Its time

[scottd]

Why would he do that Scott?

Look, I'm not pretending to have information at all but from where I'm sitting Atkinson and 10000hours have the cards all in their favour. They've raised significant funding already, it appears to be the best bid on the table and the consortium has a three options -

• hold out for the full £2m and hope the full amount can be raised,
• accept what has been raised so far, sell up and get the money into their bank accounts,
• or to continue to retain the shares in the hope that eventually that can find a buyer who can offer them a deal that will let them walk away with as much money as they can now. A move which could potentially see any one of them cut out of the deal if a majority shareholding could be purchased from another configuration - which a bid from McGeoch or from GLS would undoubtedly do.

It would be crazy for Atkinson to make a counter offer against himself right now.

Where is the elusive 1%?

[slapsalmon]

Did he not say the 1% has nothing to do with funding, 10000 hours or the bod? So surely the 2 million is there and its something else. That's what I took from the last statement.

[Guest somner9]

Did he not say the 1% has nothing to do with funding, 10000 hours or the bod? So surely the 2 million is there and its something else. That's what I took from the last statement.

Thats what I took too. so perhaps it isn't so much of a case that full funding is not available, more likely given what RA and SG have said it's the arse about face way they have tried to achieve it that is preventing the main funding being released. I.e. that company they set up so the funding could "Rest" there en route to paying for the 52% shareholding?

Think about it the funders have criteria around who they can fund, if a CiC meets the criteria they can fund it, but a private company acting as an intermediary??? their mandate would not allow them to pay the funds to a third party who once they had the funding could do whatever they wanted with it. I would suggest the hold-up is down to poor planning and not thinking things through.

[BLF]

A note of interest is hardly a £2m offer.

well, it is a note of interest from someone well aware of the asking price, so there are other parties interested - I'm not saying they are a better or even realistic option but i dont buy the "only show in town" line as a reason to support the CiC.

As I said before, if there is so much red tape and bureaucracy involved, is this going to work well as a mechanism for running the club...?

[Dibbles old paperboy]

The Sunday Times reported over a week ago that McGeoch had made an offer to buy the club and his first offer had been rejected and his partner said they would consider making a second offer but did not want to get drawn into a bidding war.

I'm guessing that McGeoch's first offer was for under £2m?

[St. Sid]

Great buzz about the stadium tonight. The car park is busy with lots of people moving around to various events. Kids coaching in both the 5-a-side pitches. In the Main Stand there are a load of children at the music club learning how to play Guitar, keyboards, drums, singing...utilising the concourse. Then in the hospitality area there are c"ntcil awards taking place - with the delegates making a visit down to the kids music club. Great to see.

[reborn saint]

Great buzz about the stadium tonight. The car park is busy with lots of people moving around to various events. Kids coaching in both the 5-a-side pitches. In the Main Stand there are a load of children at the music club learning how to play Guitar, keyboards, drums, singing...utilising the concourse. Then in the hospitality area there are c"ntcil awards taking place - with the delegates making a visit down to the kids music club. Great to see.

Yea it's the young peoples awards tonight. More people coming to our Stadium can only be good. We are an award winning community club already but a CIC can mean that stays forever and grows. The most important part for me in becoming a CIC is we stand the best chance of creating a Hub around New St Mirren Park and encourage more Buddies to attend. For me Paisley will be a better place with the support for community projects and St Mirren will benefit from the increased interest from a new source of potential fans.

[St. Sid]

Yea it's the young peoples awards tonight. More people coming to our Stadium can only be good. We are an award winning community club already but a CIC can mean that stays forever and grows. The most important part for me in becoming a CIC is we stand the best chance of creating a Hub around New St Mirren Park and encourage more Buddies to attend. For me Paisley will be a better place with the support for community projects and St Mirren will benefit from the increased interest from a new source of potential fans.

Careful now.....the minority don't like positive posts about what is happening at the club. Glen will be on to tell us we are making a loss on the awards night, the music club and the kids coaching.

[reborn saint]

Careful now.....the minority don't like positive posts about what is happening at the club. Glen will be on to tell us we are making a loss on the awards night, the music club and the kids coaching.

Well i can take the post to a higher level. If the CIC fails for whatever reason then we can never achieve what i think we can become. If any other takeover is successful then the money will be borrowed from the bank and they will need to get the £2M back (unless it's a couple from Largs!). If we stay as we are there is a chance that SG and the board will take money out the club as they are entitled to do. The CIC for me gives us a chance to reverse the decline in Scottish football and become a club of "One Town One Team" and mean it!

[pozbaird]

Well i can take the post to a higher level. If the CIC fails for whatever reason then we can never achieve what i think we can become. If any other takeover is successful then the money will be borrowed from the bank and they will need to get the £2M back (unless it's a couple from Largs!). If we stay as we are there is a chance that SG and the board will take money out the club as they are entitled to do. The CIC for me gives us a chance to reverse the decline in Scottish football and become a club of "One Town One Team" and mean it!

