When news happens get involved. Send your pictures, views and video to us by text and email
TERRAS: Fans are invited to make views known
7:00pm Thursday 10th October 2013 in Football
THE Weymouth FC Supporters Association is inviting its members to make known their opinions on the special resolution which is up for discussion at this weekend’s EGM.
The Terras’ board of directors are proposing to lift the limit on the amount of shares that can be purchased by any one person, just 16 months after signing the club’s majority shareholding over to a community trust to safeguard it from sole ownership.
The relevant extract of notification from the WFC board reads: “'The board of Weymouth Foot-ball Club recommend that this EGM shall vary the terms of Para 5(a) and Para 5(b) within the Deed of Trust signed on April 9, 2012, so that there shall be no limit upon the shareholding which can be held by any person or body.”
The Deed of Trust currently contains a clause restricting the amount of WFC shares that any one individual can own to a maximum of 7.5 per cent of the total company share value. The only exception to that rule is that no restriction is placed upon the amount of shares that can be owned by WFCSA.
A WFSCA statement reads: “The current WFC Board originally orchestrated the share ownership restriction primarily to prevent the club from falling under the control of a future single majority shareholder.
“At the time this was obviously app-lauded by the vast majority of supporters who saw it as a safety net following the club’s previous years of turmoil.
“The members of the WFCSA Board are among the many fans who are now wholly against the principle of removing the 7.5 per cent share restriction.
“However, we do have complete faith in the integrity of all of the serving WFC directors and so we are willing to keep an open mind on their reasoning for proposing such a stark change of direction.
“It is now public knowledge that the board have been in negotiation with a party who have expressed interest in investing in Weymouth FC, and we understand that this forms the reasoning behind the proposal.
“We have strongly expressed to the club’s board that the vast majority of the club’s shareholders are also loyal Weymouth FC supporters, who, after those years of turmoil, will need to be provided with absolute clear and definitive information, along with steadfast assurances, that this path is a suitable one for the club to consider.
“So far, suitably substantiated information hasn’t been offered and so we recognise that people will find it extremely difficult to be able to make a responsible decision based on what is known.
“With the information currently made available we share what is seemingly the view of many fans in opposing the removal of restriction on share ownership. We also believe that the emphasis is with the Weymouth board to offer conclusive information for us to consider otherwise.
“However, at the EGM the WFCSA board will be expected to cast a vote in representation of the association’s own shareholding.
“We would therefore very much welcome the views of WFCSA members, who can contact us via email at contact@uptheterras. co.uk.
“We do ask all members to please include your name so that we’re able to verify your contact.
“Please also consider the point that, due to our board members’ work commitments, we’re only able to pick up emails to the contact address during the evening or at the weekend.”
The EGM, for shareholders only, is scheduled to take place at the Bob Lucas Stadium on Sunday at 11am.
Comments are closed on this article.