I wouldn't even call them pledges at this stage but an expression of interest.
They may have 4,500 expressions of interest by 4,500 may not actually invest when full prospectus is released.
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I wouldn't even call them pledges at this stage but an expression of interest.
They may have 4,500 expressions of interest by 4,500 may not actually invest when full prospectus is released.
I dont want to get all technical or pedantic,
Phil Kearns never said that he was buying a share.
here is what he said:
Gday Phil Kearns here all the way from not so sunny Sydney at the moment
Just saying that the most exciting thing thats happening in Australian Rugby at the moment
Is the Western Force and the new initiative that is going on over there
come on you Force People you Perth People you West Australians get behind them
Buy a share in the Force., Go you good things.
He also never said he supported the initiative or the force.
Firstly, thank you for your interest in owning a share in the Western Force. The overwhelming support of Western Australians and rugby fans has had a tangible influence on our position with Super Rugby and the national and international rugby community.
You may have seen in the media recently that the SANZAAR (organising body for Super Rugby) has delayed the decision on the 2018 competition structure until March 2017. This gives us the opportunity to complete the fundraising process, which will provide the financial stability required to convince the Australian Rugby Union to continue supporting a national footprint.
Many of you have also completed the online survey, which has provided insight into how you believe the Western Force ownership model should function and has affected changes to the structure of the offer. We greatly appreciate your input.
Western Force Owners Pty Ltd will be formed with the purpose of securing the operating licence for the Western Force to participate in the Super Rugby competition for the duration of the current broadcasting agreements (until 2020).
The initial offer to purchase a share in Western Force Owners Pty Ltd will be 10,000 shares @ $1,000 each. For the company to be formed, a minimum subscription of 3,000 shares must be attained. The company will be for profit and shares may be bought and sold.
Shareholders will be entitled to a number of benefits:
•10% discount on annual season tickets per share, with an additional 2% discount for each additional share up to a maximum 25% discount. Shareholders of 25 or mores shares are also entitled to 50% discount on season tickets for five years;
•10% discount on annual community rugby club registration fees;
•10% discount on all Western Force official merchandise;
•Priority access to all Western Force tickets and Wallaby test matches;
•Western Force 'Owners Pack', including recognition at Western Force headquarters and limited edition merchandise;
•Western Force commitment to community rugby clubs.
Shareholders will also have the opportunity to be elected to an Owners Council, which will be established to represent shareholders and assist in the club making decisions on behalf of all owners.
The Owners Council will also:
•Provide scheduled feedback to the Board and senior management as to:
•Match day experience;
•Team performance; and
•Adherence to the Western Force philosophy;
•Be consulted when key staff are appointed,
•Be consulted as to the use of surplus funds.
In the next week we expect to finalise the shareholder prospectus and we will be seeking shareholder commitment by December 31. In the meantime if you have further queries please contact us at info@westernforce.com.au.
Thank you again for your support.
Mark Sinderberry
Chief Executive Officer, Western Force
PS: Pease don't forget to order your memberships - we need all of you to be at opening game vs Queensland Reds on the 2nd March.
https://www.westernforce.com.au/memberships
Seems to me the goal posts have shifted a bit.
All good if the response has been positive for this initiative.
However the horrible little socialist that whispers in my ear is not happy about the idea of this 'grass roots' support by the fans being co-opted by some big business names.
I may only be able to afford, and this is questionable, one share but I expect my vote to be as valuable as someone from the 'big end' of town who owns 25 or more.
So.... I want to know who gets on this Owners Council and how.
There's still a lot that is unknown and I suspect this prospectus may get more than a few noses out of joint and cause more than a few arguments.
I suspect I'll be arguing and my nose will be out of joint.
I don't want to see this become an excuse by the Force Board to sell the Force off to a bunch of their mates.
P.S. had my Force Members Pack delivered to my door yesterday.
I would hope that there would be a representative for all demographics.
eg: Under 30
Over 30
Female type
Club Rugby
Business
Fan
Parent of Junior Player
In a normal situation one vote per share would be considered normal. (I assume)
In my humble opinion it would be very difficult to not do that. And, I would imagine that there would be some legal ramifications to it.
Plus once a year or when ever it is required for all of the shareholders to have a vote. You would then have to deal with Proxy's which would be another potential area of argument.
I would hope that all of this is being considered and perhaps General could share with us the plan going forward.
I understand your "little socialist" point of view. However this is primarily about saving the Force. I am happy to give up a bit of control (that I have never had previously) for someone with big pockets to front up with cash and keep the Force in the West. If there are enough of us with only one vote each we can still have a reasonable input into the future of the Force if we make our vote count.
I agree with Ex that it's likely to be one vote per share.
There doesn't seem to be any benefit of buying more than 25 shares, but even if someone bought 100 shares (for $100,000!) my understanding is that they don't own 1% of the Force, just 1% of the votes for the Owner's Council. The Force is still owned by RWA/ARU/SANZAAR (delete as applicable).
You got a delivery on a Sunday?
Probably because Christmas is coming so Sunday deliveries are probably in effect, I had a delivery from a Toll Courier on Saturday.
As for the shares issue it probably wouldn't matter how many shares you own but you will still only get one vote, I assume they as a listed company they will follow similar rules to most of the companies listed on the ASX.
My youngest and now junior member of the Force got his delivered Sunday arvo as well. My oldest wasn't too happy that his didn't arrive as well. :iconrofl:
The juniors pack comes with a height poster with comparison to some of the Force players. Great idea, the boys loved it.
Me and Jnr Boof got theirs yesterday as well. Fair to say Jnr is pretty impressed with the height poster.