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rea

Saints
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Everything posted by rea

  1. There has been for at least the last 7 years (including when GS was last on the board) a working capital need or circa 100k per annum. I am sure Gordon will have taken this into account in his plans. It is normally between Christmas and April that the cash is most needed...though that was in prem div so might be a bit different now.
  2. Maybe i am wrong. But i recall sending a truck to move them so we certainly had some and if they are not being used then where are they...if i remember i will check back on my emails and see but would think someone else on here would know if we still have them or not
  3. You are not allowed to rent out the pitch at Ralston.
  4. There is nothing wrong with AH units or lift...question was as to if Due Diligence was a full report that SMISA paid for or if it was just pure financial analysis based on accounts etc. The DD report we did was about 40 pages worth of questions etc for what it is worth
  5. And by that question i dont mean was it broken at that point...but were the repair and maintenance issues or things such as USH and stadium air handling and lift etc reported upon in the report.
  6. We did have covers but gave them away/sold them IIRC i want to say to Stenhousmuir but someone will remember
  7. The depreciation point i have been banging on about for a very long time. Each year i was involved warning was made that saying we were not making a "cash loss" while marking up 6 figure depreciation losses was missing the point of depreciation and that eventually a major capital expense (new carpets, heating, PA etc) was going to be needed and not reserve fund was going to be available. Lets hope insurance does sort this issue and that this just acts as a wake up call to start making some capital funding savings. SMISA money would be ideal for this (with certain share %age rules ) in 10000hours once payments were complete all money was to be ring fenced for capital funding.
  8. That is what due diligence is for SMISA paid for a report was it in there?
  9. Ross County and Motherwell both had multi millionaire owners at the time...doubt motherwell will do much business this January
  10. Indeed. Just checked JR is certainly on it cannot find JF though. But there are plenty of players floating around it. Dont know if the FA still produce their lists or not.
  11. Thing is there is actually a social network owned IIRC but Luis Figo just for this sort of thing..
  12. Fair enough. I personally dont think it would have been a bad agreement to have. Means there is no issue re special resolutions if needed. So not so sure i would have been so quick to not agree to such a thing finally as i said was not talking about if it was suggested to smisa but if it was suggested to GS by his advisors
  13. I would be surprised if GLS solicitors did not advise him to put a clause in the SMISA deal that allows him to copt the SMISA shares to pass any Special resolution that he deems nessesary, which requires the 75%. whether if the solicitors suggested it, it was actually actioned i know not
  14. below are the two key pages. note clause 7
  15. He does via him and Smisa. Sorry i was typing on phone so just said GLS rather than splitting it down
  16. Irrelevant. It is against the law and constution of the Club to use Club assests as security in the transaction of shares. I will post the relevant clause later on. Using a different class of shares with no voting rights is as good as just making a donation as it entitles you to nothing going foward and so is generally only used by large existing shareholders. So it could make sense as a way of SMISA or GLS getting cash in without upsetting the share balance. However the most sensible way is to do it the way the old board did and just issue new shares on the basis that a rights issue say 1 new share for every 3 existing. This will certainly not be taken up by most small shareholders but just by smisa and gls and so allows new money to go in while not upsetting the share balance. This is the way it has been done in the past and GLS controls over 75% so that he can make it happen with no legal difficulty. It allows him to put cash in for something and smisa can put their £2 per member amounts in and also get something while at the same time the cash can still be soent interally at the Club on the member projects but with the added bonus of shares and GLS matching the investment...or even some other putting a wee bit in.
  17. Directors loans were paid back in full at the end of each season. Fact.
  18. You cannot use assets of the Club as encouragment for the sale of shares in the Club it is against Club rules IIRC
  19. Thing is the way the deal is structured it is not all that easy to "put money in" no point in putting it in for shares when what you are trying to do is sell them and GS creating shares waters SMISA down to below the key number of 25%+1 share. So either money has to be loaned in, donated or put in as sponsorship/commercial...all of which have difficulties. On traditional ways of doing it the become a Director for £50K is hopefully not further resorted to
  20. The money raised is not going into the Club currently, vast majority is going to pay a debt to the previous shareholders and a small amount for projects that i dont think have been defined, so right now if probably makes little difference either way....but momentum does matter, and a momentum of cancellations will be tricky to reverse, without a reversal in Club fortune
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