| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE 11:14 - Feb 23 with 19663 views | judd |
Supporters meeting re: EGM
In agreement with the club, the Trust is holding an open meeting at the club this SUNDAY 25th FEBRUARY.
The meeting will be held in the RATCLIFFE BAR and will commence at 2pm with a planned finish no later than 4pm.
We are still working on how we can stream this meeting and allow supporters who cannot attend to hear what is being said and to email their own questions in.
There is no formal agenda.
We do not necessarily have all the answers but we are sure supporters will have all the questions and we will do our utmost to publish answers to anything we cannot answer on the day.
There will not be any club representatives at the meeting, so there will be an inevitable delay in getting some answers back.
[Post edited 23 Feb 13:50]
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| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 20:08 - Feb 26 with 2571 views | 442Dale |
| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 20:04 - Feb 26 by RAFCBLUE |
True.
But the questions that are posed for the EGM won't change and that's what shareholders are going to be voting on next Thursday.
If further questions want to be asked of shareholders they are going to have to give 21 days notice and then let people vote on those too. |
Yes. We were aware of that.
The club has a real opportunity with regards to communication this week. |  |
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| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 20:17 - Feb 26 with 2507 views | RAFCBLUE |
| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 20:08 - Feb 26 by 442Dale |
Yes. We were aware of that.
The club has a real opportunity with regards to communication this week. |
What communication are expecting or hoping for? |  |
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| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 20:20 - Feb 26 with 2478 views | Brierls |
| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 20:08 - Feb 26 by 442Dale |
Yes. We were aware of that.
The club has a real opportunity with regards to communication this week. |
What communication are you expecting?
Is the message from the BoD not clear enough?
Jesus wept. |  | | |
| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 20:20 - Feb 26 with 2478 views | 442Dale |
| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 20:17 - Feb 26 by RAFCBLUE |
What communication are expecting or hoping for? |
Helpful, informative and empathetic. The basics really.
And they’ve got a fans forum on Thursday, so it’s a crucial week. | |
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| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 20:23 - Feb 26 with 2459 views | RAFCBLUE |
| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 20:20 - Feb 26 by 442Dale |
Helpful, informative and empathetic. The basics really.
And they’ve got a fans forum on Thursday, so it’s a crucial week. |
It's live on YouTube isn't it? | |
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| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 20:25 - Feb 26 with 2442 views | 442Dale |
| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 20:20 - Feb 26 by Brierls |
What communication are you expecting?
Is the message from the BoD not clear enough?
Jesus wept. |
Yes, that was clear. Many seem to want to have a bit more information, which is why the Trust arranged a meeting. | |
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| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 20:41 - Feb 26 with 2371 views | Brierls |
| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 20:25 - Feb 26 by 442Dale |
Yes, that was clear. Many seem to want to have a bit more information, which is why the Trust arranged a meeting. |
So I’ll ask again, what communication are you expecting?
Matt D’Tissier seems to think anything pro “Yes” is the work of the BoD, so here’s an opportunity to reach out to them to give an idea of the communication you are expecting.
For me, the message was very clear. The Trust message, having been allowed to perform discreet due diligence, was clear. | | | |
| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 20:53 - Feb 26 with 2305 views | 442Dale |
| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 20:41 - Feb 26 by Brierls |
So I’ll ask again, what communication are you expecting?
Matt D’Tissier seems to think anything pro “Yes” is the work of the BoD, so here’s an opportunity to reach out to them to give an idea of the communication you are expecting.
For me, the message was very clear. The Trust message, having been allowed to perform discreet due diligence, was clear. |
Answers to the questions the Trust wanted to collate yesterday.
https://www.daletrust.co.uk/2024/02/a-meeting-for-all-dale-fans-re-egm-sunday-25
There was a lot of positives in listening to fans opinions (some I don’t necessarily agree with!) and comms from various outlets over the last week. Building on that can only be beneficial to getting to the best outcome for the club. | |
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| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 21:05 - Feb 26 with 2249 views | Brierls |
| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 20:53 - Feb 26 by 442Dale |
Answers to the questions the Trust wanted to collate yesterday.
https://www.daletrust.co.uk/2024/02/a-meeting-for-all-dale-fans-re-egm-sunday-25
There was a lot of positives in listening to fans opinions (some I don’t necessarily agree with!) and comms from various outlets over the last week. Building on that can only be beneficial to getting to the best outcome for the club. |
What are those questions? What do YOU want communicated?
Sorry to point this out, but for somebody who demands answers to questions, you’re not the best at answering basic questions yourself.
