I have been watching the debate over the last few days, and thought now was the time to contribute.
- The offer is a bad offer
Who pays for less ownership? The resources of the Well Society will be massively reduced.
Who on earth is going to continue contributing to well society for less influence? If this deal goes through, in my opinion, there is a good chance well society membership will collapse and it will fail to meet its contribution 'obligations'.
- The Board and the Well Society have not acted in an open and transparent way. The Well Society are the owners, yet members had zero influence. Just because the majority of those who voted on the issue of external investment voted yes was not a green light for the board to accept and propose any deal.
- Have the Well Society approached Wild Sheep for direct conversation? If not why not? If they are unwilling to have a conversation, then for me that is a big red flag.
- Is Wild Sheep 'investing' or purchasing an asset. I think it is the latter. Investment to me would be to make an offer directly to the Well Society (and the club) for 20% of the society's shares(which would go to the club). That way we see real investment and the Society is not bankrupted.
- Who controls the board. The Society is the majority shareholder but has no control. That is bizarre.
The current offer if accepted, would result in the end of fan ownership as the Well Society would end up as irrelevant and membership would fall. This would result in financial crisis. No doubt some white knight would come in and by the 51% for 50p!!!
I accept that additional investment is desirable, but this is not the deal. Shame on those who have come up with this.
Come on Erik, post on here, not P&B!
Sorry, but this deal is a NO vote for me.