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Pompeys 12th Man Update
12th Man Update- 13/04/2012
The PST are delighted with the initial response to the Pre-Share scheme that was launched on Friday 30th March.
All the details can be found here www.communitypompey.co.uk As a reminder the Pre-Share scheme is as follows:
Fans are asked to deposit £100 into a managed escrow account
Then complete a form which pledges their interest in buying a £1000 shareThe form must be accompanied by the required copies of IDOnce the Pre-Share is deemed successful and we decide to bid for Portsmouth Football Club a Share Prospectus will be sent out.
We are asking all supporters both in the UK and abroad to deposit £100 in an escrow account to register their intention to buy shares of £1000 each so that we can gauge interest in our attempt to buy Portsmouth Football Club once we have completed Due Diligence.
So far there has been a steady stream of forms in to Verisona and we are rapidly approaching pledges that will soon reach a seven figure sum, helped along the way by many 5 figure sums from local business people and wealthy fans.
EVERY PLEDGE COUNTS! If you haven't signed up yet then please don't delay, time is of the essence.
If you have any questions then please email: [email protected]
Overseas Fans - Additional Instruction
I have been instructed by Verisona to say to Overseas fans that you can transfer your £100 pledge straight into their account from abroad. You must email a scanned copy of the completed form and ID/utility bill for their resident country to [email protected] as that will enable Verisona to marry up funds in the account and the sender and register the individual supporter on the database.
You MUST put sort code and account number on their form of where funds need to be possibly returned to please. No multiple deposits from overseas accounts allowed.
We hope you can support us. Every single pledge will help us to our goal.
News Round Table Meeting
On 4th of April, Mick Williams, Mark Trapani and Dan Fearnley represented the board of the PST at a meeting hosted by The News with attendees including Penny Mordaunt MP (Portsmouth North), Mike Hancock MP (Portsmouth South), Caroline Dinenage MP (Gosport) and Gerald Vernon-Jackson (Leader of Portsmouth City Council).
The support of our politicians from both local and national government is much appreciated. Their passion and desire to see a bright future for Portsmouth FC is there for any doubters to see. The meeting also demonstrated the continued support of the The News.
Whilst it is unlikely that the use of public funds will provide an immediate solution in our quest save the club, this option is not being written off and several avenues are still being explored. Our local MPs agreed to write to the cabinet minister responsible for the Department of Culture, Media and Sport (DCMS), Jeremy Hunt MP, to ask him to reconsider the decision of Sport England to provide financial support to secure the immediate future of the club. It was also agreed that the PST would work with officers at Portsmouth City Council and the Solent Local Enterprise Partnership (http://www.solentlep.org.uk/) to explore a bid against the Growing Places Fund (http://www.communities.gov.uk/publications/regeneration/growingplacesfund).
These bids can often take time and the use of public funds understandably comes with clear conditions, we are however confident that we have the right mix of skills within the trust to ensure we are well placed to secure any funds that may be available. Importantly we also fully appreciate that if successful any public funds would need to demonstrate best value for the public purse and not just the fans of the club.
PST Due Diligence Progress
On the 4th of April 2012 the Trust, along with its partners, were finally allowed to start the final stage of Due Diligence.
Mark Trapani, PST Board Member who is part of the Business team, gave us an update.
“We now have access to the PFC Data Room so our official Due Diligence started this morning at 10.00am when Andrew Perrett and I met with Elaine Knopf from PKF and Tanya Robins from PFC.
I think that we have a real gem (Andrew) on the DD team. He will now devote his time to the task until it is complete. The information we have seen is very current and Trevor does appear to be making some headway with cost cutting and player contracts.
We should have some forecasts from PFC/PKF over the next 10 days. These will be pretty hard hitting and they are lifting the drain covers for us. We will naturally validate any info given to us”
PAY4APAL - Last Match is Derby County on 21st April
Pay4aPal has been a great success, nearly £8,000 has been collected and used to buy tickets for deserving causes and 100’s of people who can’t get to Fratton Park due to having fallen on hard times.
We have some money left over in the kitty but would like you to donate towards the last Pay4aPal game so we can help many more fans on the last home game of the season.
Please donate HERE
Play Up Pompey