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Wycombe Wanderers Trust: Statement on Proposed Restructuring of Club

When Wycombe Wanderers Football Club Ltd was converted to a plc in 2004, the Founders Trust was established and given the responsibility to help ensure the long term future of WWFC, through a number of "enshrined rights”. The Trust Board has the responsibility to provide Trust and Founder shareholder members with a balanced view on any proposed changes to these rights so that the members can make an informed choice.

With regard to the recent proposals from Steve Hayes, David Roberton, Chairman of the Trust said:

"The proposals first outlined to the Trust Board on 2nd June need to be clearly evaluated. These proposals are far-reaching and 122 years of history should not be undone within a few days.

The Trust Board is still considering these proposals and will hold an information meeting on 25th June for Trust members and Founder shareholders. At this meeting, the pros and cons of the proposals will be presented and an opportunity given for debate. This will then give members the opportunity to make an informed choice as to whether or not they should support or reject the proposals in a vote on how the Trust shares should be voted at the EGM."

Notes for editors:

1. Wycombe Wanderers Trust represents supporters of Wycombe Wanderers and seeks to protect the heritage of the Football Club. It holds 100,000 ordinary shares and 152 of the 500 Founder shares. Its 462 members have the right to elect two directors to the Wycombe Wanderers Football Club PLC board.

2. Founder Shares were issued to the 500 former Members of Wycombe Wanderers Football Club Ltd on its conversion to a PLC in the summer of 2004. The current PLC constitution prevents a number of fundamental changes to the Football Club without the support of a majority of Founder shareholders:
- sale or disposal of Adams Park;
- sale or disposal of a substantial part of the PLC’s business, property or assets;
- changing the nature of the PLC’s business from a professional Football Club;
- taking steps to wind up or dissolve the PLC;
- moving business and playing activities of the Football Club more than 5 miles from Adams Park;
- allowing any single shareholder (or “concert party”) to acquire a stake in the PLC greater than 25% of the issued share capital;
- changing the rights attaching to the Founder Shares.

3. Founder shares were issued to the original 500 members of Wycombe Wanderers FC Ltd on its conversion to a PLC in 2004. The Trust inherits lapsed Founder shares, when shareholders cease to have a season ticket or, sadly, die. To date is has inherited 152 of the 500 shares.

4. Wycombe Wanderers Founders Trust and Wycombe Wanderers Supporters Trust merged in 2008 to form Wycombe Wanderers Trust. The combined Trust retained all the rights of the Founders Trust, the two PLC Director roles of the separate Trusts and the shareholdings of the individual organisations.

posted in news | 19.06.2009. 08:30

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