...which reminds me, the bare-faced cheek in stealing that from the back cover of The F*nal Cha*ter book.... I demand compensation. 2 million quid should do it.

[Guest somner9]

Well i can take the post to a higher level. If the CIC fails for whatever reason then we can never achieve what i think we can become. If any other takeover is successful then the money will be borrowed from the bank and they will need to get the £2M back (unless it's a couple from Largs!). If we stay as we are there is a chance that SG and the board will take money out the club as they are entitled to do. The CIC for me gives us a chance to reverse the decline in Scottish football and become a club of "One Town One Team" and mean it!

Good post re other possible scenarios should 10000 hours not manage to complete. At least the CiC have been upfront in their document about needing to take money out of the club to pay off their debt

[reborn saint]

I think the missing 1% should now be referred to as 100% on here as it seems to be the be all and end all to complete the deal. I have never seen a 1% problem take 2 months and counting effect a deal........Have you?

[glenburn ed]

Yea it's the young peoples awards tonight. More people coming to our Stadium can only be good. We are an award winning community club already but a CIC can mean that stays forever and grows. The most important part for me in becoming a CIC is we stand the best chance of creating a Hub around New St Mirren Park and encourage more Buddies to attend. For me Paisley will be a better place with the support for community projects and St Mirren will benefit from the increased interest from a new source of potential fans.

A real ST mirren fan would know that it's ST MIRREN PARK

[shull]

A real ST mirren fan would know that it's ST MIRREN PARK

I VOTE LABOUR

Correct.

I don't vote Labour

Edited September 29, 2011 by shull

[St. Sid]

...which reminds me, the bare-faced cheek in stealing that from the back cover of The F*nal Cha*ter book.... I demand compensation. 2 million quid should do it.

You knocked that line as well. Clubs like Blackburn have been using it for years. You really are a slippery character - you could make golf club captain one day.

[reborn saint]

A real ST mirren fan would know that it's ST MIRREN PARK

Fair point I suppose glenburn but as I was raised to know the REAL name of our former home as St Mirren park and not just by the "commonly used name of Love Street" i can't accept 2 venues with the same title. Greenhill Road works for me though

[Evil_Panda]

You knocked that line as well. Clubs like Blackburn have been using it for years. You really are a slippery character - you could make golf club captain one day.

the rotter!

what next, big fraz claiming he came up with 'abers gonnae get ye'?

[Big Fras]

the rotter!

what next, big fraz claiming he came up with 'abers gonnae get ye'?

...I'd be found floating face down in the F&C canal off Balmore Road if I pulled that stunt

PS Aber last week: "We just need Big Doug, or a Luther or a Macca and we are Top 3 certs". And before any comments are made, he's still in "good health" (ie. dry)...although getting so carried away about Saints that it can only be put down to spending too long in Fitzy's company

[shull]

...I'd be found floating face down in the F&C canal off Balmore Road if I pulled that stunt

PS Aber last week: "We just need Big Doug, or a Luther or a Macca and we are Top 3 certs". And before any comments are made, he's still in "good health" (ie. dry)...although getting so carried away about Saints that it can only be put down to spending too long in Fitzy's company

It wid be good if Fitzy and Aber could get Mowat down to a Match.

[Big Fras]

It wid be good if Fitzy and Aber could get Mowat down to a Match.

That's why I was talking to Billy. Seemed he last met JM in the Viking bar up Lambhill way a few years back...during Aber's "dark period", so he had no recollection of the fine detail. I think they'll all meet up soon, as I think the 3 of them all live within a few miles of each other.

Anyway, back on topic:

You're selling a house.

You ask gag-ga money for it.

To your amazement, someone agrees to this price.

Nobody else is bidding.....yet the ga-ga price remains as is, despite all the trouble the buyer has in getting his mortgage. The buyer doesn't even seem to say, "Fancy knocking the price down a bit so I can get the last bit of finance sorted out, after all I don't see a queue forming behind me".

It's a simply ludicrous situation, and despite all his bluster, SG isn't quite making sure that the deal "is the best for SMFC", as the basic fact is that the CIC is being landed with a debt that is unjustifiably large due to an inflated selling price in market conditions. That's no fault of the CIC, which is a perfectly good business model, and potentially revolutionary for the ownership of provincial football teams. The actual running of the CIC is quite another matter, but at least that can be influenced by supporters.

If I was SG I would be playing it poker-faced, and doing my best to "help them over the line"....as nobody in the world, unless you get that guy from Largs and fill him full of Prozac, cocaine, and sausage rolls, will pay £2m for SMFC in 2011. No wonder the deadlines are irrelevant.

It MUST be close to coming through, as that SG recent interview was practically premature ejaculatory on his behalf, but who could blame the old philanthropist. HE ONLY WANTS WHAT IS BEST FOR SMFC, as we have been told repeatedly over the years. So it must be true.

