"Lower class of shares"?
Such as "B" ordinary, with no voting rights? Would they interest anyone?
Or preference shares - that probably won't happen now, cos they are treated as debt in accounts as from a couple of years ago.
But its a valid and sensible question nonetheless.
My guess is that the board's first priority would be to find a buyer for EXISTING shares though, especially Caisley's 26% (unless they already have...its not something that has to go on public record till the next annual return).
If they were looking at a share issue, as it stands under the Articles the members would have to so Resolve anyway IIRC. But I reckon you'd need at least £1/2m to make it worthwhile. What appetite for that for a lower class of share? Far too little, I would suggest?
But questions off the top of my head that I would seek to ask if I was a shareholder:
1. What is the current status of Caisley's 26% holding?
2. Does the board feel that Caisley's role as Sam's agent - and comments attributed to him in the media - were consistent with his role as largest shareholder? And what are relations between the club and its largest shareholder like anyway (if indeed he still is?). Don't expect an unequivocal answer there, for all sorts of obvious reasons...
3. Has the board considered a share issue or other means of raising additional capital or long-term loan finance from the public? (i.e your point).
4. I see we appointed an Andrew Bennett to the board in October. Who is he, and what does he bring? Why was nothing announced about this in the media?
5. Can the board give any indication of the financial performance for 2009? (don't be surprised if they have to be very cautious here).
6. Is there a means whereby a non-shareholder can acquire a few shares off an existing shareholder? What is the process, and what price is expected? Particularly relevant to your point about getting some new blood involved even if only symbolically.
7. The chairman expressed concern in the media a few weeks ago about the prevalence of sugar daddies bankrolling the game, and that as a result the game was built on "foundations of sand". Would he care to expand on that, and indicate how not having a sugar daddy affects the club and its ability to compete at the top level?
8. Is there anything to add to the earlier terse comments in the media regarding Chris Walker? (expect a "no" - unfair probably to expect otherwise while its still live)
9. Update on OSV...as already noted
10. Anything to say about the currently-reported financial etc issues at Wakey, Crusaders, Harelequins, and any implications for the 2010 season?(that's a cheeky and probably unfair question so expect a swift "no"!)
11. Is it true HKR brought 837,000 to Odsal last season...? (OK, maybe pass on that one...
)
Just off top of my head.