div Posted May 22, 2012 Report Share Posted May 22, 2012 With the news this morning that the full deal has now been agreed with the selling consortium, and with Gordon Scott now throwing his full weight (and his shares) behind 10000Hours we at last have a clear and coherent bid and dates to work towards. The bid WILL be submitted on June 15th 2012, so it is up to the supporters to decide if they really want to be part owners of the football club or if they would prefer to take their chances with a private bidder coming in to take control. if the numbers are right then the selling consortium will accept the bid on June 15th and the majority shareholding will transfer to 10000Hours on July 4th. Details of the interim board, the membership categories and the very important changes to the voting stucture are outlined in the new membership brochure that is attached here and is also available to download from the revised 10000Hours website at http://www.10000hours.org 10000Hours Membership Brochure Quote Link to comment Share on other sites More sharing options...
billyg Posted May 22, 2012 Report Share Posted May 22, 2012 Don't like the "Gordon Scott will become a creditor" bit ! Quote Link to comment Share on other sites More sharing options...
stormtrooper Posted May 22, 2012 Report Share Posted May 22, 2012 Our own Independence Day Quote Link to comment Share on other sites More sharing options...
GLS Posted May 22, 2012 Report Share Posted May 22, 2012 I will be a creditor of the the CIC but will have no recourse to get any of my money back until the CIC has cleared all its other debts and is cash positive to the tune of £100k. After the consortium have received all their money I will become the main creditor of the CIC meaning that if it defaults on paying back the loan then I will be the biggest creditor and in a very strong position along with the members to ensure the assets of the CIC are not at risk. One of the big concerns was what would happen if the CIC fails. With this as the worse case scenario hopefully it gives people even more comfort to support our cause. Quote Link to comment Share on other sites More sharing options...
billyg Posted May 22, 2012 Report Share Posted May 22, 2012 I will be a creditor of the the CIC but will have no recourse to get any of my money back until the CIC has cleared all its other debts and is cash positive to the tune of £100k. After the consortium have received all their money I will become the main creditor of the CIC meaning that if it defaults on paying back the loan then I will be the biggest creditor and in a very strong position along with the members to ensure the assets of the CIC are not at risk. One of the big concerns was what would happen if the CIC fails. With this as the worse case scenario hopefully it gives people even more comfort to support our cause. Quote Link to comment Share on other sites More sharing options...
Reynard Posted May 22, 2012 Report Share Posted May 22, 2012 Hopefully we can make this thing work well now. Lets make St.Mirren the model others want to copy. Quote Link to comment Share on other sites More sharing options...
div Posted May 22, 2012 Author Report Share Posted May 22, 2012 Hopefully we can make this thing work well now. Lets make St.Mirren the model others want to copy. It's certainly put up or shut up time. If the fans back this it will now happen. If they don't it wont and the selling consortium will sell to someone else. Main thing for me is we now have dates. It will either fly or die in the next 24 days Quote Link to comment Share on other sites More sharing options...
Reynard Posted May 22, 2012 Report Share Posted May 22, 2012 It's certainly put up or shut up time. If the fans back this it will now happen. If they don't it wont and the selling consortium will sell to someone else. Main thing for me is we now have dates. It will either fly or die in the next 24 days Yes! Quote Link to comment Share on other sites More sharing options...
St. Sid Posted May 22, 2012 Report Share Posted May 22, 2012 10000 Hours have been asked repeated if this was going to be OMOV and if that would be the construct of the BoD. This appears to be not the case. The wording of the route to a place on the Board for non-exec directors is even more concerning. "Should a place become available" suggests that the non-exec Board members cannot be voted off the BoD. There needs to be far better explanation of this part of the proposal as it appears to be in direct conflict with answers provided at public meetings. Quote Link to comment Share on other sites More sharing options...
GLS Posted May 22, 2012 Report Share Posted May 22, 2012 They are coming from the shares I am committing to the CIC. In other words not part of the 52% the CIC is purchasing. Quote Link to comment Share on other sites More sharing options...
GLS Posted May 22, 2012 Report Share Posted May 22, 2012 I will be a creditor of the the CIC but will have no recourse to get any of my money back until the CIC has cleared all its other debts and is cash positive to the tune of £100k. After the consortium have received all their money I will become the main creditor of the CIC meaning that if it defaults on paying back the loan then I will be the biggest creditor and in a very strong position along with the members to ensure the assets of the CIC are not at risk. One of the big concerns was what would happen if the CIC fails. With this as the worse case scenario hopefully it gives people even more comfort to support our cause. Quote Link to comment Share on other sites More sharing options...
