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Blues set to launch new share issue
THE Wycombe Wanderers Trust is set to reorganise the club's share capital, which it hopes will raise an extra £250,000.
More than a million new shares are to be issued, all of which will allow holders to vote on issues affecting the club.
Currently the club has a mixture of 1,260,900 non voting shares and 100,000 voting shares - but this is set to be replaced with a new system mooted this month.
It will also lead to the number of shares being issued extended to a total of 2,500,000 - all of which will give voting privileges to their holders.
Trust members agreed the move in principle at its recent Annual General Meeting and the issue of the new shares looks set to be ratified at its next meeting.
The Trust hopes the new share issue will also help to raise an additional £250,000 for the club by the end of the current season, with an ultimate aim of raising £1.2million.
It is also hoped the move will lead to Wanderers fans having a greater say in the running of the club and being allowed to vote on key issues affecting the Adams Park outfit.
Wycombe Wanderers Trust spokesman David Cook said: "This is a fantastic opportunity for the club and its supporters to move forward together."
Wanderers' fellow League Two supporters-run clubs AFC Wimbledon, Exeter City and Portsmouth have all launched similar schemes to raise extra cash for their respective clubs.
With the backing of their fans the Dons swiftly rose through non league football and into the Football League, while Exeter City won back to back promotions before challenging at the top of League One.
Statement in full from the club
Wycombe Wanderers FC, together with the Wycombe Wanderers Trust, is pleased to confirm that the next stage of achieving financial stability is ready to be announced. Having already raised short term working capital, the next round of funding will be the generation of permanent capital.
Following the Trust AGM when it was explained that the club was well on its way to a breakeven model, the Trust agreed that a reorganisation of the share capital of the club, dealing with the extension of the shares in the club and the existing shareholdings, would be undertaken.
The club currently has a mix of voting and non-voting shares. The Trust has agreed in principle (and will ratify at the next meeting) that the club will extend its capital bases from 1,260,900 non-voting shares and 100,000 voting shares to create 2,500,000 shares overall that will all be voting. The exact voting structure will need detailed explanation but the existing non-voting shares and new issues will come with a revival of voting rights
It is still envisaged that it may take several years to raise this extra £ 1.2m but the plan is that at least £ 250,000 will be raised by the end of the current season.
This is in line with Portsmouth and AFC Wimbledon, for instance, who have already issued shares and have enjoyed substantial take up, raising very significant sums of working capital in the process..
The Trust, having taken ownership of the club, having effected the operational turnaround, maintained league status and moved towards the breakeven and sustainable mode, now sees raising working capital as the final piece of the financial jigsaw. Raising these sums over a period of time should be both affordable and give the club ample security to operate within the erratic nature of football club cash flows
As this restructuring is delivered, so the period of financial uncertainty and turbulence will be expected to reduce. If successful. our need to sell players could be a thing of the past. However as deals come and opportunities arise we will not shy away from doing the right thing, not only in the best interests of any player concerned but also to secure the long term financial security of the club.
The Trust Chairman, Trevor Stroud and the Football Club Chairman, Don Woodward, have already agreed to commit to £ 250 pa for 4 years payable monthly. If all Trust members were able to do this we would have £1m – we know it will not be that simple, but the process has started.
The Trust will be calling a meeting of its members shortly, at which more detail will be announced and the process for signing up to the scheme will be explained. If, in the meantime, anyone is willing and able to make a commitment or prepared to place amounts in Escrow, subject to acceptance of final terms and conditions, then they should contact Colin Treacher at email@example.com
Finally, we have some important games coming up at Adams Park. Your support on match days means a lot to Gareth Ainsworth and his squad, so let's get behind the team as we strive for success on the field in addition to financial security off it.
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