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Bluewater takeover party story and MyFC reaction

footynut

By footynut
in Ebbsfleet United Forum

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kmj Newbie

kmj

Posted
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"Each will own an individual share in the Fleet"

 

This is misleading. I presume that what this actually means is that each MyFC Soc Ltd member will receive a non-transferable share in the Society in accordance with the law relating to Industrial & Provident Societies. Each Fleet Trust member receives a share in the Trust. The Trust then purchases shares in the Club. The share certificate issued by EUFC is in the name of the Supporters' Trust but held on behalf of the current members. The MyFC shares will presumably be issued to MyFC Soc Ltd, but no doubt one of the great and the good will be able to confirm this.

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Big J R Newbie

Big J R

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All seems to smack of Robert Maxwell to me.

 

If ever the MyFC board decide on a boating trip - WATCH OUT ! bolt

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kmj Newbie

kmj

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There is nothing wrong with shares being acquired by a Trust on behalf of its own members and with the board members being accountable to the members.

 

The equivalent to the Fleet Trust members in the MyFC set up are its subscribers (the £35.00 payers). The difference is that the Fleet Trust own a small share (smaller since the takeover) in EUFC while MyFC own 75%. What I don't understand therefore is, given that it is the subscribers money which combined has been used to purchase the controlling interest in EUFC and acquire these shares, why the same members of the Society do not appear to have a say in appointing the directors of the Club? Presumably the directors will not usually own their own shares. Where is the parallel accountability in the MyFC set-up?

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Mr England Newbie

Mr England

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Posted
Originally Posted By: kmj
What I don't understand therefore is, given that it is the subscribers money which combined has been used to purchase the controlling interest in EUFC and acquire these shares, why the same members of the Society do not appear to have a say in appointing the directors of the Club? Presumably the directors will not usually own their own shares. Where is the parallel accountability in the MyFC set-up?


errrmm thats a bit over my head. all i know is that liam is a top bloke and manager and Lance is a great goalie and should have the no1 shirt tattoo'd to his back smile
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Mr England Newbie

Mr England

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Originally Posted By: PatMan
Originally Posted By: Mr England


errrmm thats a bit over my head. all i know is that liam is a top bloke and manager and Lance is a great goalie and should have the no1 shirt tattoo'd to his back smile


I think you'll find that since MyFC, he is officially a 'head coach'

thank you for putting me right
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