A surge- Big Bath City Bid
+21
Mark Tanner
the demon headmaster
city88
Oldsouthdowner
LB
Major Icewater
Ian Jones
SteveBradley
miker
BenE
bristoldome
OliverH
Marc Monitor
SteveS
Too Late...
stillmanjunior
Diving Belle
comrade powell
2weirdtown
yuffie
pete mac
25 posters
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Re: A surge- Big Bath City Bid
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.
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.
BenE- Posts : 2398
Join date : 2014-02-11
Re: A surge- Big Bath City Bid
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.
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.
OliverH- Posts : 469
Join date : 2015-01-04
Age : 43
Location : Bath
Re: A surge- Big Bath City Bid
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 !
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 !
SteveBradley- Posts : 287
Join date : 2014-02-21
Re: A surge- Big Bath City Bid
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!
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!
Mark Tanner- Posts : 285
Join date : 2014-02-20
Re: A surge- Big Bath City Bid
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?
Roy D Hacksaw- Posts : 492
Join date : 2014-03-23
Re: A surge- Big Bath City Bid
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?
The last 2 weeks will hopefully see us pushing on towards £250k/£300K?
pete mac- Posts : 943
Join date : 2014-02-27
Re: A surge- Big Bath City Bid
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.
Jon_BOA- Posts : 284
Join date : 2014-02-26
Re: A surge- Big Bath City Bid
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.
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.
pete mac- Posts : 943
Join date : 2014-02-27
Re: A surge- Big Bath City Bid
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.
OliverH- Posts : 469
Join date : 2015-01-04
Age : 43
Location : Bath
Re: A surge- Big Bath City Bid
Can I please ask someone in the know to answer the Major's question.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.
kermit- Posts : 962
Join date : 2014-02-20
Age : 29
Location : Rostrenen, Brittany, France.
Re: A surge- Big Bath City Bid
kermit wrote:Can I please ask someone in the know to answer the Major's question.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.
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)
OliverH- Posts : 469
Join date : 2015-01-04
Age : 43
Location : Bath
Re: A surge- Big Bath City Bid
OK. Thanks Oliver for clearing that up.
kermit- Posts : 962
Join date : 2014-02-20
Age : 29
Location : Rostrenen, Brittany, France.
Re: A surge- Big Bath City Bid
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.
BenE- Posts : 2398
Join date : 2014-02-11
Re: A surge- Big Bath City Bid
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 !
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 !
SteveBradley- Posts : 287
Join date : 2014-02-21
Re: A surge- Big Bath City Bid
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
Spread the word..
This is our best chance to secure Bath City FC
pete mac- Posts : 943
Join date : 2014-02-27
Re: A surge- Big Bath City Bid
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!
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 demon headmaster- Posts : 426
Join date : 2014-02-25
Re: A surge- Big Bath City Bid
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.
SteveBradley- Posts : 287
Join date : 2014-02-21
Re: A surge- Big Bath City Bid
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.
OliverH- Posts : 469
Join date : 2015-01-04
Age : 43
Location : Bath
Re: A surge- Big Bath City Bid
Ok thanks for that.
the demon headmaster- Posts : 426
Join date : 2014-02-25
Re: A surge- Big Bath City Bid
I see there were 14 new investors in just one day yesterday.........
pete mac- Posts : 943
Join date : 2014-02-27
Re: A surge- Big Bath City Bid
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.
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.
Major Icewater- Posts : 84
Join date : 2014-06-24
Re: A surge- Big Bath City Bid
Board holds just over 50%, Supporters Society + Supporters Club c.20% between us.
OliverH- Posts : 469
Join date : 2015-01-04
Age : 43
Location : Bath
Re: A surge- Big Bath City Bid
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.
On this basis I understand the confidence of attaining the 75% figure.
Major Icewater- Posts : 84
Join date : 2014-06-24
Re: A surge- Big Bath City Bid
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 !
SteveBradley- Posts : 287
Join date : 2014-02-21
Re: A surge- Big Bath City Bid
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.
OliverH- Posts : 469
Join date : 2015-01-04
Age : 43
Location : Bath
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