This is the most important article on the Dale Trust website - https://www.daletrust.co.uk/2024/02/trust-statement-23-february-2024-prospective | | | |
| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 21:25 - Feb 26 with 2183 views | 442Dale |
Clarity on what the shortfalls are on cash flow so we can establish whether that could be covered even temporarily if say, a couple of major shareholders vote no and the rest vote yes and we don’t reach the required percentage to pass it.
Mainly, an indication that there is some sort of way to save the club and avoid liquidation if possible, even if it’s just for a few weeks/month should a vote we can’t control outside individual votes is taking that choice out of our hands. If it means trying to raise X amount, surely we have to try? An extra month might help. It might not either.
Also, more information on what could be done about securing the ground in any deal going forward.
I think they’re reasonable asks, but accept others won’t agree.
However, in total agreement that’s the most important development and positive article we’ve seen. The Trust’s efforts have been brilliant over the last week. | |
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| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 21:41 - Feb 26 with 2129 views | judd |
Apologies for the technical issues yesterday that prevented streaming and amplified sound. We even had a problem working a pen.
Work issues then a trust board meeting tonight have delayed getting the questions compiled from the meeting and incoming emails out to supporters
This list will be published, hopefully mid-morning Tuesday. | |
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| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 21:44 - Feb 26 with 2119 views | 442Dale |
| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 21:41 - Feb 26 by judd |
Apologies for the technical issues yesterday that prevented streaming and amplified sound. We even had a problem working a pen.
Work issues then a trust board meeting tonight have delayed getting the questions compiled from the meeting and incoming emails out to supporters
This list will be published, hopefully mid-morning Tuesday. |
There was a lot of effort going in to try and get things to work, but in the end it was good to see that there was an opportunity to #blameChaff. | |
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| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 21:48 - Feb 26 with 2095 views | judd |
| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 21:44 - Feb 26 by 442Dale |
There was a lot of effort going in to try and get things to work, but in the end it was good to see that there was an opportunity to #blameChaff. |
Ha! Damn, I missed that opportunity. | |
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| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 21:59 - Feb 26 with 2047 views | Brierls |
| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 21:25 - Feb 26 by 442Dale |
Clarity on what the shortfalls are on cash flow so we can establish whether that could be covered even temporarily if say, a couple of major shareholders vote no and the rest vote yes and we don’t reach the required percentage to pass it.
Mainly, an indication that there is some sort of way to save the club and avoid liquidation if possible, even if it’s just for a few weeks/month should a vote we can’t control outside individual votes is taking that choice out of our hands. If it means trying to raise X amount, surely we have to try? An extra month might help. It might not either.
Also, more information on what could be done about securing the ground in any deal going forward.
I think they’re reasonable asks, but accept others won’t agree.
However, in total agreement that’s the most important development and positive article we’ve seen. The Trust’s efforts have been brilliant over the last week. |
The cash flow question is already answered by the statement on the real risk of liquidation. Simon Gauge and Richard Knight (to a lesser but still significant extent) have been ‘temporarily’ covering cash flow issues. The pot is dry. That is not new news.
Fans stepping up and buying the shares already available would avoid liquidation. The BoD asked fans to do that. It didn’t happen for whatever reason. That is not new news. What would an extra month do?
Re securing the ground. Yes this is a concern, but the harsh reality is the ground doesn’t save the football club. Investment saves the football club. In the event of liquidation the ground will be sold regardless. That is not new news.
I think we all need to wake up and smell the coffee; we don’t have any cards, we don’t have bargaining chips. If there is an investor with the right credentials who has stood up to discreet scrutiny, that to me feels like our best and possibly only hope. It’s better than anything that has gone before. Many have very little (or zero) trust in this BoD to run the club, this is surely the best outcome for those people too.
It’s all well and good saying all fans want the best for the club, that’s an easy thing to say. Building barriers because you haven’t/won’t digest the situation that has been made clear, for whatever reason, isn’t my idea of doing what’s best for the club. It’s infuriating. | | | |
| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 22:16 - Feb 26 with 1968 views | 442Dale |
| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 21:59 - Feb 26 by Brierls |
The cash flow question is already answered by the statement on the real risk of liquidation. Simon Gauge and Richard Knight (to a lesser but still significant extent) have been ‘temporarily’ covering cash flow issues. The pot is dry. That is not new news.
Fans stepping up and buying the shares already available would avoid liquidation. The BoD asked fans to do that. It didn’t happen for whatever reason. That is not new news. What would an extra month do?
Re securing the ground. Yes this is a concern, but the harsh reality is the ground doesn’t save the football club. Investment saves the football club. In the event of liquidation the ground will be sold regardless. That is not new news.
