The Financial Times for September 9th claims the FSA held up the Bluebell's share issue.
It quotes "Bluebell" as stating the FSA created "obstacles at every turn". The FT does not say who "Bluebell" is but the complaints read to me as though it came from a board member, at least one who has been there since 2005.
Of course it is excellent publicity for the railway even if it is not entirely honest to lay all the blame for the delay with the FSA. I am given to believe that Bluebell engaged lawyers with no previous experience of this type of share issue.
The FT article can be read at http://www.ft.com/cms/s/0/d0f870f6-7e08-11dd-bdbd-000077b07658.html?nclick_check=1
Tuesday, September 9, 2008
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2 comments:
It's not surprising the lawyers had no experience of this type of share issue - the Bluebell was the first Not-for-Profit company to try to launch an exempt issue, so there was no firm of lawyers that had that experience!
On that basis neither did the FSA have any experience of this type of issue. Bluebell management must have considered that there was a potential danger of protracted negotiations with the FSA.
However what is done, is done and we must now move forward and hopefully the FT article will bring in some more donations.
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