Report on Wycombe Wanderers Football Club PLC
Meeting of Ordinary Shareholders held Thursday 28th April 2005
7:30 p.m. Vere Suite, Adams Park Conference Centre

Wycombe Wanderers Football Club PLC held a meeting of ordinary shareholders, i.e. investing shareholders, in the PLC on Thursday 28th April 2005 7:30 p.m. Vere Suite, Adams Park Conference Centre. The meeting was chaired by Brian Kane (Board Director). Also attending were Ivor Beeks (Chairman), Steve Hayes (new Managing Director), Keith Blagborough (Supporters Trust Director), Keith Allen (Club Secretary), John Harrison (General Manager) and John Gorman (Manager of the Football Club).

Between forty and fifty people attended the meeting including Board members of both the Wycombe Wanderers Supporters Trust and Wycombe Wanderers Founders Trust. The Supporters Trust was invited as a consequence of its holding of 100,000 ordinary shares and the Founders Trust was invited as a courtesy matter. Individual Founder Shareholders were not invited unless they had also subscribed for the minimum of 500 shares in the PLC.

The meeting was opened by Brian Kane, who emphasised that this was a "meeting of shareholders" and not a "shareholders' meeting" and had none of the formal structure of the latter. This was to be one of a number of strands of communication at the Club and would supplement existing fans forums. It was intended that three such meetings would be scheduled per year.

The meeting were informed that there is a total of 83 shareholders in the PLC; of whom 25 have converted existed loan notes. In total the PLC has an issued share capital of just over one million pounds. Although no further substantive financial information was provided, the Trusts' Boards understand that approximately two thirds of the one million pounds is new money through the sale of shares and the balance is the conversion of existing loan notes, which did not raise new cash. It has previously been reported by Mr. Hayes at a fans' forum that that ongoing losses at the Club have been funded by further loan notes being subscribed for by the existing investing directors (Beeks, Hayes and Kane). The necessity to issue further loan notes, is due in part to the fact that the shareholdings of the existing investing directors are capped by the requirement that no one investor may own more than 25% of the issued share capital. It is anticipated that more financial information will become available when the PLC holds its AGM in late 2005.

It was emphasised, though, that the Club would not at this stage be actively seeking new shareholders due to the legal requirement and associated costs involved in producing a share prospectus. However, this does not prevent potential investors from approaching the Club. A key aim is to repay existing debts accumulated by the Club, which would be hastened by more investors being brought on board.

Mr. Kane summarised by saying that he hoped that the presentations would demonstrate the commitment of the Board, the team spirit in the Club and their collective confidence in the future.

Of particular interest to shareholders was the formal announcement of the changes adopted at that afternoon's Board meeting, and publicised through Press outlets. Director Steve Hayes had been proposed and accepted as Managing Director of the Football Club. Mr Beeks would continue as Chairman, although it was emphasised that there was no power struggle. Mr. Beeks referred to his contentment that he would no longer be dealing with player wages and transfer deals, both of which would now be Mr Hayes' responsibility.

The meeting was then handed over to Mr Hayes, who emphasised that his role would be in 'operations', setting up strategies and seeing these through to fruition. Mr. Hayes emphasised that he does not want to be Chairman of the Football Club. He outlined a number of approaches that would be adopted within the Club, under the headings of Leadership, Partnership, and "Teamship", which would involve both the staff and the players. The recent 'free game' was considered a success as the Club now had accurate information on which to base future strategy. Mr. Hayes commented that he recognised the initial concerns expressed by fans about the use of data collection by external agencies. In a jocular manner, Mr. Hayes observed that High Wycombe is an affluent area and not a target market for his company, Loans.co.uk. Mr. Hayes spoke of the need to move forward and of the need to invest in certain areas within the Club infrastructure including the fabric of the conference centre, the telephone system (already implemented) and the tills to improve the point of sale information on what is being purchased. It was stated that 1,000 season tickets had been sold prior to the meeting of shareholders (this number has increased following Saturday's match against Leyton Orient) compared with a target of 3,000 and 2,200 sold for season 2004/05 Ultimately, the aim is for the Club to achieve promotion to the Coca-Cola Championship but not on the basis of "bounce-in, bounce-out".

Following on, Mr Beeks concentrated on ongoing negotiations with London Wasps and emphasised that from the outset both parties had been subject to a confidentiality agreement. However, it would appear that only the Wycombe Wanderers party had stuck by this agreement. No details of the negotiations were made public at the meeting, although it was expected that a deal would be finalised within 6-7 days and announced to shareholders and supporters. Mr Beeks promised that the deal would be on a leasehold basis and that Wasps would not have a share in the freehold. It was stated that the Board of Wycombe Wanderers Football Club PLC "would not sell our silverware." Seating of the Valley End was explicitly ruled out, although some planning applications would be required "very soon" due to Premier Rugby requirements for stadia with "a minimum capacity of 12,500".

Independent research undertaken by a Trust member indicates that the minimum capacity of 12,000 is a requirement for the start of season 2007/08 and that there is no requirement that this is all seating. Referring to the need for Gloucester Rugby Club to develop their ground, the BBC reported on their website on 25th November 2004 that to comply with Zurich Premiership rules "All clubs must have 4,800 seats and a minimum capacity of 12,000 by the summer of 2007."
See the website link http://www.bbc.co.uk/gloucestershire/sport/glosrugby/2004/05/temporary_stand.shtml

Asked later about the renaming of Adams Park, Mr Hayes would not rule out considering a future deal once the existing deal expires next year. Mr. Hayes stated that he is not interested in short-term deals for relatively small sums of money but if, say, a financially attractive 5 or 10 year deal was put to the Board, it would need to be considered. Mr. Hayes emphasised that the Board were very much aware of the importance fans placed on retaining the history and heritage of Wycombe Wanderers Football Club. In particular, he stated that the Board would be looking at ways in which Frank Adams' involvement with the Club could be formally recognised.

Mr. Gorman made a number of observations regarding the football side of the Club reiterating his desire to play a passing game, improve the players and win football matches.

The overall atmosphere at the meeting was very positive and forward-looking. It was apparent from the meeting that the PLC Board is taking into account previous criticisms of the lack of communication both within the Football Club and between the Club and its supporters.

This report has been produced jointly by the Boards of Wycombe Wanderers Supporters Trust and the Wycombe Wanderers Founders Trust for the purpose of updating their members. The report must not be used for any other purpose including but not limited to selected or total quotation without the prior agreement of the Boards of Wycombe Wanderers Supporters Trust and the Wycombe Wanderers Founders Trust.

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