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SMiSA agree to contribute £50k to 10000 Hours CIC with conditions


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As posted in the SMiSA section a short time ago and from the website:

We can report on the outcome of the members vote relating to the contribution of £50,000.00 of SMiSA funds. It has been decided by the membership that the funds should be contributed to the 10000 Hours Community Interest Company with conditions.

78% of the returns were in favour of this option, 9% indicated that their preference was not to contribute the funds and 13% were in favour of contributing the funds unconditionally.

To this end we are currently liaising with Richard Atkinson to establish the options and will contact the membership with a view to meeting prior to the Motherwell game on Saturday 13th August 2011.

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As posted in the SMiSA section a short time ago and from the website:

Good work guys.

One quick point. Ebbsfleet had their own trust, which ran at the same time as MYFC and still does. I used to think it blurred the lines, two groups basically doing near enough the same thing and even muddying the waters in the case of the Fleet Trust.

I'm just wondering if SMISA will release a new remit should the CIC go through. Will you look to control aspects of operations for example or even be the donation vehicle/conduit for supporters who don't want to join the CIC. A sort of "don't trust them, trust us" I suppose.

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This is good news for the CIC as SMiSA represents an incredibly hardworking, diligent and very passionate section of the St.Mirren support. I am also sure that their members would not have opted to put £50K of very hard earned cash into the CIC without convincing themselves that the whole project was good for the club.

Interested to know what the conditions applied are though ?

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The SMiSA guys have done an excellent job. It would be a big ask as I know they are all very busy and SMiSA has already been a massive commitment for them.....but they should be active on the members BoD. Any of their current BoD members would be guaranteed my vote.

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The conditions are that Mair and McAusland must never be in central defence together unless McGregor has been hit by lightning, run over by a bus, or sold to Watford.

Edit: Serious commitment shown by the SMiSA membership, let's hope things work out for everyone concerned.

Edited by pozbaird
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I presume they will make the cheque out to Mr. S. Gilmour and Co. because that is where the money will be going.

If the CIC collapses in a year or two the £50,000 will not be paid back.

SMISA have NOTHING to show for their hard earned cash. Not one share in SMFC Ltd.

Mr Atkinson must be having a good laugh at us all. :lol:

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I presume they will make the cheque out to Mr. S. Gilmour and Co. because that is where the money will be going.

If the CIC collapses in a year or two the £50,000 will not be paid back.

SMISA have NOTHING to show for their hard earned cash. Not one share in SMFC Ltd.

Mr Atkinson must be having a good laugh at us all. :lol:

I'm sure SMiSA can confirm but even when I was a member in the dim and distant I am sure they bought 1877 shares ? :blink:

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I presume they will make the cheque out to Mr. S. Gilmour and Co. because that is where the money will be going.

If the CIC collapses in a year or two the £50,000 will not be paid back.

SMISA have NOTHING to show for their hard earned cash. Not one share in SMFC Ltd.

Mr Atkinson must be having a good laugh at us all. :lol:

This post hits a new low for you, but is fairly typical of you lack of knowledge of the club you claim to be concerned about. SMiSA wasn't set up to serve itself. It was set up by St Mirren fans looking to help the club. They have certainly done that in a wide range of ways and are a credit to our support.

You / Yul claimed that SMiSA had "rumbled the stranger" and were going to reject the CIC. Claim after claim after claim by you / Yul have failed to come to fruition. Have you any concerns that are actually based on fact? :rolleyes:

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I presume they will make the cheque out to Mr. S. Gilmour and Co. because that is where the money will be going.

If the CIC collapses in a year or two the £50,000 will not be paid back.

SMISA have NOTHING to show for their hard earned cash. Not one share in SMFC Ltd.

Mr Atkinson must be having a good laugh at us all. :lol:

Doesn't seem to mention anything about the money being a loan so why would it be paid back?

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This post hits a new low for you, but is fairly typical of you lack of knowledge of the club you claim to be concerned about. SMiSA wasn't set up to serve itself. It was set up by St Mirren fans looking to help the club. They have certainly done that in a wide range of ways and are a credit to our support.

You / Yul claimed that SMiSA had "rumbled the stranger" and were going to reject the CIC. Claim after claim after claim by you / Yul have failed to come to fruition. Have you any concerns that are actually based on fact? :rolleyes:

That's more than a little ironic, Sid laugh.gif

Edited by RossTheBoss
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The bottom line is that pro-CIC Saints fans don't know for certain that it will be a roaring success, but hope it will, with hard work and strong leadership. Anti-CIC Saints fans don't know for certain that it will be an abject failure - but I reckon there are maybe a dozen or so vocal anti-CIC Saints fans who appear to WANT it to fail, and I simply do not understand that attitude one iota. Frankly, just in my own opinion of course, both extreme views are in danger of totally pissing people off who hold a view that lies somewhere between both ends of the spectrum, and who maybe haven't made up their mind about it all yet. On another matter, I understand the reason for there being no announcement yet, and I understand that negotiations can be delicate, but I'd hope there's some news one way or the other sooner rather than later.

I'm supportive of the CIC plan.... 'with conditions!', but to be honest, I'm feeling a touch bored with it all at present. It's like the Edinburgh tram scheme - can someone give me a nudge when something actually happens?

Edited by pozbaird
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Well done one and all in SMiSA for laying out the facts impartially and coming to a democratic decision on how and where to spend the money you have raised.

I think the backing of SMiSA is a huge positive for 10000hrs and might hopefully encourage some of the undecided to take the pro-CiC plunge.