I think we all need to wake up and smell the coffee; we don’t have any cards, we don’t have bargaining chips. If there is an investor with the right credentials who has stood up to discreet scrutiny, that to me feels like our best and possibly only hope. It’s better than anything that has gone before. Many have very little (or zero) trust in this BoD to run the club, this is surely the best outcome for those people too.
It’s all well and good saying all fans want the best for the club, that’s an easy thing to say. Building barriers because you haven’t/won’t digest the situation that has been made clear, for whatever reason, isn’t my idea of doing what’s best for the club. It’s infuriating. |
Take all that on board. There was no intention to build barriers, but by getting that understanding and clarity on some things would hopefully remove some. I think that’s what the Trust are trying to do as well going off yesterday. | |
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| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 22:46 - Feb 26 with 1857 views | 49thseason |
I think we need to remember that the voting is about changing the articles of incorporation, so that certain criteria required by some promising potential investors can be put into place.
Whether the club actually gets sold may or may not be dependent on those changes but it makes perfect sense to be in the correct administrative state to progress a deal.
It seems likely that the Board has had discussions with enough potential investors to know what is required to close a deal, they are the ones with money on the line and the deadline is fast approaching.
Lets just do a deal and give ourselves the time to figure out what we can do to strengthen the club once we know we are relatively safe from extinction and there is some cash in the kitty. Does anyone think Bolton fans or Wigan fans or Oldham fans care where the money came from as long as they had a game to go to? I doubt it. And if eventually it all goes Pete Tong, there is still may be the option to buy the name and logo and start again on Lenny Barn. or on those proposed new playing fields just off the motorway in Heywood, |  | | |
| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 22:54 - Feb 26 with 1827 views | 442Dale |
| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 22:46 - Feb 26 by 49thseason |
I think we need to remember that the voting is about changing the articles of incorporation, so that certain criteria required by some promising potential investors can be put into place.
Whether the club actually gets sold may or may not be dependent on those changes but it makes perfect sense to be in the correct administrative state to progress a deal.
It seems likely that the Board has had discussions with enough potential investors to know what is required to close a deal, they are the ones with money on the line and the deadline is fast approaching.
Lets just do a deal and give ourselves the time to figure out what we can do to strengthen the club once we know we are relatively safe from extinction and there is some cash in the kitty. Does anyone think Bolton fans or Wigan fans or Oldham fans care where the money came from as long as they had a game to go to? I doubt it. And if eventually it all goes Pete Tong, there is still may be the option to buy the name and logo and start again on Lenny Barn. or on those proposed new playing fields just off the motorway in Heywood, |
Putting aside everything that’s going on at the moment which means nothing at all to do with our current situation at all, but on this bit: “Does anyone think Bolton fans or Wigan fans or Oldham fans care where the money came from as long as they had a game to go to?”
Did Rochdale fans care where the money came from three years ago?
Now, back to the rest, yes some good arguments about the future strengthening and our role under whatever ownership. | |
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| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 23:05 - Feb 26 with 1783 views | D_Alien |
| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 22:54 - Feb 26 by 442Dale |
Putting aside everything that’s going on at the moment which means nothing at all to do with our current situation at all, but on this bit: “Does anyone think Bolton fans or Wigan fans or Oldham fans care where the money came from as long as they had a game to go to?”
Did Rochdale fans care where the money came from three years ago?
Now, back to the rest, yes some good arguments about the future strengthening and our role under whatever ownership. |
"Did Rochdale fans care where the money came from three years ago?"
It's that absolute lowering of standards that i'm amazed at. And as you've pointed out countless times, it's so unnecessary, when so much time has been wasted (in the boardroom more than anywhere else) till we end up with a gun to our heads
Even benign owners taking over won't last for the longer term, and then all safeguards against the club are lost. Whilst there's still the remotest chance of something else being worked through between the BoD and the Trust, i'd implore people to just keep their nerve |  |
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| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 23:17 - Feb 26 with 1743 views | Brierls |
| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 22:46 - Feb 26 by 49thseason |
I think we need to remember that the voting is about changing the articles of incorporation, so that certain criteria required by some promising potential investors can be put into place.
Whether the club actually gets sold may or may not be dependent on those changes but it makes perfect sense to be in the correct administrative state to progress a deal.
It seems likely that the Board has had discussions with enough potential investors to know what is required to close a deal, they are the ones with money on the line and the deadline is fast approaching.
