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Legacy Members meeting - 28th Jan 2019 - notes from slides
2019-01-29 09:26:09
These are my notes of the detail included in the slide presentations made at The Legacy Members meeting held on 28th January 2019 at Union Baptist Church High Wycombe.
A Brief History
Several slides shown with a timeline of events since 2015
Most recently
• November 2018 – Formal discussions with Bill Luby and Jim Collis commence including appointment of expert (and expensive) Lawyers.
• December 2018 – Legacy Members meeting provisionally planned for 14th January 2019. Subsequently delayed to allow for final deal to be agreed
• 7th January 2019 – Post appears on ‘Gasroom’ indicating Andy Harman interested in revitalising a proposal
• 17th January 2019 – Meeting with Andy Harman to confirm situation. First sight given of outline proposal. Proposal discussed by Trust Board. Not rejected but concern rasied about timing and effect on planned vote and lack of detail (of AH proposal)
• 18th January 2019 – Board view communicated to Andy Harman
• 21st January 2019 – Andy Harman announces public meeting
• 23rd January 2019 – Andy Harman hold public meeting
• 24th January 2019 – Discussions with Bill Luby and Jim Collis who offer to postpone the voting process to allow time or Andy Harman to make a formal proposal
• 24th/25th January 2019 – Trust Board hold conference calls to discuss the situation and agree a way forward
• 24th January 2019 – Letter sent to AH inviting him to present a formal proposal to the Trust Board on 21st February 2019
Current situation
The Trust have asked Andy Harman to address several issues, including the following:
1. Amount, Timescale and type of Investment (Debt or Equity)
2. Arrangements regarding settlement of existing Club debt
3. Rent payable by Club for use of Adams Park
4. On-going relationship between Club and Trust
Formal response received from Andy Harman on the afternoon prior to the meeting which had yet to ‘be digested by the Trust Board’.
Early indications are than an alternative proposal will be presented to the Trust Board to a Timescale yet to be advised.
Planned Timetable
Assuming a proposal is received, the Trust Board will consider it with open minds and our sole interest will be the long-term sustainability of Wycombe Wanderers Football Club.
A new recommendation will be made to Trust Members
Depending on the recommendation, a clear explanation will be given to Trust Members of the rationale for our decision
If no proposal is received, the voting process will be re-instated with a Legacy Members meeting as soon as possible.
Loan and 3rd Charge on Adams Park
Explanation given on the most recent loan taken with a charge on Adams Park.
The reference to a ‘3rd Charge’ is understood to be due to two previous charges on property owned by the Football Club and Frank Adams Legacy.
These are available to view via Companies House
https://beta.companieshouse.gov.uk/company/05132509/charges
Also see more relevant charges against Frank Adams Legacy
https://beta.companieshouse.gov.uk/company/07884604/charges
Bullet points from slides
• Club cash flow is always under pressure during November and December
• This season was no different
• Bill Luby and Jim Collis were approached regarding a loan
• The response was ‘quick and supportive’
• Loan agreed in two tranches
• First tranche secured on Club
• Second tranche secured on Adams Park
• Lack of ‘Football Fortune’ meant second tranche agreed
• Commercial considerations meant decision could not be announced
• Concern about the ‘security’ of Adams Park is understood
• If Bill and Jim are successful [with their proposal], then the loan will be transferred to equity and the charge lifted
• If Bill Luby and Jim Collis are unsuccessful, the loan will be repaid from other ‘investment’ and the charge lifted.
• Discussions regarding Rule 102, which states that any charge on Adams Park securing a loan by the Trust must be approved by a members meeting
• This rule was overlooked due to ’precedents’
• Independent legal advice taken
• Legal advice was that ‘no rule was broken’.
• For avoidance of doubt, no further charge will be placed on Adams Park without Members approval and subject to formal Trust Board approval.
Trevor Stroud explained his position
The current situation is being portrayed in some quarters as a ‘power struggle’.
My position as Club and Trust Chairman is approved by Trust Board
The Trust Board is elected by you
My position is reviewed by the Trust Board at any time
It is an honour to be Chairman of your Trust and Football Club
Everything I and the Trust Board do is what we consider to be right for the Football Club
I still have my Season Ticket in Block P
No Trust or Club Director stands to gain financially if Bill Luby and Jim Collis are successful [with their proposal].
Since I published these notes, the Trust made available on 30th January 2019 the slides in PDF format for download via the link below
http://wycombewandererstrust.com/wp-content/uploads/2019/01/LEGACY-MEETING-280119-1.pdf
This is a gasroom.co.uk post archived by chairboys.co.uk - est. 1995