Update on Community Share Withdrawal
By Simon Colebrook
Since the last update, the Board have been working to put in place a scheme that will meet the following goals:
- Allow the efficient processing of potentially 2500 requests, without error
- Detect and prevent fraudulent requests
- Offer a choice for the withdrawal to be paid to the shareholders or to Pompey related causes
- Offer the option to retain the share for future investment projects
To meet those goals the following scheme has been devised and authorisation to proceed will be sought at the AGM on 21/09/2017
- A personalised individually unique application form will be posted to every shareholder
- To prevent fraud, this form will not be downloadable for our website
- The form will contain options to request a refund and have it paid in any combination of the following
- A refund to the shareholder
- Prepayment of 5 years, 10 years or lifetime membership of the PST
- A donation to Pompey in the Community
- A donation to the Pompey History Society
- A donation to the PST
- The form will also allow the shareholder to indicate that they wish to retain their share
- Applicants will need to submit two forms of ID that are listed on the form
- Refunds will be paid by bank transfer and thus bank details are required
- All requests with valid proof of ID will be authorised for refund. The PST Board will not reject any even though this will significantly reduce the assets of the PST.
- The scheme will run until 30 September 2018, during this time the limitation that only 5% of shareholders can withdraw in any year is suspended
- After 30 September 2018, the 5% limit will resume and any requests will be at the discretion of the PST Board after consideration of the needs of the PST to fund its activities and any projects it is undertaking
- Suggestions for projects will be published in the next few months and thus shareholders are welcome to delay deciding on whether to request a withdrawal until then.
- An authorisation team will meet every month during the third week of the month with the aim of reviewing all applications received and processing them for payment the following week.
- The first such processing window will be the week commencing 16th October 2017. The cutoff for applications to be processed that week will be Friday 13th October.
For those that have not heard of it, The Pompey History Society is a newly founded society that purchases items of Pompey memorabilia to preserve our heritage for future generations. The Society also is working towards creating a permanent museum to house a collection which will tell the rich history of the south’s most successful football club. If you would like to find out more about the Pompey History Society then please contact email@example.com.
If any shareholders or members have further questions then please email firstname.lastname@example.org, or come to the Pompey Bus on a matchday.