The devil will be in the detailed wording, but you'd have to assume it would be based on invoking the 'common interest' rule which would enable such an issue to go ahead.

You would presume so, although the wording - and the eligibility - would need to be very carefully drafted, I think?



However, OK's wording (as quoted, anyway) is pretty ambiguous: "I want the fans and community to be involved in the club, so I have decided to release some shares and let them be part of the club.”



"I".



Which makes me wonder if he is proposing to sell some of his OWN shares, No doubt after some bonus issue or similar, instead of issuing NEW shares?



Its all far too nebulous at the moment though to be able to comment objectively, although from [url=http://www.thetelegraphandargus.co.uk/sport/sportbulls/10276377.Fans_get_chance_to_buy_Bradford_Bulls_shares/=#800000the T&A report[/url it seems clear he is intending to retain control. The wording reads to me like he is not seeking to raise capital for the club, but instead to sell some of his own holding, but without more detail we can only speculate.

'Former Sports Minister Gerry Sutcliffe, honorary chairman of Mr Khan’s OK Bulls Ltd, said the club would be valued before shares were made available and the move would bring in investment'.



Then thiis suggests they are raising capital for the club but agreed it's not very clear.

Indeed its not. Because the wording could mean, e.g.:



a - we value the club, to put a price on new shares in the company, so we can then offer out those shares to bring in new capital; or, just as easily:



b - we value the club, as a basis for bringing in investment from other businesses or high-net-worth individuals, where we will need to calculate how much % of the club say a £100k investment will buy you; and at the same time so OK can determine how many of his own shares he can sell to supporters whilst still retaining a majority holding.



- or any one of a range of other possible interpretations.



To me, the wording could be quite deliberate: shares will be "made available", not "issued". "The move would bring in investment", not "the issue of those shares will bring more capital into the club". But, who knows? How much is lost in the translation from utterer via hack to page? How much was said just as general, informal comments in layman's speak, to try and be helpful, rather than said with a specific objective in mind?



But now the genie is out of the bottle, I do think we need a few more specifics to avoid excessive - and quite possibly wilde-of-the-mark - speculation?

As with anything like this it's hard to know what is going on when the press reports can get easily confused. I hope the T&A send a hack with some knowledge about this sort of thing (if such a person exists at Hall Ings).

That is asking an awful lot Bullseye.



But we all assume that OK actually knows exactly what coulld happen here himself - with new investors and the potential issues involved in selling shares to the fans. I guess he has been in business mainly on his own, or his families account in the past - so running a multi-share holder company could well be new ground for him as well.