Well Society on the way?

Last updated : 06 September 2011 By Firparkcorner

All the big guns were there.  Andrew Wilson, Bill Dickie, John Swinburne, Derek Weir, Jim McMahon and Leeann Dempster held the floor and there was even space for Stephen Craigan to enter the debate.

Well_societyThe plan seems to be that the shares (75% of the total) will be owned by the Well Society which is being formed as an Industrial and Provident Society - FSA rules and all that.  They hope to launch the scheme on November/December but state that they are looking for feedback and that the plan can be tweaked.

The Well Society members will in the first instance be able to appoint two members to the club board.  Members of the society will be part owner of the majority shareholding.  They hope that other shareholders might pitch in and enlarge the Society pot.

There will be several categories of membership but the one member one vote principle will apply.  The basic entry level will require an initial fee of £300 (payable by instalment if needed) and an annual subscription of £50.  Benefits that come with this could include a reduction in the season ticket and access to the much heralded MFC TV service - that will be available at the time of the society launch.  Apparently Faddy has claimed membership number 1 and Craigan is to be number 2.

The meeting lasted two hours and reports suggest that the proposal was viewed favourably.  There were lots of questions and the debate will continue at further meetings in the next weeks and months ahead.

The club hope to raise somewhere between £750,000 and £1,500,00 with this venture that should widen ownership and provide a enough working capital to ease the running of the business.

More detail will be put on the bare bones as described above in the days ahead.  Meanwhile, why not share your views with other supporters on the messageboard.

Well Society