Drew Posted May 22, 2012 Report Share Posted May 22, 2012 And presumably, in the event of the CIC not working out, it would be at your discretion as to when and how you would seek to call in this debt? From a personal point of view, I find it more comforting to know that a St Mirren supporter is in this position as opposed to anyone else who might simply look on such a scenario as an asset-stripping opportunity. Assuming, of course, that I'm reading this right. Quote Link to comment Share on other sites More sharing options...
Guest somner9 Posted May 22, 2012 Report Share Posted May 22, 2012 And presumably, in the event of the CIC not working out, it would be at your discretion as to when and how you would seek to call in this debt? From a personal point of view, I find it more comforting to know that a St Mirren supporter is in this position as opposed to anyone else who might simply look on such a scenario as an asset-stripping opportunity. Assuming, of course, that I'm reading this right. You have to admit it's a clever way to get some equity back on your significant shareholding after the selling consortium engaged in a 'rear ending' offensive? I bet KMcg might be up for a piece of this action too? (Unless his heads been turned by that 20 odd consortium doon the road) Quote Link to comment Share on other sites More sharing options...
Drew Posted May 22, 2012 Report Share Posted May 22, 2012 You have to admit it's a clever way to get some equity back on your significant shareholding after the selling consortium engaged in a 'rear ending' offensive? I bet KMcg might be up for a piece of this action too? (Unless his heads been turned by that 20 odd consortium doon the road) If it works out for the benefit of the club, then I couldn't care less, TBH. Quote Link to comment Share on other sites More sharing options...
TsuMirren Posted May 22, 2012 Report Share Posted May 22, 2012 10000 Hours have been asked repeated if this was going to be OMOV and if that would be the construct of the BoD. This appears to be not the case. The wording of the route to a place on the Board for non-exec directors is even more concerning. "Should a place become available" suggests that the non-exec Board members cannot be voted off the BoD. There needs to be far better explanation of this part of the proposal as it appears to be in direct conflict with answers provided at public meetings. I don't think it's concerning, it has the caveat of the non-executive member being able to put himself/herself forward in the same way any of the 10000 Hours members would do prior to a vote. It's possible that being on the non-exec board would lead to somebody being more visible etc, but surely if you were a member of 10000 Hours and wanted to be voted on to a board you would make yourself visible by getting involved anyway. The 25K for non-exec is pretty close to the notional value for getting on to a board at a lot of clubs, here it is only getting you non-exec and a few perks that you couldn't really complain about. It also doesn't really suggest anything about being voted off, the voting off process would surely have to follow that utilised at the moment and, obviously, it would be up to the membership to propose, analyse, develop, promote and then vote through any amendment that makes the vehicle workable within the fan ownership framework. (Getting flashbacks or work events here)Non-Exec looks, to me anyway, a group who have no actual power over and above the OMOV with the ability to be available for consultation on any of the CIC's plans, assumptions or projects. As said already, I've no issue whatsoever with getting businesses involved and utilising the skills and knowledge of those who want to make themselves available. Quote Link to comment Share on other sites More sharing options...
St. Sid Posted May 22, 2012 Report Share Posted May 22, 2012 I don't think it's concerning, it has the caveat of the non-executive member being able to put himself/herself forward in the same way any of the 10000 Hours members would do prior to a vote. It's possible that being on the non-exec board would lead to somebody being more visible etc, but surely if you were a member of 10000 Hours and wanted to be voted on to a board you would make yourself visible by getting involved anyway. The 25K for non-exec is pretty close to the notional value for getting on to a board at a lot of clubs, here it is only getting you non-exec and a few perks that you couldn't really complain about. It also doesn't really suggest anything about being voted off, the voting off process would surely have to follow that utilised at the moment and, obviously, it would be up to the membership to propose, analyse, develop, promote and then vote through any amendment that makes the vehicle workable within the fan ownership framework. (Getting flashbacks or work events here)Non-Exec looks, to me anyway, a group who have no actual power over and above the OMOV with the ability to be available for consultation on any of the CIC's plans, assumptions or projects. As said already, I've no issue whatsoever with getting businesses involved and utilising the skills and knowledge of those who want to make themselves available. I think it was just poorly worded and poorly managed TsuMirren. I agree that it is just a marketing pitch to get 1877 members signed up, rather than them having an executive vote on the SMFC Board. Quote Link to comment Share on other sites More sharing options...
