AmexRuislip
Retired Spy 🕵️♂️
Not sure this has already been posted.
Recieved this final reply about fans owning shares.
Shame really
ALBION SHARE SALE - FINAL UPDATE
Dear Albion Fan
I am writing with the final report on my proposed sale to yourself and other Albion fans interested in owning a few shares in the club they love and helped to save.
I'm afraid I have been defeated by the amount of red tape introduced by the club's auditors, Mazars, over what should have been a simple process for them of valuing my shares.
You will recall that this was triggered by the ludicrous offer of one penny per share from an unnamed shareholder, for the 100,000 of my £1 shares I made available for the 270 supporters willing to pay their face value. This person has never been revealed but was almost certainly a director - and he was clearly intent on stopping supporters getting the shares.
Because Mazars' complex valuation method was intended to take months and would have cost me many thousands ( I was expected to foot a large part of the auditors' huge bill for them to seriously consider reducing the value of my shares by 99 per cent! ), I have reluctantly been forced to withdraw from the proposed share sale.
This means I am now unable to offer you the chance to see your Albion share ownership dream fulfilled. Sadly, this seems to have been the club's intended outcome from the moment I announced in my book 'MadMan' my wish that genuine fans like yourself could acquire some of my shares. In total, these would never have been enough to influence the running of the club, but my hope was that individual fans like yourself, by owning a share certificate, would be able to show their special pride, devotion and family loyalty to the Albion.
That is not to be, which for a club with our supporter heritage, is very sad.
Quite what any of you made of the recent club announcement that four of the directors had each invested £5,000 in the club to buy new shares - at £1 each (so a grand total of 20,000 new shares valued at £1, whereas the shares that saved the club are valued at 1p by a member of the board) I'd be interested to know. It certainly baffled me - unless it was some sort of face-saving exercise, bearing in mind that none of those directors owned any shares in the club before 270 Albion fans showed their genuine wish to buy 100,000 £1 shares in the club....
Thank you for your interest and support in my efforts to give supporters a small part in the ownership of the Albion.
I am only sorry that it hasn't worked out the way we all hoped.
Yours sincerely
Recieved this final reply about fans owning shares.
Shame really
ALBION SHARE SALE - FINAL UPDATE
Dear Albion Fan
I am writing with the final report on my proposed sale to yourself and other Albion fans interested in owning a few shares in the club they love and helped to save.
I'm afraid I have been defeated by the amount of red tape introduced by the club's auditors, Mazars, over what should have been a simple process for them of valuing my shares.
You will recall that this was triggered by the ludicrous offer of one penny per share from an unnamed shareholder, for the 100,000 of my £1 shares I made available for the 270 supporters willing to pay their face value. This person has never been revealed but was almost certainly a director - and he was clearly intent on stopping supporters getting the shares.
Because Mazars' complex valuation method was intended to take months and would have cost me many thousands ( I was expected to foot a large part of the auditors' huge bill for them to seriously consider reducing the value of my shares by 99 per cent! ), I have reluctantly been forced to withdraw from the proposed share sale.
This means I am now unable to offer you the chance to see your Albion share ownership dream fulfilled. Sadly, this seems to have been the club's intended outcome from the moment I announced in my book 'MadMan' my wish that genuine fans like yourself could acquire some of my shares. In total, these would never have been enough to influence the running of the club, but my hope was that individual fans like yourself, by owning a share certificate, would be able to show their special pride, devotion and family loyalty to the Albion.
That is not to be, which for a club with our supporter heritage, is very sad.
Quite what any of you made of the recent club announcement that four of the directors had each invested £5,000 in the club to buy new shares - at £1 each (so a grand total of 20,000 new shares valued at £1, whereas the shares that saved the club are valued at 1p by a member of the board) I'd be interested to know. It certainly baffled me - unless it was some sort of face-saving exercise, bearing in mind that none of those directors owned any shares in the club before 270 Albion fans showed their genuine wish to buy 100,000 £1 shares in the club....
Thank you for your interest and support in my efforts to give supporters a small part in the ownership of the Albion.
I am only sorry that it hasn't worked out the way we all hoped.
Yours sincerely