pozbaird Posted June 18, 2012 Report Share Posted June 18, 2012 You and me both sir. Fingers crossed we can get an acceptable offer in on Thursday. I'd much rather it didn't drag on any further though, we need clarity and if we can move quickly I don't see why the members couldn't be directing the vote the club makes on newco on 4th July. Well, if Jim White's coupon on SSN as he read out the SPL finding on Rangers EBTs is anything to go by - there is surely no way the other chairmen can even contemplate voting to save these cheats sorry arses as an SPL club anyway. The SPL have found Rangers have a Prima Facie case to answer in regard to double contracts.... How can anyone vote for their Newco guise now? The grim reaper has taken another step down Copland Road! Quote Link to comment Share on other sites More sharing options...
St. Sid Posted June 18, 2012 Report Share Posted June 18, 2012 Original deadline we were working to was 15th June. Selling consortium were expecting our bid today. Should have realised from the 4th July target for the takeover. We didnae leave ourselves much time to land the £25K members. I thought they were already lined up based on the timescales. Doubtful that we'll get the POs through from them. Surely letters of intent would be enough to gamble on at this point - tricky could cover the £25K until he gets the cash in. Quote Link to comment Share on other sites More sharing options...
Guest somner9 Posted June 18, 2012 Report Share Posted June 18, 2012 (edited) Should have realised from the 4th July target for the takeover. We didnae leave ourselves much time to land the £25K members. I thought they were already lined up based on the timescales. Doubtful that we'll get the POs through from them. Surely letters of intent would be enough to gamble on at this point - tricky could cover the £25K until he gets the cash in. So GLS's £25k SRTB membership is crashing the whole thing? WTF? Maybe properly involving and engaging with Smisa (who actually have a considerable amount to invest upfront) instead of doing the same with people who aren't investing was the right course to take? Seemed like a No-Brainer from the outset. Edited June 18, 2012 by somner9 Quote Link to comment Share on other sites More sharing options...
TsuMirren Posted June 18, 2012 Report Share Posted June 18, 2012 So GLS's £25k SRTB membership is crashing the whole thing? WTF? Maybe properly involving and engaging with Smisa (who actually have a considerable amount to invest upfront) instead of doing the same with people who aren't investing was the right course to take? Seemed like a No-Brainer from the outset. "Ooooh, a new shiney thing...I know, I'll jump on that and ride it until it dies!" Quote Link to comment Share on other sites More sharing options...
St. Sid Posted June 18, 2012 Report Share Posted June 18, 2012 So GLS's £25k SRTB membership is crashing the whole thing? WTF? Maybe properly involving and engaging with Smisa (who actually have a considerable amount to invest upfront) instead of doing the same with people who aren't investing was the right course to take? Seemed like a No-Brainer from the outset. If they only needed 9 and SMiSA's investment is worth 2 x 1877 club memberships that does seem to be a bit of a f"k up. SMiSA would have delivered lump sum cash and reduced the 1877 club membership requirement to 7. Sadly SMiSA's processes would not allow for the £50K to be released quickly enough......unless they've been continuing to work in the background. Mibbae Div could facilitate a quick SMiSA vote using his Internet savvy. Quote Link to comment Share on other sites More sharing options...
Grumpy Old Fan Posted June 18, 2012 Report Share Posted June 18, 2012 Just wonder, Is there anything, so called ordinary supporters, (i.e. those without connections to wealthy businessmen) can do to help convert the interested parties to commit. Should we be contacting businesses to try and persuade them or is it perhaps too late to try and bring in someone new, or, can we help persuade those swithering. Thank you to everyone so far and good luck to those trying to land the last few big fish. Quote Link to comment Share on other sites More sharing options...
