After an hour’s discussion a series of resolutions were passed that set the legal framework in place to enable the Well Society to take a batch of shares and the right to fill two places on the club board.
Leeann Dempster opened the meeting with a short summary to place the meeting in context. John Boyle had gifted his shares to the community and the board chose to use the Well Society as the method by which ownership would be transferred to the fans. The Society surpassed its initial target (now at 1100+ members) and now was the time to move to the next stage.
Director Jim McMahon chaired the meeting and explained that the number of shares to be issued would dilute Boyle’s 73% shareholding by 20% and that would result in the Society having around 15% of the club. The aim was for supporter control to increase as the Society continues to grow. Now that the period of financial uncertainty seems to have passed it was appropriate to move the process on. The position of current minority shareholders will not be altered by the changes.
It will be for Society members to make the final decision whether to purchase the shares on offer. It is expected that an inaugural meeting of the Well Society will be held “in a matter of weeks”. Fans will elect their own board and eventually decide on two individuals who will be nominated to serve of the board of the football club. The Society’s funds are currently held in a ring-fenced account and are outwith the reach of the club.
It was explained (again) that the funds will be used to provide a float and not to subsidise any loss made in normal trading. The club has no bank debt and the directors feel that Motherwell FC is in a good financial state. The expectation is that the move to fan ownership will strengthen our position.
Following some detailed discussion all five resolutions were approved on a show of hands.
An informal question and answer session followed relating to current affairs at the club. Topics covered included the fallout following the Rangers saga, the U20 matches and the European charters.
The board were thanked by the audience for their efforts on our behalf.
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