Minimum Share Purchase In Hereford FC To Be Reduced
18th January 2015 by gabriel -
Jon Hale has confirmed that the minimum share purchase in Hereford FC will be reduced from £2000 to £1000.
The change is being made after queries made at the excellent open meeting on Thursday night, and further messages from fans over the past couple of days.
Mr Hale said:
“The original decision to set the minimum share purchase at £2000 was taken as it was felt this would encourage people who are keen to buy smaller shareholdings to do that via Hereford United Supporters Trust (HUST).
“As every share purchase or transfer will have to be agreed by the club’s board, we also wanted to ensure the number of individual shareholders did not get out of hand in terms of the sheer quantity.
“However, after observations made at Thursday’s meeting and messages we have received over the past couple of days, we are happy to rethink our initial plan and reduce the minimum share purchase to 1000 £1 shares.
“We have discussed dropping this to £500, but, after lengthy conversations, HUST Chairman, Chris Williams, and Vice Chairman, Martin Watson, as well as Hugh Brooks, feel that a lower minimum purchase price may have an impact on the speed at which HUST will be able to complete the purchase of its 50% shareholding in Hereford FC.
“We are happy to be guided by HUST representatives on this matter and therefore the minimum share purchase for any one individual or corporate body will be set at 1000 shares.
“During our discussions, Chris and Martin have advised that HUST is looking to produce certificates for people who donate to HUST to specifically purchase shares in order to acknowledge their contribution.
“Moving on from the share issue, I’d just like to say that we continue to be aware of the huge amount of interest in our proposal and particularly the Articles of Association.
“As stated on Thursday night, putting together the Articles of Association is a huge piece of work we must get right and therefore there is no way this will be in place before the vote on Tuesday and Wednesday.
“However, I would like to take this opportunity to once again remind people that the Articles will not be signed off until they have been ratified by the HUST Board and then agreed by the Board of Hereford FC. I give supporters my word that the Articles will safeguard Hereford FC from any wrong doing or unwanted intrusion for generations to come.
“The HUST Board will also have every opportunity to take legal advice to ensure they are happy the Articles of Association contain all the necessary security to protect the club for both the short and long-term, and also give shareholders the power to hold the club’s Board to account.
“Please be reassured that everyone involved in putting the proposal together feels as strongly as all supporters that what happened to Hereford United (1939) Limited must never be allowed to happen to Hereford FC.
“As I’ve already said, we are acutely aware that protecting the new club for future generations is absolutely vital.”