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FanCo (FoH) have a contract with BidCo (AB) for very good reasons the agreement sees FoH provide some funding for a couple of years and then make the purchase..... ...your admin comment is nonsense....Hearts came out of admin for a price that FoH could not have paid at the time, especially when you then include the cash required for the next two years loss making

The question is if the potential takeover is going to be a SMISA/GS bid, how easy is it going to be for SMISA to raise cash while a manager is in place that a lot of the prospective members want rid of? Especially if after parting with a 6 figure sum for the shares the first thing to happen is members money being spent on sacking a manager. surely any public meeting that SMISA have the first question will be, are we going to get rid of the manager...closely followed by how is this going to be paid for (makes a change from "whats in it for you?"...i guess ) Foundation of Hearts big boon in growing their scheme numbers was being able to get the management team promoting sales! Will this management team be keen? Will this fan base be wanting to buy anything they are selling?

It appears that what was "directors Loans" to get the Club over 3-4month cash flow issues....this required £100K per year when i was involved and was only needed to bridge the gap between Christmas and the SPFL payment which arrived in March/April or may and so was fully paid back by the year end accounts, as you will see noted in the previous accounts, has now changed to an accumulating rolling debt and a requirement of £100k has now grown to nearly £250K (there may be some other issues here also perhaps SMISA can confirm if their debt was paid back early, thus moving the SMISA debt onto part of this Dir Loan instead, which would make the Directors loan account seem a bit bigger than it actually really is) but in as much as you can read anything much into this form of accounts, a regular Cash flow need to cover an annual blip of £100K PA appears to have changed into an ongoing and growing funding need... Well done to the board for indeed putting their hand in their pockets, they have done it for many years and continue to, however i ask this question, when you have SMISA who have cash and are willing to invest it in new shares (which would mean no liabilty on the Club to pay it back) would it be better for this to be allowed by the board to happen (however it changed the %age ownership) rather than the directors loaning money in, in expectation of it getting paid back. nothing in the results makes me think that a FO model would not work, but it does need the cash flow backing similar to what 10000Hours had, so that a temp cash flow issue can be easily resolved. of course these account are just a snap shot from a point in time in May 2015 the position could now be different, the loans could now have been repaid or they could have grown further, the growth in debt could purely have been a phasing issue as the year end is very close to spfl monies being paid...a delay in that payment could have made a big diff which will now be caught up, certainly we are coming to the time of year when any number of clubs have cash flow pressure so i guess it is watch this space, certainly any sale now would need to take into account the £200K + and there is the continuing issue of no build up of cash reserves for a depreciating asset.....at some point capital is going to have to be spent on the stadium, the carpets are going to wear, the air con need replace on the undersoil heating break down, and no maintenance reserve is being made for this, which is really (in the case) what depreciation is all about

The £1.25m bid was fully funded both by the Fans and business people and was underwritten so the money would all be paid. Not as many Club memberships were sold as was hoped but some much larger one off sums were available instead. But you have seen a copy of the offer made....of course?

Mezzanine boxes for rental by the Club. This was one of the things the Club got directly out of the deal. These boxes were convertible into meeting spaces through the week

The fit out design from kibble etc was entirely different much larger and included mezzanine and stand doors

Indeed and emails were sent recently to ask if any fans could help with the fit out. I know when I looked at it we had offers from a few quality folk who would have helped particularly with the M+E works. Our design was however different in that access to the stand was possible meaning anyone in those sections could use it at half time.

Agreed (over when it should have been down) though as i recall it was basically a choice between Ralston fit out or stadium void fit out, though the argument could have been fit the stadium, earn the money, fit Ralston...hey presto after some graft you have both

Issue i assume is that in order to fund the fit out of the facility a lump sum is needed and that is not available form the current budgets which means that to fund the capital outlay they have decided to spread the cost via a members fee. Not sure what alternative there is to doing it that way if the Clubs current account is not able to fund it.

Indeed but it all predicated on the company making a profit. Smfc has not made a statutory accounting profit for a while IIRC It is sensible for profitable companies to borrow money to allow them to grow quicker...but an unprofitable company that is also a football club is not a good place for sizable secured lending

Yes but it is basically one great big asset. It is mostly indivisible. Banks are simply not in the mood for lending to FC'S. They have taken a hit for millions in right downs at the likes of Killie etc

Indeed but I don't believe SMISA and Gordon are looking for a bank to lend money into their purchase senario...but might be wrong

No they don't. Banks have to take more into account than just being able to take a security or a floating charge. First and foremost would be how convertible that security would be into actual cash.....Club has been for sale long enough to show that is not straightforward.

Horse Manure of the finest quality, you are correct, the secret is indeed in giving it a good stir from time to time, clearly you have some excrement experience?

Cheers, and it was always a pleasure dealing with you and many new friends i met during the process. FO can work and i still believe that one day (perhaps quite soon) will work at SMFC

Sunday = Church last game of football i was at was Clyde v Annan, have taken on a Farm so even the appeal of free sausage rolls, rules me out of most weekend sporting activity but hope you and your brother (buddiecat) enjoy the game

I "instigate infighting among saints fans" apparently? lets just let that sink in........

In a permanent contract yes employer can basically let you go anytime in first 2 years. Football managers don't sign those kinds of contracts

some cracking info there. can you imagine the melt down there would be if all Scots wages were published like that

Loaning keepers has slightly different rules than outfield players...from an emergency loan point of view IIRC

Well Club should be referring to the contract then....

would be interesting to know if they had changed the neck from the sample the Fans Council approved....presumably the council folk and club actually tried it on rather than just looking at a design on a table?

Because you can order in the store as well as online e the JD system assigns a level of stock to both. When the online system receives orders and reduces the online stock level by the amount ordered their system does not automatically make available the shop stock. It waits until a refresh (I think overnight) when a new batch of stock is assigned to online. It is a difficulty associated with bricks and mortar online and telephone ordering. If you see no stock online give the phone number or local store a ring.... ....in any event though. ..it ain't my fault ☺

Yup...but i think he knows that..... ...Campbell might even open the bar

is that a no then?