Times Of Swaziland: WANDERERS SURPRISED BY SHARES RESPONSE

WANDERERS SURPRISED BY SHARES RESPONSE
================================================================================
Machawe Fakudze on 25/11/2022 06:48:00


MBABANE – “There is light at the end of the tunnel.”
The above adage rings true for hub giants Manzini Wanderers in their quest to
sustain the team financially this current season and beyond.
The maroon and white Manzini side after enduring financial challenges for the
past few seasons came up with a strategy to pull the team out of the challenge.
They are undergoing unpleasant times and their on field results show as they
recently bagged their first point of the season after playing to a 2-all draw
against Manzini Sea Birds in an MTN Premier League match, which was played at
Prince of Wales Sports Ground last Saturday. They are currently languishing at
the basement of the log standings.
It was reported that Liweseli held a meeting which involved the Council of
Elders, Board of Directors (BoDs) and members including Sandile ‘Chief’
Dlamini, who recently resigned from his position in the team as well as the
National Supporters Committee (NSC). In the meeting, a decision to dissolve the
current registered team company directors was taken so that they could implement
a crucial part of their constitution which most supporters knew nothing about
yet it had always been there since 1994. The constitution, according to sources,
provides that the team can have no more than 50 registered directors who will
have bought a total of 10 000 shares, each share sells for E500. If sold out,
the sale of the shares will total E5 million.
Money
The sources claimed this was money to run the team per season and the one buying
the most shares, say even a South African director buys E1 million shares and
nobody else matches the figure, he or she will become the chairman of the BoDs
to consist of perhaps the top 10 highest shareholders.
According to the constitution, only 50 people can buy the shares and each of
them is free to buy as much as they can afford. Bhanyaza Mdluli, who is part of
the executive assigned to handle the issue of selling the shares revealed that
they were getting an overwhelming response from those who wanted to buy the
shares.
“It is overwhelming, surprising and encouraging to see that the Manzini
Wanderers supporters can’t wait to be given the green light to start buying
the shares,” Mdluli said. He said that currently they were fine-tuning the
logistics of buying the shares and they were expecting to launch it soon.
It is worth mentioning that even the current director in South African
businessman Cedric Mathata is expected to buy the shares if he wants to continue
being part of the club.