As you will have seen an agreement between the Trust and Feliciana (the Couhigs) was successfully concluded and signed at the last home game of the season with the aim of providing fresh investment, financial security and sustainability for the Blues.
Under the new agreement, Feliciana will control 90% of voting shares, with the Trust retaining a 10% shareholding. The deal also ensures that Adams Park remains 100% owned by the supporters, with Feliciana’s current lease on the stadium being replaced by a new 50-year lease.
Feliciana will cover the costs of maintaining the stadium, relaying the new pitch and constructing a new access road. They will also meet all working capital requirements and operating losses of the Club. Future expansion plans will include expanding the car park, reconstruction of the home terrace, the Origin stand and refurbishment of the Frank Adams stand.
The Supporters’ Trust will retain two directors on the Football Club Board and will remain holders of the ‘Enshrined Rights Share’, giving us control over things like the club’s colours, memorabilia, and naming of the ground.
As part of the deal, Feliciana will subscribe for 600,000 voting shares converting £600,000 of existing loans into equity. Now that this has taken place, we also need to ensure the ‘ordinary’ shares match the move from 25% ownership to 10% ownership.
This is the final element to the whole agreement and as the Ordinary shares we are transferring are an asset of the Trust, our rules say that we need to get legacy members to approve it. The Trust Board wholeheartedly recommend this transfer as it supports the new sustainable future of Wycombe Wanderers. The total shares are being transferred for a nominal value of £1 but have no voting powers invested in them. The value of the Club resides in the voting shares only.
We believe this vote, in addition to the indicative vote which took place in November 2022’s AGM, is the best way to demonstrate our continued support for the club we love and the importance of securing financial security and sustainability for the Blues.
Legacy members have received an email this morning, or will receive a letter in the coming days. If you believe that you should be considered a Legacy Member and haven’t had an email – please contact us to resolve your status.
Any other questions please raise with any member of the WWT Board or contact us via [email protected]
FREQUENTLY ASKED QUESTIONS
- Why are we having a Legacy Member vote, if the deal is already done?
- The deal is signed and Feliciana now owns 90% of the voting shares in WWFC and the Trust 10%. However, we also need to transfer 15% of the Trust’s Ordinary shares to match this and as these are an asset of the Trust, the rules say we need Legacy Members to ratify this.
- When will the result be known?
- At the end of the 28 day notice period on June 16th
- Why do Legacy Members get a vote on the ordinary share transfer but didn’t on the voting shares / broader deal?
- There was no transfer or disposal of Trust assets involved in the issue of subscription(voting) shares. Feliciana paid £600,000 for these shares by converting £600,000 of existing loans into conversion monies. This formed part of the deal described in the indicative vote back in November 2022, which was supported by 77% of voting trust members”
- Why are only Legacy Members taking part in this vote?
- The rules say that any decision to sell, transfer or otherwise dispose of assets held by the Society, such as this transfer of Ordinary shares, need to be approved by Legacy Members.
- How do I know if I’m a Legacy Member?
- To be considered a Legacy Member of the Trust you must be a Trust Member who has held a season ticket with the Club and be in at least their fourth consecutive season of doing so. For the avoidance of doubt, season ticket holders from 2019/20 were considered to be season ticket holders during 2020/21 (most games behind closed doors).
- If I think I’m a Legacy Member but haven’t been sent a voting email, how do I check my membership status?
- Please email [email protected] with why you believe you are a Legacy Member.
- If I don’t want to vote on line, can I have a postal vote?
- Yes please contact [email protected] and one will be sent out to you.
- Who is responsible for the vote?
- Russell Jones, the Membership Secretary (not a Legacy Member) has setup the vote. The vote has been setup in a manner to be secret, so he only sees number of votes, this means all Legacy members will be reminded to vote across the 4-week voting period.
- Is the ballot secret?
- The way the ballot is setup, it is not easy to see who has voted for which option. Only Russell Jones knows the identity of each voting code (needed to ensure only Legacy Members have voted), and he will not be reporting this anywhere. Once the vote is concluded and validated, the voting codes will be deleted.