Lets just do a deal and give ourselves the time to figure out what we can do to strengthen the club once we know we are relatively safe from extinction and there is some cash in the kitty. Does anyone think Bolton fans or Wigan fans or Oldham fans care where the money came from as long as they had a game to go to? I doubt it. And if eventually it all goes Pete Tong, there is still may be the option to buy the name and logo and start again on Lenny Barn. or on those proposed new playing fields just off the motorway in Heywood, |
Agree with most of that, but I’m squirming at the “do we care where the money is coming from?” mantra.
Given a choice between certain extinction the next day, or not, then of course you’d take the money. But the points I’ve been making tonight are on the basis of an apparent credible investor who the BoD AND Dale Trust (not just members of the Dale Trust board) have undertaken due diligence. If this is the 1/100 then we as shareholders should be doing what we can to make this happen. Then we’re not at risk from the 99/100. | | | |
| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 23:17 - Feb 26 with 1742 views | 49thseason |
| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 22:54 - Feb 26 by 442Dale |
Putting aside everything that’s going on at the moment which means nothing at all to do with our current situation at all, but on this bit: “Does anyone think Bolton fans or Wigan fans or Oldham fans care where the money came from as long as they had a game to go to?”
Did Rochdale fans care where the money came from three years ago?
Now, back to the rest, yes some good arguments about the future strengthening and our role under whatever ownership. |
But the point is money is money and as long as it is legally obtained we are in no position to turn it down, Bolton,Wigan Oldham and lots of other clubs have had to bite the bullet and have new owners, some work well some not so well,
We wont get carried away like the bury lot did on a sea of promises, and who knows we might get someone who really "gets" us as Oldham seem to have done, but in our heart of hearts we know that nothing lasts forever. We have had a relatively comfortable if largely uninspiring century of football thanks to Fred Ratcliffe and a others who were able to put their hands in their pockets at times of minor crisis.
Many if not most clubs have changed hands, some several times, owners come and go. We may be for sale again in a couple of years, we might have to get used to it, all we as fans and small-scale investors can do is to try and strengthen the Trust, stick together, build a war chest and our lines of communication and hope for the best, just like most other fans at other clubs.
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| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 10:50 - Feb 27 with 1390 views | wheniwasyourage |
| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 23:17 - Feb 26 by 49thseason |
But the point is money is money and as long as it is legally obtained we are in no position to turn it down, Bolton,Wigan Oldham and lots of other clubs have had to bite the bullet and have new owners, some work well some not so well,
We wont get carried away like the bury lot did on a sea of promises, and who knows we might get someone who really "gets" us as Oldham seem to have done, but in our heart of hearts we know that nothing lasts forever. We have had a relatively comfortable if largely uninspiring century of football thanks to Fred Ratcliffe and a others who were able to put their hands in their pockets at times of minor crisis.
Many if not most clubs have changed hands, some several times, owners come and go. We may be for sale again in a couple of years, we might have to get used to it, all we as fans and small-scale investors can do is to try and strengthen the Trust, stick together, build a war chest and our lines of communication and hope for the best, just like most other fans at other clubs.
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I think the issue is that far too many clubs are taken over then asset stripped and left to rot. I don't get a vote but am really concerned that SG already has a buyer lined up and we will be at the mercy of someone who probable just wants the assets.
Think of it this way - if you have the millions would you buy Rochdale AFC? what is the RoI? what is the upside? will we ever get the crowds and income of say Blackburn, Burnley etc?
Surely an investor just want the assets? |  | | |
| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 10:56 - Feb 27 with 1372 views | Brierls |
| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 10:50 - Feb 27 by wheniwasyourage |
I think the issue is that far too many clubs are taken over then asset stripped and left to rot. I don't get a vote but am really concerned that SG already has a buyer lined up and we will be at the mercy of someone who probable just wants the assets.
Think of it this way - if you have the millions would you buy Rochdale AFC? what is the RoI? what is the upside? will we ever get the crowds and income of say Blackburn, Burnley etc?
Surely an investor just want the assets? |
That's why you perform due diligence - https://www.daletrust.co.uk/2024/02/trust-statement-23-february-2024-prospective
We've seen that there are some absolute wronguns out there. There may be some with a genuine, long-term plan and business model that see's us have a football club. [Post edited 27 Feb 10:59]
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| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 11:22 - Feb 27 with 1311 views | dingdangblue |
Its a crazy situation really talking of 'an asset'. As it is at the minute 'a football stadium' its pretty worthless to anyone other than Rochdale AFC. Until Rochdale AFC is no more then it becomes an asset. |  |
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| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 11:33 - Feb 27 with 1285 views | judd |
Questions arising from the Supporters meeting of 25th February 2024 (also from emails received)
The Trust could not provide answer for any of these. They have been sent to Simon, who suggested that we do so in instances whereby we could not provide an answer.
