A surge- Big Bath City Bid

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Re: A surge- Big Bath City Bid

Post by BenE on Tue Aug 25, 2015 1:58 pm

I'm glad these issues are coming out. It is better to know why people are reluctant to invest rather than having to guess.

I personally have had very poor success persuading mates. Even ones I thought would definitely invest and can afford it. I have come to the conclusion that they don't want any more involvement with the club than turning up on a Saturday to watch a game. I have explained that there is a very real possibility that it will be taken from them but they are happy to take their chances.

They are entitled to their view and this indicates why we are not getting a larger proportion of regular fans investing.

It is a different story with other Bath people who appear to be genuinely inspired by the community aspect. I think they will bring a reinvigoration to the club which we can all benefit from.
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Re: A surge- Big Bath City Bid

Post by OliverH on Tue Aug 25, 2015 2:11 pm

Big Bath City Bid twitter now reporting that we've passed £200K

Thanks for making the effort to try to persuade people, BenE. I do appreciate that there is an element of "heard it all before" among the long-time supporter base.
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Re: A surge- Big Bath City Bid

Post by SteveBradley on Tue Aug 25, 2015 2:38 pm

The money is flying in now people.

We're currently on £204,000, with that number growing literally by the hour.

Over £50,000 worth of shares have been bought in the last seven days alone. Quite a few £5k purchases coming in now as well, which is fantastic.

This is the late surge that we were told community share projects always benefit from. If you're considering buying shares, now is the time to come on-board and help make it happen !

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Re: A surge- Big Bath City Bid

Post by Mark Tanner on Tue Aug 25, 2015 2:41 pm

Great news, I've mocked up a little article here:

http://www.mtannersports.com/11-days-left-for-the-big-bath-city-bid/

Also there is another event in the pipeline involving a national company; details of which will be released tomorrow!
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Re: A surge- Big Bath City Bid

Post by Roy D Hacksaw on Tue Aug 25, 2015 2:50 pm

I know that there was a piece on the Big Bid due to go into the latest issue of When Saturday Comes, so that might be helping. Anyone seen it yet?

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Re: A surge- Big Bath City Bid

Post by pete mac on Tue Aug 25, 2015 4:30 pm

Yes it has to have been the best week of the short campaign.

The last 2 weeks will hopefully see us pushing on towards £250k/£300K?

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Re: A surge- Big Bath City Bid

Post by Jon_BOA on Tue Aug 25, 2015 4:35 pm

pete mac wrote:Yes it has to have been the best week of the short campaign.

The last 2 weeks will hopefully see us pushing on towards £250k/£300K?

Doesn't it have to push on towards £750k or we're stuffed? That was my original understanding anyway (and I've comitted to buy as much shares as I could, in case anyone reads the above as a dig at the Bid), that unless we hit the £750k, no money is taken and we're up a creek without a paddle.

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Re: A surge- Big Bath City Bid

Post by pete mac on Tue Aug 25, 2015 4:43 pm

I suppose I was looking at where we are now and what we might realistically get to.

Yes the target is £750k.

I have committed to buy as many as I can as well so hopefully others will come forward.

More big sums have been coming in recently.

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Re: A surge- Big Bath City Bid

Post by OliverH on Tue Aug 25, 2015 4:43 pm

Yes no money will be taken - the hope is that the higher the "organic" target, the greater the chance big money will come in match it.
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Re: A surge- Big Bath City Bid

Post by kermit on Tue Aug 25, 2015 6:21 pm

Major Icewater wrote:Not sure I follow all the maths in marc's post.
The other matter is some of those supporters mentioned may already be shareholders and simply be prepared to transfer their shares over at the appropriate time.
If my understanding is correct there is no financial benefit (for the individual)  in doing this. Surely if someone owns 250 shares it would be of more benefit (to themself) if they invested £250 in the bid and then sold their shareholding to the new structure at £1 per share.
Following this process would allow the shareholder to then reclaim the 30% tax allowed on this type of investment. Potentially leaving the former shareholder with the same level of investment (£250 ) plus a rebate from HMRC of £75.
Can I please ask someone in the know to answer the Major's question.
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Re: A surge- Big Bath City Bid

Post by OliverH on Tue Aug 25, 2015 7:12 pm

kermit wrote:
Major Icewater wrote:Not sure I follow all the maths in marc's post.
The other matter is some of those supporters mentioned may already be shareholders and simply be prepared to transfer their shares over at the appropriate time.
If my understanding is correct there is no financial benefit (for the individual)  in doing this. Surely if someone owns 250 shares it would be of more benefit (to themself) if they invested £250 in the bid and then sold their shareholding to the new structure at £1 per share.
Following this process would allow the shareholder to then reclaim the 30% tax allowed on this type of investment. Potentially leaving the former shareholder with the same level of investment (£250 ) plus a rebate from HMRC of £75.
Can I please ask someone in the know to answer the Major's question.

Back when we were talking about £1.4m, then yes we were asking people to transfer existing shares to the new structure. The £1.4m figure included some provision to purchase shares from those unwilling or unable to transfer.

By "transfer", I mean actually sign a piece of paper saying that these shares no longer belong to me, they belong to the Bath City Supporters Society.

Under the £750K minimum target, there is no provision in that figure to buy existing shares in cash, only to convert them to community shares. Reaching £750K will trigger a Club EGM and a vote on whether to convert Bath City FC Ltd into Bath City FC CBS, and thus existing ordinary shares into community shares.

By "convert", I mean the shares don't go anywhere, they remain in your ownership but convert into withdrawable share capital (community shares) rather than transferable (i.e. tradable) share capital.


