Share Scheme News – Stockport
March 1, 2007
We are continuing to talk to the Board about the share price. We have also taken legal advice about the Boards’ concern that any change or modification to the scheme could possibly open legal challenges from members past and present because they had signed up to the original agreement and its objectives.
It is recognised that we are unlikely to reach our original objective to raise £3.5m to help clear the Club debts. However, we have raised circa £600K for the Club and as the Board has acknowledged this has “played a major role in the resurgence of Bristol Rovers on and off the pitch, as well as acquiring shares for the Supporters Club”. The underlying club debt has reduced accordingly. We must, however, continue with our efforts to raise money for our club as they still need our financial support.
“We need your help in ‘growing’ the Share Scheme income”.
Should you want any further information on the Share Scheme, or to join the Share Scheme, please contact David Brain or Clare McDonagh at Pirate Leisure on (0117) 952 4001. You can email me at [email protected]
Whilst it is hoped that the stadium will be largely self funded there are many costs up front to complete the detailed design and procure the works. We not only want to cover stadium development costs, but we want to be debt free so that we as a club can start to invest in team building and move up the leagues. The other major goal was to raise shares to block any possible sale of the Memorial Stadium. The granting of planning permission for a new redeveloped Memorial Stadium has reduced the risk of the ground being sold, as once the student accommodation has been completed the value of the site for other uses will be less than it is now. The share scheme has also given the opportunity for the Supporters Club to have a voice on the Board with one Full Director and one Associate Director. We are now finalising paying over to the club £75,250 to purchase our allocated ‘Rights Issue’ shares. This will double the Supporters Club shares to 300,500 and pass the 200,000 shares mark that will see the Associate Director position upgraded to a second Full Director effectively giving us over 25% of the voting in the Board Room where most decisions are made.
The Supporters Club is also in discussion with the Board about a possible new fund raising scheme to assist in the development of the stadium to create specific accommodation and seating for the Supporters Club. We want to ensure that Supporters Club members have the best possible facilities within the redeveloped Memorial Stadium.
We would welcome your views on the type of facilities you would like to see in the redeveloped stadium, as well as any views on where we should play whilst the stadium is being redeveloped. Please contact David Brain by e-mail, [email protected]
The Share Scheme Membership at the end of January was:-
The monthly income was £6,414. This has seen a slight rise with some recent new members.