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Due diligence process now complete...

WebEd

By WebEd
in Ebbsfleet United Forum

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Harry J Allstars Newbie

Harry J Allstars

Posted
Posted
Originally Posted By: Coldplayer


That would be me :-)

I have no problem that your site broke it first but I do have a problem with the lack of communication between MYFC and the MYFC Members, something which has been discussed at length and something a lot of people agree with.

There is still nothing on MYFC offically to say that we have completed DD.

Hello btw from another MYFC member smile


If you're not happy about lack of info then God only knows why you want to buy us.
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doheochai Newbie

doheochai

Posted
Posted
Originally Posted By: DA11
Have to be careful what I say. In my heart I am happy that Jason has stepped down. I haven't read it full yet my friend. I can't seem to log onto any site at the moment apart from this one.

Try the link to Colplayer's wiki page on the previous page - it seems to be working.

Got onto MyFC with this -
http://members.myfootballclub.co.uk/article-16251
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Big J R Newbie

Big J R

Posted
Posted

As an idle by-stander with no fixed opinion either way on this issue, one point struck me as rather strange.

" The next stage of the process is for MyFC members to formally vote and agree upon the deal.

 

This process will take seven days. If the members agree, EUFC will then announce the date of an Extraordinary General Meeting of its shareholders, details of which will be sent to our shareholders within the next 10 days."

 

7 seven days to collect all the votes and 10 days to announce the EGM and distribute the paperwork ? I assume that most of this will have to be by post.

 

Incidently I wonder which independent company is overseeing the vote counting for fairness ? I trust not the U.N. who tried to monitor the recent election in Kenya and failed dismally !

 

 

 

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doheochai Newbie

doheochai

Posted
Posted
Originally Posted By: Big J R

7 seven days to collect all the votes and 10 days to announce the EGM and distribute the paperwork ? I assume that most of this will have to be by post.

The MyFC vote will take place over the internet. As far as I know the existing EUFC shareholders will have an EGM that will be notified by post. However, existing shareholders who control in excess of 75% of the shareholding have signed legal undertakings to sell their shares if the MyFC vote is positive.

Originally Posted By: Big J R
Incidently I wonder which independent company is overseeing the vote counting for fairness ?

The MyFC vote will be conducted by the site operator.
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PatMan Newbie

PatMan

Posted
Posted
Originally Posted By: doheochai


Originally Posted By: Big J R
Incidently I wonder which independent company is overseeing the vote counting for fairness ?

The MyFC vote will be conducted by the site operator.


So, in other words, no independent company will oversee the votes - as the site operator will be the MyFC web-team!

Not that it matters in this instance - can't see there being many votes in opposition (bound to be a few tho)
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Big J R Newbie

Big J R

Posted
Posted

 

Originally Posted By: Big J R
Incidently I wonder which independent company is overseeing the vote counting for fairness ?

 

Originally Posted By: doheochai

The MyFC vote will be conducted by the site operator.

 

 

Hmmm. Not 100% sure about the legality of that in the event of a dispute resulting in a court-case.

 

By the way - Does every new share-holder own a PC ?

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David Holden Newbie

David Holden

Posted
Posted

Quote:
The MyFC vote will take place over the internet. As far as I know the existing EUFC shareholders will have an EGM that will be notified by post. However, existing shareholders who control in excess of 75% of the shareholding have signed legal undertakings to sell their shares if the MyFC vote is positive.

 

 

I think you need to read the article properly, because nowhere does it say that.

 

Your interpreation of the share structure is also not entirely accurate

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PatMan Newbie

PatMan

Posted
Posted
Originally Posted By: Harry J Allstars
I would just like to say that I think it would be hilarious if MyFC voted no.

Well it wouldn't obviously... but... well you see what I mean.


Twisted, perverse sense of humour there HJA. I wonder how many of us thought the same?!?!?!?!
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Slartibartfast Newbie

Slartibartfast

Posted
Posted

Good news that Liam and Alan are signed up for next season.

 

Good news that the limbo period is almost over.

 

Good news that Liam can start offering contracts for next season to Chris, Stacy, Lance etc....

 

Good news that they want the members to vote 'trust Liams judgement on who to sign in January'.

 

Great news that they will be screening highlights of the matches.

 

Good news that they will allow a two month period before starting the 'pick the team' game.

 

Hopefully the MyFC website is snowed under with new members signing up and handing over their money.

 

 

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Slartibartfast Newbie

Slartibartfast

Posted
Posted
Originally Posted By: doheochai
[ However, existing shareholders who control in excess of 75% of the shareholding have signed legal undertakings to sell their shares if the MyFC vote is positive.


Didn't you post earlier in this thread that there would be a new share issue to enable MyFC to purchase a 75% interest in the club?
I shouldn't think that existing shareholders will do anything other than vote on the deal.
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Alan ( GNFC ) Newbie

Alan ( GNFC )

Posted
Posted
Originally Posted By: doheochai
I would expect a lot of people will divert here.

Will give some brief details from what I can remember -

MyFC will purchase 75% of EUFC for £635,000 (I think) which will be payable over 2 years (£400,000 in the first year).

This will be for the club and does not include Fleet Leisure or Fleet Developments (company dealing with new stadium)

New share will be issued -
MyFC will control all A shares

Existing shareholders will hold B&C shares which will control Fleet Leisure and Developemts

EUFC will pay Fleet Leisure £48,000 per year rent for training ground

EUFC will pay Developments up to £40,000 per year consultancy fees for work on stadium development.


So we invested in shares to help our football club and end up with a bit of the old Bowaters Sports Club which is losing money quicker than Northern Rock?

Is this correct, it wouldn't surprise me ?!
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Alan ( GNFC ) Newbie

Alan ( GNFC )

Posted
Posted

Using my previously invested £35 wisely I have entered the collapsed website and foundthe following which probably answers my own question:

 

"Three new classes of shares are to be created: A shares, B shares, and C shares. These will replace the existing shares. The Society will acquire the A shares and the current shareholders of the Club will own the B shares and the C shares.

 

In essence, the class A and B shares relate to the business of the football club itself, and the Class C shares allow the holders of those shares to control the Leisure and Developments subsidiaries, and to receive dividends from those subsidiaries. The A and B shares carry slightly different rights - the B shareholders (ie. the current shareholders of the Club) have the right to control certain decisions which would impact on them, but otherwise the A shareholders (ie. the Society) will control the appointment of the A directors (who will have all requisite powers) and voting at shareholder's meetings, and the control rights that the A shareholders have are such that the Myfootballclub model will be able to operate effectively."

 

 

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Coldplayer Newbie

Coldplayer

Posted
Posted
Originally Posted By: Harry J Allstars
Originally Posted By: Coldplayer


That would be me :-)

I have no problem that your site broke it first but I do have a problem with the lack of communication between MYFC and the MYFC Members, something which has been discussed at length and something a lot of people agree with.

There is still nothing on MYFC offically to say that we have completed DD.

Hello btw from another MYFC member smile


If you're not happy about lack of info then God only knows why you want to buy us.


Have no problem with the info, merely the way its communicated.

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