Society share sale to proceed

[Handsome_Devil]

http://www.thewellsociety.co.uk/2017...eid=d89ea41397

[WoodyG]

http://www.thewellsociety.co.uk/2017...eid=d89ea41397

So in "just under a week" after asking what the membership thought about it. They have decided to plough on. Whatever happened to consultation and a democratic vote of the membership?


This is shocking behaviour and why do they believe they are free to sell shares held by the Society that I and others own?

[Handsome_Devil]

They did consult - they've had a poll, offered the chance to mail with questions and I think had their usual open evening.

[Wellup4it]

Just to echo HD's comments. The Society did consult with members and the vote was overwhlemingly in favour. Very democratic and nothing wrong in that.

[jwok]

I still feel that they should have called a meeting to enable a wider discussion. A simple yes/no vote was a barely adequate consultation.

[Handsome_Devil]

I still feel that they should have called a meeting to enable a wider discussion. A simple yes/no vote was a barely adequate consultation.

I think they could have done a bit more - and certainly the timescale hardly looks great - but a bit of perspective also required...the Society holds a more than adequate majority of shares and that won't be changing. There could be concern if suddenly 20% is sold to an investment firm but let's remember the Society owns the club precisely because no one else wanted to. There have always been unissued shares in Motherwell available for purchase, unless something has changed recently, so the Society flogging off a few to be framed on the wall, given as Christmas presents etc while benefiting from the double your money deal, seems to do more good than harm for me.

[Wellup4it]

I think they could have done a bit more - and certainly the timescale hardly looks great - but a bit of perspective also required...the Society holds a more than adequate majority of shares and that won't be changing. There could be concern if suddenly 20% is sold to an investment firm but let's remember the Society owns the club precisely because no one else wanted to.

Its quite possible to set a maximum limit for any one buyer eg 1,000 shares or whatever to prevent a big butyer moving in, however unlikely.

[sieb1886]

Seems to have been a hurried move to push it through. When stuff like that happens it makes folks nervous.