots of posters blaming the board for the 1st team manager issue. I am looking further than that. We've recovered from rotten ownership and are on the way back. Profit making club, squad getting better, competing in the playoffs.

2. Secondly its not just about who comes in to invest. Its about who comes after that. Who do you trust more to care for the club? Your sons and daughters and grandchildren after you've gone, or a succession of rich benevolent private investors?


Pipe off consortium we're doing fine.

[sparky]

Originally Posted by standman

Would not be surprised at £50k as it means the WST would never have to consider an offer so would never have to inform the members of anything.

If it’s £5k and refundable then fair enough but even to charge anything for initial talks is a farce and shows they hope never have to consider a genuine offer. Can someone confirm this as this has made me question my membership more than anything I’v heard in the last few weeks and least that’s not been bad enough.

I'm sure Lindsey posted on facebook this week it was his proposal and it is indeed 50k.