WFC Trust: The people, the purpose and the influence

Think of the WFC Trust as a guardian.

But, what does it actually do? Who’s on it? And how much influence does it exert or hold upon the club?

We sat down with prominent trustee, and former club director, Paul Cocks to learn more about the entity.

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Formed in April 2012, the WFC Trust was a direct result of Weymouth’s turbulent financial past and close shaves with ownership.

The well-documented regimes (for better, or worse) of Martyn Harrison, Mel Bush, George Rolls and Malcolm Curtis saw Weymouth’s shareholding pooled in a majority stake.

Following Rolls’ exit in 2012, the trust was set up to simply hold the shares on behalf of the club and to attempt to raise funds for the club by way of share disposals.

Any shares disposed of have been following donations made to the club and the trust has never received or held money.

It initially gave no one person more than 7.5% of the 1,206,000 shares present, before a recent change in direction.

This was instigated by the trust, meaning 3,794,000 new shares have been released to the club to issue as they see fit.

In total, the 5,000,000 shares cannot be split in chunks greater than 15% and word on the grapevine is that plans are afoot to soon change that to 20%.

Cocks told Echosport: “The purpose of the trust is to protect the club.

“When the trust was originally created, a shareholding limit of 7.5% of the total issued shares was created for any one person.

“It was felt at the time desirable to keep share ownership widely spread.

“That meant in effect that any takeover bid had to go to an EGM, as the limit could be waived by shareholders' special resolutions.

“In the intervening years there were a few takeover bids only one of which saw the light of day.

“Anyone wishing to take over would have needed to pay full value for the shares and in my view the most important function of the trust was to ensure this happened, as we would not release shares for less than full value.”

And the trust is now holder of only 7,290 shares, signalling its happiness with the current chairman Paul Maitland and his deputy Simon Etherington.

Cocks added: “It was felt that there may come a time when the club would wish to seek substantial outside investment and because of the renewed level of confidence felt by the trust in the running of the club, we co-operated with the board and assisted in the proposal to create 3,794,000 new shares, which it is now open to the club to issue.

“The trust has now only got a few thousand shares left, so it’s no longer a relevant factor.

“It was actually our proposal because we had confidence in what Paul and Simon were doing.”

The trust’s current stake in the club is only 0.14% but the extra three million shares available are still up for grabs as Weymouth attempt to attract investment to help the club compete at National League level and, in Maitland’s aspiration, potentially reach the EFL.

Asked if the trust truly has a diminishing influence at the club, Cocks added: “The trust doesn’t really have any any more.

“If the club wants to do something, it doesn’t have to ask the trust.

“We’ve said to the club we’re going to hold on to the few shares we’ve got left.

“So, the next time the club wants to dispose of shares they’re going to have to issue them themselves.”

Yet, why hasn’t anyone swept up the extra shares made available and does Cocks find that peculiar?

He said: “No, it was just easier for the club to carry what it’s been doing.

“It’s not unusual, we knew the trust’s shares were going to run out. The current maximum shareholding is 750,000 shares.

“If someone wanted to come along and put more than £375,000 into the club, there would have to be an EGM.”

Who now forms the trust?

Well, Cocks is the de facto contact for the trust and is joined by Kevin Banks and another member who is unfortunately ill at present.

This number is down from the original five founding members in 2012.

Cocks added: “If there’s anything to discuss, we discuss it and then vote on it. I’m not lead trustee, only in the sense that I’m a spokesperson.

“If we weren’t there, somebody would’ve taken over years ago for less than 100 grand.”

Does Cocks feel that the trust has served its purpose?

“I just want to emphasise that the trust was created to protect the club,” he added.

“My personal opinion is that we’ve succeeded and done our job. I feel we’ve got competent management in charge and I’m personally very happy to see them take the club forward.

“They do still discuss things with me but I don’t have any influence.”

Much has been said of the past.

However, what does Cocks believe the future holds for Weymouth?

“I think it’s fantastic,” he added.

“I see the things Paul and Simon are doing, such as bringing in a new commercial manager, a new social media manager and it’s all very, very positive.

“It’s taken the club to a place that it hasn’t been. The club’s still not wealthy but it’s on a stable footing.

“Growth should be organic. If somebody’s going to come in, you need to make sure it’s the right person and with no strings attached.

“Even if that doesn’t happen, then the club will progress.

“I don’t think we’re ready for the National League yet, because you’ve got to have the finances, but I think in a couple of years we will be ready.”