The Great Millwall share snatch back!

Posted: September 20, 2010 in Broken Britain

IlieAn old bloke I know is a Millwall football supporter, he started supporting them in the 1950’s, throughout the 60’s and 70’s he used to go to every home match and some away matches if he could afford it. During the 80’s he moved away from London and with family and work commitments he didn’t see Millwall play very often.

In the 1990’s he bought some shares in the club seeing it as a way to still be part of the club. With regular issues of shares that Millwall did, to raise money for the club, his quantity of shares rose to about 20,000 although this only meant about £200 or so.

Anyway, this Saturday he got a letter stating Millwall plan to consolidate the Company’s ordinary share capital so that every 100,000 issued ordinary shares of 0.01 penny each will be consolidated into one ordinary share of £10.

This means that anyone holding less than 100,000 shares will no longer be a shareholder, in essence Millwall are seizing all the shares of those shareholders who aren’t ‘high rollers’.

This quite upset the ‘old bloke’ who sees it as a ‘kick in the nuts’ for his decades of support.

I read the letter he got and apparently Millwall have 43,500 shareholders, of which 35,350 are derisively called ‘small shareholders’ – those who are due to have their shares snatched – that means that 84% of the shareholders are having their shares made worthless.

Apparently these small shareholders’ shares are going to be put together, sold and the money made either sent to Help the Heroes or paid into Millwall’s own Lions Trust depending whether the 35,350 small shareholders tick a tiny box on their proxy form they’ve got to send back or not.

Can you ‘Adam & Eve’ that? I thought it was only government and banks that ripped off people not football clubs.

Coincidently on the day the old bloke got his letter Millwall lost at home to Watford 1-6, has one of these small shareholders laid a curse on the club? Hum the ‘Twilight Zone’ signature tune.

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Comments
  1. Mrs B Moore says:

    My husband,
    In the same boat as the “old bloke” sent letter of protest to the board, plus a no, no, no,no, vote by proxy, lets hope we all do the same.

    • percyweller says:

      I’ve got a feeling that no matter how the ripped off fans vote that consolidation will still go through, any one adjudicating the vote, proxy votes have a habit of disappearing. Perhaps Millwall are living up to their own adage ‘no one likes us we don’t care’. They certainly don’t care about their shareholders. By the way the ‘old bloke’ pointed out to me Millwall haven’t won a match since he got his letter from the club, spooky.

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