The Escrow Account: Statement from The Shots Trust Board at the AGM held on 31st July 2013
1) The Trust Board wishes to thank all those who invested in the Pre-Share Offer
2) At its peak the account held £80 469
3) A further £28 750 had been pledged by those investing
4) 217 supporters transferred money into the account
5) The account balance currently stands at £71 419
6) The administrative charge by the solicitors is 1.5% of the total amount deposited. This is being funded by a donation made to the Trust specifically for this purpose.
5) The Trust Board recognises that transferring money into the Escrow account required a considerable effort, which may have been a barrier for many people who had pledged in the initial survey.
6) The Trust Board acknowledges that raising £400 to £500 000 was an ambitious target and perhaps unrealistic, but was justified in case the Trust became the only bidder.
7) The Trust Board considers that the amount of money raised in such a short space of time was remarkable – particularly when compared to similar offers at other clubs.
8) The Trust Board wishes the new consortium every success and will support them for the benefit of the club and supporters. However, we should acknowledge that there is a risk that the club may at some time in the future find itself in a similar position. Supporters may wish that the Trust is in a stronger position financially should this eventuality arise.
Therefore, the Trust Board requests that those who have contributed to the Escrow Account consider leaving their money in the Escrow Account for the time being. The Board intends to consider the available options and to draw up some firm proposals to put to members regarding the Escrow Account, Pre-Share Offer and any other options, within the next 2 months.
9) As stated in the Pre-Share Offer, if supporters wish to withdraw their money, they may do so in writing either by email to email@example.com or by post to:
Ms Estelle Ward
1 Scott Place
2 Hardman Street
Manchester, M3 3AA
Supporters should state their full name and address and the amount of money they would like to withdraw, which will then be paid by cheque.