The Bath City Supporters Society Community Ownership Action Group is delighted to announce that the Board of Bath City FC has agreed to co-operate with and hopes for a successful outcome to the Bath City FC Supporters Society community fundraising and ownership bid.
We welcome the Board’s view that successful community ownership would be a positive and beneficial development for Bath City FC.
The Action Group has set a target figure of raising £1.4 million to complete the purchase, satisfy creditors and provide enough working capital for the 2015/16 season. It will raise this sum through a Community Share Offer to be launched in early April, a process which it expects to run for several months.
The Supporters Society Action Group is mindful that Bath City FC faces pressing debt obligations in April. While all parties recognise that these are for now the responsibility of the present board, the Action Group commits itself to working constructively with the Board to help address this pressing issue satisfactorily.
With the Board’s consent, the Action Group will continue negotiations with individual shareholders and creditors during the fundraising process. A binding offer will be made as the fundraising nears completion.
All shareholders will have the opportunity to convert their existing shares into new Community Shares, and we hope that a sizeable number of shareholders will choose to support community ownership in this way. Where shares are purchased our offer will be based paying the face value of £1 per share.
The Action Group will engage the services of Supporters Direct to support the development and launch of the share prospectus.
RSS Feed
