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Questions for the board

David Holden

By David Holden
in Ebbsfleet United Forum

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Roger Kint Newbie

Roger Kint

Posted
Posted
Originally Posted By: Bernard
I'm not 'having a go' per se, but I am saying that I'm 100% certain that the Trust Committee members knew nothing about this until the letter/news revealed it. Jessica knew on Sunday and had to make a rushed statement without being able to consult her fellow committee members to find out what their opinions were. An emergency meeting was held last night to discuss the Trust's position. Whatever happened here, it seems clear that the Trust Committee were not, as suggested on this MyFC website, consulted about this move, in the same way that they were not consulted about the name change.

Sorry to be a pedant but you seem to be saying that Jessica knew before the letter/news but the rest of the committe members didn't. Does she not have a telephone?
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John Pearce Newbie

John Pearce

Posted
Posted
Originally Posted By: David Holden
You need to add to that the 250,00o that Adrian Felsted owns which takes them up to 75.25%

The other board members probably hold some shares so it would seem that there is about 20% the the Board don't control and cannot offer to MyFC


As I understand it then 20% of the clubs shares are owned by people who have not been consulted in any way shape or form about this farce, similarly the same 20% were not consulted about the name change. I am sure there is something in law that all share holders have to be consulted and indeed have to vote on anything close to either of the above. This quite clearly has not been done.....

I propose that all 'real' Fleet supporters, or certainly the share holders seek legal advice and obtain an injunction to stop this before the period of due dilligence ends.
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toddybad Newbie

toddybad

Posted
Posted

Sorry to get involved - obviously if you want to try and stop it go ahead i wouldnt ty to tlak you out of it (as a MyFC member).

 

I ws just thinking though - could you really have any legal recourse to somebody selling his/her shares to somebdy else (like MyFC)?

If fans only own 20% of the club then we could reasonably purchase 80% - am I wrong in thinking that if 75% of a company is owned the owner can force through the total sale?? Have I got that figure mixed up with something else?

 

Just something to ponder.

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Roger Kint Newbie

Roger Kint

Posted
Posted
Originally Posted By: John Pearce
Originally Posted By: David Holden
You need to add to that the 250,00o that Adrian Felsted owns which takes them up to 75.25%

The other board members probably hold some shares so it would seem that there is about 20% the the Board don't control and cannot offer to MyFC


As I understand it then 20% of the clubs shares are owned by people who have not been consulted in any way shape or form about this farce, similarly the same 20% were not consulted about the name change. I am sure there is something in law that all share holders have to be consulted and indeed have to vote on anything close to either of the above. This quite clearly has not been done.....

I propose that all 'real' Fleet supporters, or certainly the share holders seek legal advice and obtain an injunction to stop this before the period of due dilligence ends.


As I understand it, as a limited company, the football club has to abide by it's articles and memorandum of association. These will usually state that a MAJORITY of shares held (not shareholders) has to be attained at a vote, at which all shareholders are entitled to one vote per share held, to action such a fundamental change. As is the case when all takeovers are proposed, the board of directors recommend either acceptance of the proposal or thier inclination to disagree. The due diligence procedure will then take place and if all goes well the proposal will then be put to an Extraordinary General Meeting, at which all shareholders will be entitled to one vote per share held. If you vote against and do not wish to sell your shares you do not have to - all shareholders have that option. If you read any of the original press releases you would have gathered all this by yourself. Seek legal advice if you want but it will cost you money - if you are a shareholder you really should understand the rights and requirements that being such confers.
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EUFC FAN Newbie

EUFC FAN

Posted
Posted
Originally Posted By: River Don

No I won't, I'm sorry I ever considered that £35. The £7.50 is plainly way more than an administration charge, it's a profit making venture and they will want to earn as much as possible.


Agreed. The running costs is a bit fishy! Surely it is fixed whether there are 20,000 or 2,000,000 members? Some creaming off the top perhaps?
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chris blanc Newbie

chris blanc

Posted
Posted
Originally Posted By: toddybad
Sorry to get involved - obviously if you want to try and stop it go ahead i wouldnt ty to tlak you out of it (as a MyFC member).

I ws just thinking though - could you really have any legal recourse to somebody selling his/her shares to somebdy else (like MyFC)?
If fans only own 20% of the club then we could reasonably purchase 80% - am I wrong in thinking that if 75% of a company is owned the owner can force through the total sale?? Have I got that figure mixed up with something else?

Just something to ponder.


Let me ask you this then (knowing nothing at all about shares etc):

After members repeatedly coming on here saying that should the Fleet fans say they don't want a part of myfc they would vote against it, do you think forcibly aquiring peoples shares is a decent thing to do and would that get voted on too?
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rsheard Newbie

rsheard

Posted
Posted

Would you ask just the shareholders, or season-ticket holders, or some other way? Not sure how you define the "overwhelming view of EUFC supporters."

 

There is some very clear opposition from some supporters, true indeed. But some have also expressed support, even to the point of having joined MyFC already.

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wobbly Wayne II Newbie

wobbly Wayne II

Posted
Posted
Originally Posted By: rsheard
Would you ask just the shareholders, or season-ticket holders, or some other way? Not sure how you define the "overwhelming view of EUFC supporters."

There is some very clear opposition from some supporters, true indeed. But some have also expressed support, even to the point of having joined MyFC already.


I think that comes more from if you can't beat them join them school of thought, more than a vote of confidence from the guys i know whom have joined since the news.
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OKUZ Newbie

OKUZ

Posted
Posted

1. Exactly how much is to be invested? The press release seems to infer £700,000, but as we all know 20,000 members at £27.50 a time is only £550,000. What happens if the costs of the takeover exceed the reserve, does that come out of the investment of will the MyFC members be asked to stump up the difference.

 

Subscriptions are not the only source of income as mfc are also selling t-shirts, polo shirts, coats and hoodies ect. Dont know how much cash this has generated and i dont need to know, all i do know is we are giving it all to ebbsfleet united and we dont want any of it back. cmon the fleet we are all in this together now no bickering and all muck in, we are not your opponents x x x

 

 

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Glover Newbie

Glover

Posted
Posted

i think the short answer is ALL, as myfc is a trust then any monies ie membership goes to the club and cannot be used for anything else and approx 3000 people have signed up and paid in the last few days, so that sum will only increase , remember only 20000 had paid so far but 50000+ had signed up.I think a lot of those people will now be coming forward with their money

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low_key Newbie

low_key

Posted
Posted
Originally Posted By: OKUZ
1. Exactly how much is to be invested? The press release seems to infer £700,000, but as we all know 20,000 members at £27.50 a time is only £550,000. What happens if the costs of the takeover exceed the reserve, does that come out of the investment of will the MyFC members be asked to stump up the difference.

Subscriptions are not the only source of income as mfc are also selling t-shirts, polo shirts, coats and hoodies ect. Dont know how much cash this has generated and i dont need to know, all i do know is we are giving it all to ebbsfleet united and we dont want any of it back. cmon the fleet we are all in this together now no bickering and all muck in, we are not your opponents x x x




A good point. Yes around £550k has been generated through the 20k members but we also forget the tie in with EA Games who will surely be bringing some money to the table if they already haven't, the new members who have joined through the rather shrewd PR campaign since Monday's announcement, not to mention the myriad of new sponsors who will be clamouring for any advertising space the club now has to offer, meaning space will be at a premium meaning EUFC can charge more!
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