Home
FAQ
Search
Register
Log inThe Share Issue - Latest Information
Page 1 of 1•
The Share Issue - Latest Information
by Michael Phillips on 5th October 2007, 12:38
Shares Issue – Latest News
The FA has approved the club’s proposal to become a private limited company. Arrangements are well advanced for the club to become a temporay limited company during the week beginning 8 October 2007 in order to begin the process of issuing shares and forming a substantive 'private limited company by shares (Companies Acts 185 - 89). This private limited ' shell' company is a temporary arrangement required by legislation to enable the club to issue an invitation to purchase shares.
Why become a Private Limited Company?
The decision to become a private limited company follows advice from various sources and meets the approval of the Football Association. It is cheaper than becoming a public limited company. Becoming a private limited company enables the club to issue an invitation to buy shares. This arrangement provides the club with greater control over who may purchase a majority of shares than if the club decided to become a public limited company, whether the majority share holder is likely to be an individual or a consortium.
Club Members and the Management Committee are committed to securing a long term, successful and financially sustainable future for this club. The club is also committed to doing all it can to preserve, as part of the new club, values many supporters believe to be so important: a family friendly, community club playing attractive football at the highest level possible.
The Process
The staged process towards the issue of an invitation to buy shares is in accord with current legislation and recommendations of the Football Association, Club Members and the Management Committee.
Stage 1
The club becomes a temporary private limited company with three directors who will be responsible for the invitation to buy shares and then the arrangements for share holders to appoint a board of directors and chair person. The three temporary directors will be: Dominic Reynolds (Chair), Paul Jacks (Company Secretary) and Jack Pearce (Director).
Stage 2
An information pack with an ‘invitation to purchase’ is being prepared for approval by the temporary directors. The club aims to have this pack available on-line from the club’s website, or by post, for the week beginning 22 October 2007.
------------------------------
Further information will be posted on this page as soon as it becomes available. There will also be press releases and updates on Spirit FM.
Mike Phillips
(Management Committee Member)
The FA has approved the club’s proposal to become a private limited company. Arrangements are well advanced for the club to become a temporay limited company during the week beginning 8 October 2007 in order to begin the process of issuing shares and forming a substantive 'private limited company by shares (Companies Acts 185 - 89). This private limited ' shell' company is a temporary arrangement required by legislation to enable the club to issue an invitation to purchase shares.
Why become a Private Limited Company?
The decision to become a private limited company follows advice from various sources and meets the approval of the Football Association. It is cheaper than becoming a public limited company. Becoming a private limited company enables the club to issue an invitation to buy shares. This arrangement provides the club with greater control over who may purchase a majority of shares than if the club decided to become a public limited company, whether the majority share holder is likely to be an individual or a consortium.
Club Members and the Management Committee are committed to securing a long term, successful and financially sustainable future for this club. The club is also committed to doing all it can to preserve, as part of the new club, values many supporters believe to be so important: a family friendly, community club playing attractive football at the highest level possible.
The Process
The staged process towards the issue of an invitation to buy shares is in accord with current legislation and recommendations of the Football Association, Club Members and the Management Committee.
Stage 1
The club becomes a temporary private limited company with three directors who will be responsible for the invitation to buy shares and then the arrangements for share holders to appoint a board of directors and chair person. The three temporary directors will be: Dominic Reynolds (Chair), Paul Jacks (Company Secretary) and Jack Pearce (Director).
Stage 2
An information pack with an ‘invitation to purchase’ is being prepared for approval by the temporary directors. The club aims to have this pack available on-line from the club’s website, or by post, for the week beginning 22 October 2007.
------------------------------
Further information will be posted on this page as soon as it becomes available. There will also be press releases and updates on Spirit FM.
Mike Phillips
(Management Committee Member)