[shull]

That's why I was talking to Billy. Seemed he last met JM in the Viking bar up Lambhill way a few years back...during Aber's "dark period", so he had no recollection of the fine detail. I think they'll all meet up soon, as I think the 3 of them all live within a few miles of each other.

.

That's good to hear.

[animal]

That's why I was talking to Billy. Seemed he last met JM in the Viking bar up Lambhill way a few years back...during Aber's "dark period", so he had no recollection of the fine detail. I think they'll all meet up soon, as I think the 3 of them all live within a few miles of each other.

Anyway, back on topic:

You're selling a house.

You ask gag-ga money for it.

To your amazement, someone agrees to this price.

Nobody else is bidding.....yet the ga-ga price remains as is, despite all the trouble the buyer has in getting his mortgage. The buyer doesn't even seem to say, "Fancy knocking the price down a bit so I can get the last bit of finance sorted out, after all I don't see a queue forming behind me".

It's a simply ludicrous situation, and despite all his bluster, SG isn't quite making sure that the deal "is the best for SMFC", as the basic fact is that the CIC is being landed with a debt that is unjustifiably large due to an inflated selling price in market conditions. That's no fault of the CIC, which is a perfectly good business model, and potentially revolutionary for the ownership of provincial football teams. The actual running of the CIC is quite another matter, but at least that can be influenced by supporters.

If I was SG I would be playing it poker-faced, and doing my best to "help them over the line"....as nobody in the world, unless you get that guy from Largs and fill him full of Prozac, cocaine, and sausage rolls, will pay £2m for SMFC in 2011. No wonder the deadlines are irrelevant.

It MUST be close to coming through, as that SG recent interview was practically premature ejaculatory on his behalf, but who could blame the old philanthropist. HE ONLY WANTS WHAT IS BEST FOR SMFC, as we have been told repeatedly over the years. So it must be true.

In my opinion the supporters of this fine Club have been misled. Time will tell, but if the CIC scheme does not come to pass serious questions have to be asked. The Club's AGM cannot be long away (November I think), perhaps that will be the place to put an end to this.

Mr. Gilmour told us all on TV that the process would be completed in 7 to 10 days. That was 14 days ago. I seem to remember Mr. Atkinson told us it would all be done by August. How long do we have to wait ?

If there are a number of supporters willing to 'donate' £10 a month to the club then perhaps a better scheme can be produced which would give them a real share (or shares) in the Club without robbing the Taxpayer or running up massive debts. The sooner the CIC scheme is brought to a conclusion -one way or the other - the better.

I understand that Mr. Gilmour and the other directors may want to cash in their shares, but there are many business owners who are in a similar position. If they want to sell they should consider reducing the valuation of the shares. If they don't want to do that they have to stay in post, or perhaps resign from the Board and let us appoint some new directors from existing shareholders.

Life - and St. Mirren - will go on regardless.

[Big Fras]

(This post is neither for/against the CIC)

Animal - you are missing the point.

There is a bid to pay the £2m.There are (unsurprisingly) no others of that valuation.

The buyer has presumably informed the seller of exactly what the final hold-ups are, and what is being done to put that right.

The seller is then understandably prepared to wait a while longer.

If the seller had no faith that the delays would be ended, then they would pull the plug, and move on to whatever the next bid may be.

The evidence that several hundred fans are prepared to pay a monthly sub is one that could be put to (arguably) better use if the CIC bid doesn't happen - this has been recognised, so no news there.

This will rumble on until the "final 1%" is found, or another bid (say £1.4m) appears on the scene. Until then I expect to hear zilch.

At least none of this is impacting on the pitch,and its not as if we have bailiffs trying the locks at Ralston.

[scotty]

1% of £2m = £20k

The EXTRA 500 fans that have pledged £10pm = £5k pm more than was budgeted for.

Here's a deal that would work,

Pay £1,980,000 (99%) now with the remaining £20,000 (1%) paid over the following 4 months in £5,000 lumps.

Debt is £20,000 less, cic get control, selling consortium get paid and the club moves forward.

Orr

10000hrs wait longer on final 1%, the other government funding sources are cut (that can't happen can it?), community/business lose patience and the whole deal goes down the Cart

[dardo]

1% of £2m = £20k

The EXTRA 500 fans that have pledged £10pm = £5k pm more than was budgeted for.

Here's a deal that would work,

Pay £1,980,000 (99%) now with the remaining £20,000 (1%) paid over the following 4 months in £5,000 lumps.

Debt is £20,000 less, cic get control, selling consortium get paid and the club moves forward.

Orr

10000hrs wait longer on final 1%, the other government funding sources are cut (that can't happen can it?), community/business lose patience and the whole deal goes down the Cart

I don't think its 1% in a monetary sense buddie.

Edited October 2, 2011 by dardo