1. How much is the monthly shortfall having to be made up on a regular basis?
2. Have all potential investors really asked for the same share purchase level of 90%?
3. Have all the motions to be voted on at the EGM been specified by any potential buyers?
4. What is the procedure for approving a buyer?
5. Now that the Chairman has provided the Trust with details of the potential investor is it possible to speak to them first hand prior to the EGM in order to ascertain how far down the line the negotiations are and at what level they would like involvement from the Trust. If it isn't possible to speak, maybe via a live link then why not?
6. Will the Trust be consulted which way their representative will vote?
7. Will the Trust be afforded the right to see proposed business plans of new investors before a decision to accept an offer is made?
8. If the need for audit is removed, will the accounts provided still include a detailed profit & loss statement?
9. Regarding Special Resolution 5, what is the annual saving from not having the accounts audited?
10. Will the EGM be a poll vote or a show of hands?
11. Who will fund the cash needed from the end of March until the successful buyer takes control, and what time period is the handover of ownership take, once a sale is contractually concluded?
12. How has the National League reacted to the announcement of potential liquidation of the club?
13. Assuming the motions are passed at the EGM how long will it be before all the relevant tests are complete on a major investor?
14. What will happen at the end of March if these tests are not complete?
15. In these circumstances is there any possibility of a points deduction?
16. What can supporters do in order for us to avoid liquidation?
17. Can the Trust shares be converted into new A class shares? If not, why not?
18. What protection against the sale of the stadium/land be in place when a buyer takes over control?
19. Is there a sporting covenant on the ground/surrounding land?
20. Do the board have a preferred bidder identified?
21. Will the purchase funds introduced to the club upon the sale of A class shares to the buyer be used to settle any current director loans?
22. How has the board arrived at the figure of £2m being the amount they are willing to sell the club for, when the asset value is said to be between £4m & £6m?
23. What costs estimated in pounds (£) are the club going to have liability for upon the completion of the sale? i.e. legal, administrative, brokers etc?
24. Under Resolution 2.3, it appears that only class A shareholders will be able to appoint/remove directors. Depending on the attitude of the A share holders to the Trust, it potentially doesn’t look good for Murray. If this should be the case, could the Trust ask to be represented by having a non-executive director on the Board?
25. Please can we confirm that the new class A shares would only be issued in the event of a sale?
26. If the resolution is passed the BOD current loans will not be converted into type A before a deal has been agreed. Only when a deal has been agreed will type A be issued and not before?
27. If the Trust come up with a viable alternative to any or all of motions 1-4 inc., would the board be willing to withdraw their motions in order for the Trust to enter a period of exclusivity in order to get a deal agreed? | |
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| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 11:49 - Feb 27 with 1238 views | wozzrafc |
| Fans meeting this SUNDAY 2pm - CHANGE OF VENUE on 10:50 - Feb 27 by wheniwasyourage |
I think the issue is that far too many clubs are taken over then asset stripped and left to rot. I don't get a vote but am really concerned that SG already has a buyer lined up and we will be at the mercy of someone who probable just wants the assets.
Think of it this way - if you have the millions would you buy Rochdale AFC? what is the RoI? what is the upside? will we ever get the crowds and income of say Blackburn, Burnley etc?
Surely an investor just want the assets? |
I disagree to some extend with the point about asset stripping. The far more common issue many clubs get into is down to dodgy/incompetent owners either run up debt they cant afford or transferring personnel debt onto a club causing them to fail or go into administration.
There are not many clubs that have taken over purely for asset stripping. Wimbledon was bought so it could be relocated and Brighton in the 80's for the land due to location spring to mind.
You could argue Day bought bury to Asset strip but by that time the debts they had made it worth what he bought it for £1. How much money did he make, and what has it done for his reputation.
Anyone looking to purchase dale with the view to asset strip has to think about the fight/protest they would have with the fans, the publicity and damage to their reputation , they would have to deal with football and financial authority rules and then there is no assurances with the council in terms of planning permission. It is not going to be a case of coming in and just shutting it down overnight.
Yes absolutely there are bad uns who can take over, but due diligence should flush them out. However if an investor during due diligence has a good previous track record and reputation like the trust are suggesting they have seen, I don't believe they are suddenly going to risk it by instantly liquidating our club to make a quick buck, going through all the hassle that would bring. We cant rule everyone out just because they might want our asset.
There is the risk the BOD are willing to sell to anyone, but we have to have some faith the trust can influence that process. The approach of selling 90% seems to have attracted more credible investors if the trust are to believed. [Post edited 27 Feb 12:22]
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