Text at top (next game etc)

Next Game: Farsley Celtic At Edgar Street On Saturday 26th October at 3.00pm

Monday, October 21, 2013

Make Or Break Week For Bulls


The coming week is a make or break week for Hereford United.

On Tuesday the share issue goes public and next Saturday there's the FA Cup-Tie at Hornchurch.

Should interest in the share issue remain minimal and the Bulls lose the Cup-Tie, then the board of directors will have their work cut-out to keep the club alive. The next home game is on November 9th and with only 1632 watching Saturday's match, it doesn't take a genius to note that the club continues to lose money.

On balance it's probably more important that the Cup-tie is won than shares sold, even if it takes a replay to get through.

Firstly the prize money of £12,500 in essence keeps the players paid for another week and secondly it will give Martin Foyle and his squad a much needed confidence boost.

At the moment the Bulls are 19th in the Conference table with just 17 points from 16 games. In those games they've scored 15 goals. Only Chester and Hyde have scored fewer.

Current form is very poor with just one win in the last ten games so Foyle knows that Hornchurch could start favourites.

However he is hopeful that several players who have been out injuried recently will be able to play next Saturday.

Off the pitch it's the share issue that will continue to be the talking point this week.

Existing shareholders have until later today (5pm) to take up the offer of increasing their holding by up to 282 times the number they have. For example a shareholder with 100 shares can purchase another 28,200 shares which at 25 pence each comes to £7,050.

However there's nothing stopping existing shareholders from purchasing shares after today should they want to as the '282 times' offer isn't going to be fully subscribed.

From tomorrow the offer will be open to the public. The board will need to work hard to push this offer. They've made a good start with director Nick Nemadich off to London today to meet prospective investors. But it will take more than just one meeting to promote the offer far and wide.

Positive publicity is a must. Whilst some supporters of the club may buy shares to help the cause, others will be looking for a possible return on their investment at some stage.

The release of the draft plans for the two ends of Edgar Street will help but the public bickering over the whether the Supporters Trust and their proposed ACV (Asset Of Community Value) won't. It beggars belief that the Directors and the Trust couldn't have met behind closed doors to discuss the ACV as opposed to directors going public over it. The reason given that both club chairman David Keyte and Trust acting chairman Chris Williams have been unavailable really isn't good enough. There are other directors and other trust members.

Another point that perhaps needs to be clarified is whether directors and others will decide to turn their loans, or some of their loans, into shares.

One of the main reasons for launching this share issue was to, hopefully, get a good percentage of the loans off the club's balance sheet.

Initially it was suggested by the board that up to 75% of the loans, currently thought to be about £950,000, might be turned into shares. That now seems less likely.

On the one hand it might be seen as a positive move for the share issue if the directors now made public how much of their loans (in total if not individually) they are willing to convert to shares. However on the other hand should the chairman David Keyte decide to convert all of his loans, thought to be around £600,000, to shares some might feel he would own too high a percentage of the club.

Difficult decisions but probably better out in the open as potential shareholders could be encouraged by the directors backing the issue.

What is not in doubt is that the more money put into the share issue, the more chance that the club not only survives but prospers.

Whether that will happen remains to be seen.