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Old 19th January 2021, 15.36:16   #19-0 (permalink)
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Default Re: Takeover update statement 19th Jan

ffs, you just knew this wouldn't be simple.

How long is it gonna take the FCA to register the changes? I imagine the proceedings of a small cooperative society is low down the priority list at the moment what with the economy being destroyed and billions in furlough money/loans going out left right and centre.
Old 19th January 2021, 15.37:09   #20-0 (permalink)
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Default Re: Takeover update statement 19th Jan

WST clauses and other bollocks yet again in the way then.
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Old 19th January 2021, 15.37:44   #21-0 (permalink)
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Default Re: Takeover update statement

Quote:
Originally Posted by FieldtownRed View Post
As in not enough board members to legally conduct business?
Is that why a willing football board member had to be co-opted to the WST board?
Old 19th January 2021, 15.38:14   #22-0 (permalink)
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Default Re: Takeover update statement 19th Jan

Quote:
Originally Posted by Rob View Post
https://wst.org.uk/wp/?p=1553

In full below:

The WST Board would like to issue the following update regarding the proposed takeover of Wrexham AFC by Rob McElhenney and Ryan Reynolds.

It has come to the Wrexham Supporters Trust Board attention that a member posted unofficial and unsubstantiated remarks on social media about the takeover being ‘concluded tomorrow’ (implying Monday 18 January 2021).

Please be advised that the WST Board will let members know as soon as possible through official Club/WST channels when there are further developments or when matters have been finalised.

Last week the board concluded negotiation of the Share Purchase Agreement with RR McReynolds LLC and have exchanged contracts.

Completion of the deal will now be conditional upon a change to the Wrexham Supporters Trust rules- as approved by the members in November last year- being registered by the Financial Conduct Authority.


We will keep members updated regarding this registration of the changes with the FCA.

In the meantime, we wish all supporters a pleasant week and hope you are keeping safe in these challenging times.

A welcome update but could this statement have been released earlier?
Old 19th January 2021, 15.43:14   #23-0 (permalink)
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Default Re: Takeover update statement 19th Jan

FCA money laundering big business now and that's where they probably have concerns with these sort of situations , only a guess .
Old 19th January 2021, 15.43:15   #24-0 (permalink)
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Default Re: Takeover update statement 19th Jan

Quote:
Originally Posted by Redpensioner View Post
In plain English what the ***k is going on. You are talking like a load of Barristers.
A quorum is the minimum number of board members that we need to be able to conduct business. If we have a quorum, then we are quorate.

In our constitution, we need at least four members of the quorum to be society board members elected by the members.

If there are resignations of one or 2 more elected board members, then we may no longer be quorate. Hopefully someone can simplify this even further.
Old 19th January 2021, 15.44:01   #25-0 (permalink)
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Default Re: Takeover update statement 19th Jan

I have a bad feeling about this.... 12 days to get it sorted?
Or Spencer's resignation may scupper the whole thing, and no signings as transfer window closed?

If this goes belly up now, there will be riots!!
Old 19th January 2021, 15.44:58   #26-0 (permalink)
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Default Re: Takeover update statement 19th Jan

WST doing what they do best I suppose, by holding the club back, they've held us back for eight years I suppose another few days won't hurt.
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Old 19th January 2021, 15.45:14   #27-0 (permalink)
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Default Re: Takeover update statement 19th Jan

So contracts have been exchanged for the sale?
Surely the registration of the changes with the FCA could have been done months ago?
Yet again WST couldn't arrange a drinking session in a brewery..Absolute amateurs
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