Last edited by OliverH on Tue Aug 25, 2015 7:14 pm; edited 1 time in total (Reason for editing : clarify difference between transfer and convert)
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Re: A surge- Big Bath City Bid

Post by kermit on Tue Aug 25, 2015 10:52 pm

OK. Thanks Oliver for clearing that up.
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Re: A surge- Big Bath City Bid

Post by BenE on Wed Aug 26, 2015 1:54 pm

OliverH wrote:Thanks for making the effort to try to persuade people, BenE. I do appreciate that there is an element of "heard it all before" among the long-time supporter base.

I'm not giving up though. I'm going to have another go.
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Re: A surge- Big Bath City Bid

Post by SteveBradley on Thu Aug 27, 2015 4:12 pm

Over £215k worth of shares sold now, and the money continues to roll in. Plus a great full page ad in today's Chronicle, which will really help spread the message.

Everyone with experience of community share offers told us there is always a late surge, and that's what the Bid is benefitting from right now.

In 2013 the Bell Inn had sold only £200,000 10 days before the deadline for their community share offer. By the time the deadline had fallen they'd exceeded their target and raised over £720,000.

Will the Big Bath City Bid be able to do the same ? Only if enough people believe it can and get right behind it to ensure it does happen.

Please back the Bid if you can. And help spread the word to friends, family, work colleagues etc. This is a once-in-a-lifetime chance to remove the burden of debt (current and future) from Bath City and get the club on the right path to a more prosperous and successful future as a central part of life in this city. The alternative is a club that continues to be stuck on the fringes of Bath life, irrelevant to most people in the city, burdened by debt, and likely to become homeless in a matter of months.

Believe, and let's make this happen !

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Re: A surge- Big Bath City Bid

Post by pete mac on Thu Aug 27, 2015 4:20 pm

Yes Steve I have been watching the microgenius total and as it grows people seem to be gaining confidence and committing......quite a few larger sums coming in.

Spread the word..

This is our best chance to secure Bath City FC

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Re: A surge- Big Bath City Bid

Post by the demon headmaster on Thu Aug 27, 2015 5:42 pm

It says £216k on the microgenius site but I was interested to see that only those investors choosing to use the site for their contributions were counted.
How many more shares have therefore been 'sold' by other means, like handing in cheques and forms directly in person?
And how many additional shares have been offered for conversion by existing share holders?
If these count towards the £750k target them it would be nice to know how much difference this makes.
Up the City and let's make it 6 out of 6!

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Re: A surge- Big Bath City Bid

Post by SteveBradley on Thu Aug 27, 2015 6:09 pm

the demon headmaster wrote:It says £216k on the microgenius site but I was interested to see that only those investors choosing to use the site for their contributions were counted.
How many more shares have therefore been 'sold' by other means, like handing in cheques and forms directly in person?
And how many additional shares have been offered for conversion by existing share holders?
If these count towards the £750k target them it would be nice to know how much difference this makes.
Up the City and let's make it 6 out of 6!

The amount listed on Microgenius is updated regularly to reflect share purchases made in other ways (e.g. by cheque). The number of buyers given on there only reflects online purchasers though - the figure from all sources is over 350 at the moment.

As for transfers of existing shares into the community club, I don't think that information has been listed anywhere. The last figure I heard was in the tens of thousands of shares, which is fantastic. Also great to see a lot of people buying new shares whilst transferring their old ones. However - unless I'm mistaken, those transfers don't count towards the £750k sum, which was the lowest amount needed to clear most of the debt and have a majority of the shares in the club (but not all). They are still absolutely essential for the club to be converted into community ownership though, and are very welcome. They also the easiest way to show the Board the support that exists for the community ownership idea amongst City supporters.



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Re: A surge- Big Bath City Bid

Post by OliverH on Thu Aug 27, 2015 9:09 pm

Yes, "transfers" of existing shares don't affect the £750K target but they indicate that we would indeed reach a 75% vote to convert the club to a Community Benefit Society if and when that vote is triggered.
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Re: A surge- Big Bath City Bid

Post by the demon headmaster on Fri Aug 28, 2015 1:52 am

Ok thanks for that.

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Re: A surge- Big Bath City Bid

Post by pete mac on Fri Aug 28, 2015 9:12 am

I see there were 14 new investors in just one day yesterday.........

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Re: A surge- Big Bath City Bid

Post by Major Icewater on Fri Aug 28, 2015 1:09 pm

Bit confused regarding the statements made on existing share conversion. One post mentions there are 10s of thousands of shares that shareholdersrs are willing to convert and another post stating this indicates the 75% required for agreement to convert to a CBS  will be achieved.

My understanding is that 500,000 shares exist so 375,000 will need to be in favour of conversion- so not sure how the the known support of  only 10s of thousands leads  to that assumption.

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Re: A surge- Big Bath City Bid

Post by OliverH on Fri Aug 28, 2015 1:14 pm

Board holds just over 50%, Supporters Society + Supporters Club c.20% between us.
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Re: A surge- Big Bath City Bid

Post by Major Icewater on Fri Aug 28, 2015 1:26 pm

Thanks for that. I did not realise the existing Board members had agreed to convert their shares.
On this basis I understand the confidence of attaining the 75% figure.

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Re: A surge- Big Bath City Bid

Post by SteveBradley on Fri Aug 28, 2015 1:59 pm

Major Icewater wrote:Thanks for that.  I did not realise the existing  Board members had agreed to convert their shares.
On this basis I understand the confidence of attaining the  75% figure.

They will agree if the money is raised. Otherwise there would be no point to the whole project !

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Re: A surge- Big Bath City Bid

Post by OliverH on Fri Aug 28, 2015 2:27 pm

Yes it's an agreement in principle rather than a contractual or legally-binding agreement. But that is essentially how we were able to proceed with the £750K-£1.25m window as the basis of our offer.
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Re: A surge- Big Bath City Bid

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