Who co-owns WWFC with the Trust?
The Trust website and other communications and publicity state that the Trust (i.e. Wycombe Wanderers Supporters Group Limited) owns Wycombe Wanderers Football Club Limited. This gives the impression that the Trust owns WWFC in its entirety. The FALL accounts published on the Trust website, however, include a statement that "Wycombe Wanderers Football Club Limited is 92% owned by Wycombe Wanderers Supporters Group Limited".
Who owns the other 8% of WWFC?
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Probably FALL or the training ground consortium - so no real issue with that.
If another entity has a shareholding in the company that most WWT members joined to oversee the management of, why would there 'no issue' with a shareholding having been sold off without any sort of announcement, nevermind consultation with members?
The FALL accounts for 2014 includes the statement: "Wycombe Wanderers Football Club Limited is 61% owned by Wycombe Wanderers Supporters Group Limited, the immediate parent company of Frank Adams Legacy Limited" (page 9).
The TRUST accounts for 2015 includes the statement: "During the period the company acquired a further 415,100 non-voting shares in Wycombe Wanderers Football Club Limited, so as to ensure that the company met the qualifying conditions to ensure that its share scheme qualified for the Enterprise Investment Scheme. The shareholders concerned, Derek Vere and Brian Kane, each received the total sum of £1 for their shares, plus a promise that if the company were ever to sell those shares, or Wycombe Wanderers Football Club Limited were to be liquidated, they would receive an amount equal to the proceeds of sale or liquidation attributable to the shares they had sold. As security for that promise, the company granted charges over the non-voting shares to the shareholders concerned. These charges can only be enforced if the company has sold the shares but has failed to pay the proceeds to the selling shareholders as promised, and the selling shareholders have no power to sell the non-voting shares independently." (page 8)
This reflects the rise from 61% to 92% of ordinary shares held by the TRUST.
The remaining 8% of ordinary (non-voting) shares (approx. 100,000) are presumably still held by the individuals who purchased them between 2004 and 2009.
@DJTaylor Thank you for the information.
Names and addresses and shares are here - public knowledge; sorry for long url - just click anywhere on it.
https://s3-eu-west-1.amazonaws.com/document-api-images-prod/docs/FCbdJb01CUxdiVtomppQWpPF94WasIvpTDUDke4ka18/application-pdf?AWSAccessKeyId=ASIAIWDBNKKTA6RIRSXQ&Expires=1448922892&Signature=v0hxXogYMv0ClygcFl7pkHHdF/w=&x-amz-security-token=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
Belated thanks for the clarification - I initially had the impression that WWT owned WWFC 100%, and hadn't considered the situation with non-voting shares.
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The non-voting shares are historic. They are owned by the original fans who owned WWFCL in its days as a company limited by guarantee, before Hayes' involvement. As I understand it the intention is that as the shares become available they will be transferred to the trust. No spooks to be found here. The trust owns 100 per cent of the voting shares, and the non-voting shares have very limited value.
You are confusing the 500 Founders shares with the non voting shares of about 100 people who purchased shares which represent about 8% of the total non voting shares.
The founders shares which you describe as "become available" are the Founders Shares. The remaining 8% are owned by individuals who can dispose of them as and when they wish. I agree all these shares have little value whilst WWFC remains with the Fans, and are unlikely to raise much more than their original value if WWFC was no longer controlled by the Trust.
You're right, of course I am. But we are agreed that the non-voting shares are worth very little - possibly £1 per share if the club was ever sold, at most.