St. Sid Posted June 18, 2012 Report Share Posted June 18, 2012 Just wonder, Is there anything, so called ordinary supporters, (i.e. those without connections to wealthy businessmen) can do to help convert the interested parties to commit. Should we be contacting businesses to try and persuade them or is it perhaps too late to try and bring in someone new, or, can we help persuade those swithering. Thank you to everyone so far and good luck to those trying to land the last few big fish. pozbairds on his 5th crate of hellmans trying to convert his sportsmens dinner pals. I think it is now a case of the deal being rejigged. I would hope that the price will be dropped letting the rank and file fans additional subscriptions will be used as a safety net to minimise the risk the the club. Quote Link to comment Share on other sites More sharing options...
Tam M Posted June 18, 2012 Report Share Posted June 18, 2012 I believe there was an initial payment of £900k being made to the consortium. £500k of which was being paid through the Bii loan backed by £7500 worth of individual's monthly subscriptions. Now that we're sitting at £10400 per month is there scope to increase the loan amount from Bii proportionately and on the same terms? This could provide an extra £200k towards the £900k lump sum. AFAIK it is possible to loan more money, but the guys are reluctant in doing this. Quote Link to comment Share on other sites More sharing options...
One Anonymous User Posted June 18, 2012 Report Share Posted June 18, 2012 With two millionaires, possibly three, on the new board, then I would not see a problem getting this put to bed before Thursday! Quote Link to comment Share on other sites More sharing options...
reborn saint Posted June 18, 2012 Report Share Posted June 18, 2012 The obvious problem with this deal is the With two millionaires, possibly three, on the new board, then I would not see a problem getting this put to bed before Thursday! What?? Millionaires using their own money!....surely not....that should never be allowed to happen Quote Link to comment Share on other sites More sharing options...
bud77 Posted June 18, 2012 Report Share Posted June 18, 2012 With two millionaires, possibly three, on the new board, then I would not see a problem getting this put to bed before Thursday! There would likely be a conflict of interest if REA and GLS were to part fund the deal, at the very least there would be people saying they were both making money out of the CiC by funding any shortfall. Quote Link to comment Share on other sites More sharing options...
One Anonymous User Posted June 18, 2012 Report Share Posted June 18, 2012 so selling your shares to 1877 isnt Quote Link to comment Share on other sites More sharing options...
ktf Posted June 18, 2012 Report Share Posted June 18, 2012 There would likely be a conflict of interest if REA and GLS were to part fund the deal, at the very least there would be people saying they were both making money out of the CiC by funding any shortfall. There is an issue with a clause known as "the rights of the minority"... Which is basically that, a conflict of interest issue. However, to push the deal over the line I wouldn't be surprised if there was a way of navigating such issues. The real solution though is for individuals, community groups and companies to sign up and encourage others to do so. That way the success is guaranteed! We have done so well and come so far, it would be horrendous to see it fall down now. Yes there are questions, no it's not perfect, yes a lot will need to be ironed out, no the hard work isn't over when the deal goes through - the hard work will begin then - but if we get enough sign ups then fan ownership and governance can be a reality for St Mirren, securing the future of our club when others are going to the wall. This is an exciting time for our club and for us as fans! Let's not miss out on being part of making it a reality! Quote Link to comment Share on other sites More sharing options...
Vambo57 Posted June 19, 2012 Report Share Posted June 19, 2012 pozbairds on his 5th crate of hellmans trying to convert his sportsmens dinner pals. I think it is now a case of the deal being rejigged. I would hope that the price will be dropped letting the rank and file fans additional subscriptions will be used as a safety net to minimise the risk the the club. I supppose, come Thursday we offer the Consortium 5 what we have, PLUS naming the Stadium and the 4 Stands after each of the 5, as a lasting memorial as to their involvement of allowing the Cub to be fan-owned? Quote Link to comment Share on other sites More sharing options...
St. Sid Posted June 19, 2012 Report Share Posted June 19, 2012 Just a shame we didn't keep some of membership in play for community groups. 50 of them at £500-a-go would have made up another £25K. That plus SMiSA's 2 x £25K would have been the equivalent of 3 x 1877 club members. Quote Link to comment Share on other sites More sharing options...
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