As for Animal/Yul (now, hilariously exposed as the same person) you guaranteed that SMiSA would vote against as your "source" told you so. What else isn't going to come to pass...?

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This post hits a new low for you, but is fairly typical of you lack of knowledge of the club you claim to be concerned about. SMiSA wasn't set up to serve itself. It was set up by St Mirren fans looking to help the club. They have certainly done that in a wide range of ways and are a credit to our support.

You / Yul claimed that SMiSA had "rumbled the stranger" and were going to reject the CIC. Claim after claim after claim by you / Yul have failed to come to fruition. Have you any concerns that are actually based on fact? :rolleyes:

No one is disputing that SMISA don't have the best interests of the club at heart

I note not one of you have answered the following questions:-

What are the 'condidtions'. If you were handing over £50,000 to someone do you not want to know this ?

Will the money not simply go to Mr.Gilmour and Co. ?

If the CIC collapses in a year or two how will the £50,000 be paid back ?

How many shares in SMFC Ltd will the £50,000 buy ?

Answers please Sid and fellow CIC fans !

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I presume they will make the cheque out to Mr. S. Gilmour and Co. because that is where the money will be going.

If the CIC collapses in a year or two the £50,000 will not be paid back.

SMISA have NOTHING to show for their hard earned cash. Not one share in SMFC Ltd.

Mr Atkinson must be having a good laugh at us all. :lol:

SMISA already hold shares in St Mirren.

What is your personal gripe with Richard Atkinson or your grievance with the consortium getting money for their shares?

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That is my point - it will be LOST forever when the CIC folds up.

Whether or not it folds it appears the money will be 'lost' to SMISA forever anyway. How do you know it will all be in one lump anyway if you admit to not knowing what the conditions are. Surely the only people who need to know these conditions are the members of SMISA. Is there something I'm missing?

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No one is disputing that SMISA don't have the best interests of the club at heart

I note not one of you have answered the following questions:-

What are the 'condidtions'. If you were handing over £50,000 to someone do you not want to know this ?

Will the money not simply go to Mr.Gilmour and Co. ?

If the CIC collapses in a year or two how will the £50,000 be paid back ?

How many shares in SMFC Ltd will the £50,000 buy ?

Answers please Sid and fellow CIC fans !

If Sid isn't a member of SMiSA, and presumably he isn't, and none of the "CiC fans" are either, then why would they know what the conditions are? The conditions are set by SMiSA, not by 10000hrs. Therefore they are not handing over the money not knowing what the conditions are, as they set the conditions... I'd have thought that was fairly obvious, even to someone as blind as you.

Also, why would SMiSA expect their money back if the thing collapses? They aren't making a loan, they are investing, there is always a risk with investment. Should they spend their cash on shares in SMFC, they get nothing but a bit of paper to show for it. No return. No seat on the board. No influence. Nothing. ANd they'd have lost their money. By investing in the CiC, they will again get no financial return, however, they will get whatever the conditions set are, they will get votes on the running of the CiC, they will presumably get a seat on the elected board, they will genuinely be able to say that they have a role in the running and ownership of the club. Both ways, if it all goes tits up, they get nothing back financially. But by investing in the CiC, they get a whole load of other stuff.

If the money does or doesn't go to SG, what is the difference? That is price that has been set, that is the amount that needs to be paid and wherever they get shares from will either line someone's pocket or render the ownership of the shares useless and the shares worthless. What are the options? Invest pointlessly in a way that lines someone's pockets/in a way that makes the investment useless or invest in a way that gives them a say in the running of the football club and a big part of the pie in the ownership of the CiC?

It's a no-brainer really...

Edited by ktf
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No one is disputing that SMISA don't have the best interests of the club at heart

I note not one of you have answered the following questions:-

What are the 'condidtions'. If you were handing over £50,000 to someone do you not want to know this ?

doesn't it say SMiSA are meeting the CiC to discuss that?

Will the money not simply go to Mr.Gilmour and Co. ?

I'd have thought investing in the CiC means the money goes to the CiC?

if the CIC collapses in a year or two how will the £50,000 be paid back ?

presumably anyone investing in the CiC gets a percentage share of it's assets if it fails - company law specialist would only really know that answer.

How many shares in SMFC Ltd will the £50,000 buy ?

zero. The current board aren't selling shares. No secret that SMiSA have been trying to get new issue shares for years to be rebuffed by the current board

Answers please Sid and fellow CIC fans !

I've zero involvement in the CiC and can only say about smisa as a member.

The smisa committee will do the right thing they're committed St Mirren fans and good people. I'm happy to see progress and we'll see the outcome of their talks with the CiC.

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doesn't it say SMiSA are meeting the CiC to discuss that?

After deciding to give away their cash.

I'd have thought investing in the CiC means the money goes to the CiC?

Then it goes straight to SG and Co.

presumably anyone investing in the CiC gets a percentage share of it's assets if it fails - company law specialist would only really know that answer.

It will have very little (nothing) left after paying back loans etc.

zero. The current board aren't selling shares. No secret that SMiSA have been trying to get new issue shares for years to be rebuffed by the current board

Yes they will have NOTHING to show for their £50,000.

I've zero involvement in the CiC and can only say about smisa as a member.

The smisa committee will do the right thing they're committed St Mirren fans and good people. I'm happy to see progress and we'll see the outcome of their talks with the CiC.

They are living in hope. I hope they see sense.

Mr. A and his executive board of friends will use the money to help swallow up our club.

Edited by animal
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