marrez Posted May 22, 2012 Report Share Posted May 22, 2012 One of the reasons I was against the CIC really was the fact that certain shareholders were left out in the cold, Im happy with this development but I still think Ken was treated poorly and made a scapegoat, if he does a similar thing then Ill be pledging my money, if not then i dont really like the way the consortium left out guys that helped save the club. Quote Link to comment Share on other sites More sharing options...
div Posted May 22, 2012 Author Report Share Posted May 22, 2012 One of the reasons I was against the CIC really was the fact that certain shareholders were left out in the cold, Im happy with this development but I still think Ken was treated poorly and made a scapegoat, if he does a similar thing then Ill be pledging my money, if not then i dont really like the way the consortium left out guys that helped save the club. Ken will, by virtue of his shareholding, be eligible to the benefits of the non-exec membership of 10000Hours. Up to him if he wanted to try and engage to the same level that Gordon has. Quote Link to comment Share on other sites More sharing options...
Drew Posted May 22, 2012 Report Share Posted May 22, 2012 One of the reasons I was against the CIC really was the fact that certain shareholders were left out in the cold, Im happy with this development but I still think Ken was treated poorly and made a scapegoat, if he does a similar thing then Ill be pledging my money, if not then i dont really like the way the consortium left out guys that helped save the club. Aye, but surely this isn't about the consortium. It's about the future direction of the club. Quote Link to comment Share on other sites More sharing options...
St. Sid Posted May 22, 2012 Report Share Posted May 22, 2012 Aye, but surely this isn't about the consortium. It's about the future direction of the club. And what is the future direction of the club and who will actually be driving that. As yet we do not know that, and how it will actually work in practise. Quote Link to comment Share on other sites More sharing options...
marrez Posted May 22, 2012 Report Share Posted May 22, 2012 Aye, but surely this isn't about the consortium. It's about the future direction of the club. Yes, I understand, Its just a personal thing that I didnt like guys like Gordon and Ken being left in the cold when they did their part in the past. Gordon coming on board makes me happier that he will hopefully benefit like the others eventually. Quote Link to comment Share on other sites More sharing options...
pozbaird Posted May 22, 2012 Report Share Posted May 22, 2012 I'm concerned that there's a split in the interim board already. Looks like REA and Fitzy cut GLS out of the 'grey suits for the photoshoot, OK for everyone?' conversation. Not a good start... He said, trying to lighten the mood on a lovely sunny day. Quote Link to comment Share on other sites More sharing options...
Guest somner9 Posted May 22, 2012 Report Share Posted May 22, 2012 Shouldnt this post title be "Deal Hanging By A Thread, DeadLine Looms"? seems a lot more accurate as in fact the deal hasn't been done, and the agreed dates, aren't agreed they are end dates dictated by the selling consortium.... still why quibble? Quote Link to comment Share on other sites More sharing options...
NeilPar72 Posted May 22, 2012 Report Share Posted May 22, 2012 will the level of fans support for the CIC hinge on how next wednesday's SPL vote go? say rangers are given a relatively free pass back into the league, regardless of CVA or newco, and it is done with the St Mirren's boards blessing (for lack of a better word). Would this change people's opinions on whether or not too buy in? If the above does come to pass, I'd find it hard to justify investing my own money into the club, who are happy to participate in a sham of a league. Quote Link to comment Share on other sites More sharing options...
Drew Posted May 22, 2012 Report Share Posted May 22, 2012 will the level of fans support for the CIC hinge on how next wednesday's SPL vote go? say rangers are given a relatively free pass back into the league, regardless of CVA or newco, and it is done with the St Mirren's boards blessing (for lack of a better word). Would this change people's opinions on whether or not too buy in? If the above does come to pass, I'd find it hard to justify investing my own money into the club, who are happy to participate in a sham of a league. I'm presented with this dilemma too. It seems a bit odd to be considering chucking the SPL on the grounds that it will have become an utter sham (assuming the newco gains immediate entry), while buying into the ownership of the club. On the flip side, there is an opportunity to directly influence such decisions in the future, so why pass this up if I genuinely want what is best for the club in the longer term. In any event, I won't be rushing to make a decision due to having a number of outstanding questions, and awaiting the outcome of other situations the SPL vote being just one of them. Quote Link to comment Share on other sites More sharing options...
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