Full and life members...

[Voice of reason]

Except that the rep of the members voted to change the constitution of the club.

The members had to vote for the change in the constitution to allow the transfer of assets to the limited company which happened before the appointment of the members rep to the company.

You're absolutely right Alan
I always thought that there was little chance of the vote getting the required 75% when Glenn Tamplin was to be the man taking over
Once that fell out of bed he was replaced with GH
Although I'm not a Full Member I wasn't alone in being less worried about the change in the constitution as GH had a long history with the club and was a reputable businessman with no skeletons in the cupboard
As things have turned out we should have been very worried indeed

[Alan]

The more I look at the numbers, the more I get f**ked off.

The total scheduled investment was £1.3mil for 76% of the club.

Bennett paid £150k for 8.5% - he now has 27.20%

Thompson paid £50k for 3% - he now has 9.68%
Each shareholding has been increased by a whopping 3.2x without either putting in a single penny extra.

I understand Dave Ward decided against taking up his shareholding of 5.5% but that he paid at least some, if not all of the £100k he was due to invest.

Now, (here's where the hypocrisy starts) - the club / they, want a huge £150k in donations (on top of the money raised from new full membership) in order to hand a measly 5% back to Full Members - yet the two have a humongous 25% extra combined share in the club, all for gratis!

Now, I await the obvious responses of "the club is skint, the shares are worthless" blah blah - but, if they are so worthless and if they really do take the view of "it's your club" and "we want to take the club back to it's roots" - then in my eyes, the decent thing to do would be to hand enough shareholding back to Full Members in order to once again make that entity the majority.
At that point, I think new supporters taking up a Full Membership becomes worthwhile, AND serious fund raising efforts could then be taken by full members to buy back, piece by piece the remaining shares in order to restore the club TRULY to it's original state.

Seems pretty obvious to me that they are still trying to keep those shares to “sell” to an investor in return for £150k investment but if it’s raised by donations, they’ll hand them over to the members club.