rea Posted March 17, 2016 Report Share Posted March 17, 2016 Is it not the case that they have received monies back that they put into our Club? nope Quote Link to comment Share on other sites More sharing options...
melmac Posted March 17, 2016 Report Share Posted March 17, 2016 Cheers, I thought that might be the case. Quote Link to comment Share on other sites More sharing options...
HSS Posted March 17, 2016 Report Share Posted March 17, 2016 How would they have done that mate? The only way a director can take money out of a Ltd company is through dividend or salary. I can't ever recall any director taking a salary from the club and I don't think they have ever paid dividends. Sorry,I may not have worded that very well.Is it not the case that all loans made to the Club by them have been repaid? Quote Link to comment Share on other sites More sharing options...
div Posted March 17, 2016 Author Report Share Posted March 17, 2016 Sorry,I may not have worded that very well.Is it not the case that all loans made to the Club by them have been repaid? Not sure what the current situation is but I think it's quite common for the board to put money in to smooth the cashflow bumps, since most of the prize money is paid at the end of the season. Once the prize money is paid then they get the loan back. The money the board spent on buying their shares in the first place, or on underwriting the likes of the share issue that built the PDE etc.. is their investment and that is what they are looking to cash in. They also bought out a few smaller shareholders last year so that together with Ken & Gordon they could offer over 75% of the shares for sale. That's my understanding of it all anyway. Quote Link to comment Share on other sites More sharing options...
rea Posted March 17, 2016 Report Share Posted March 17, 2016 Sorry,I may not have worded that very well.Is it not the case that all loans made to the Club by them have been repaid? that is correct as i understand it Quote Link to comment Share on other sites More sharing options...
Sergie's no1 fan Posted March 17, 2016 Report Share Posted March 17, 2016 Motherwell owner signs over control to fans group for £1. St Mirren BOD should do same. Is he not also owed £1,000,000 by the club and will be looking to get that back at some point? just going by what I heard on Sportsound so could be wrong. Last time we we were relegated from the top league United spent a fortune to stay up. County and Motherwell did exactly the same last season although not as spectacular as United did . Quote Link to comment Share on other sites More sharing options...
rea Posted March 17, 2016 Report Share Posted March 17, 2016 Is he not also owed £1,000,000 by the club and will be looking to get that back at some point? just going by what I heard on Sportsound so could be wrong. Last time we we were relegated from the top league United spent a fortune to stay up. County and Motherwell did exactly the same last season although not as spectacular as United did . sort of. from reading the website the Wells Soc need to fullfill some criteria before they can buy for £1 Quote Link to comment Share on other sites More sharing options...
bud77 Posted March 17, 2016 Report Share Posted March 17, 2016 My main concern relates to the numbers involved in financing the deal. What is the current membership of SMiSA? I'd be surprised if it is even close to 500. For this to achieve momentum it is going to require at least twice that number contributing on a regular basis. I've said for years that only way I'd join SmiSA is if it was guaranteed that any money I paid in was for the sole purchase of buying shares in the club so if this gets the go ahead I will be joining. 10,000 hours got to the numbers required so i think there's a good chance of the numbers getting there. For a few years I've thought the only way to make sure any football club is run on a sensible basis is to have fans own it. For the last few years we've been lucky but without fan ownership the shares will eventually be sold, then sold again and sold again - increasing the chance of a Craig Whyte getting his hands on the club at some point. If the fans own the club and the shares are held in trust in some way then it should never be for sale again. Quote Link to comment Share on other sites More sharing options...
FTOF Posted March 17, 2016 Report Share Posted March 17, 2016 My main concern relates to the numbers involved in financing the deal. What is the current membership of SMiSA? I'd be surprised if it is even close to 500. For this to achieve momentum it is going to require at least twice that number contributing on a regular basis. Indeed. I'm sure, like myself, there are a lot of people still to be convinced about this deal. I just hope that the apparent desperation to rid ourselves of the current board, doesn't lead us into a less favourable situation. Having said that, I'm certainly not going to dismiss the deal out of hand. Once I've heard details of the proposal and see the personnel involved at the top, I'll make up my mind whether to contribute financially or not. My fingers are crossed. Quote Link to comment Share on other sites More sharing options...
Stu Posted March 17, 2016 Report Share Posted March 17, 2016 My main concern relates to the numbers involved in financing the deal. What is the current membership of SMiSA? I'd be surprised if it is even close to 500. For this to achieve momentum it is going to require at least twice that number contributing on a regular basis. I think - although will almost certainly be corrected - it was said at the SMiSA AGM last April it was just under 200. Regardless of the number, I'd imagine the acceptance of their proposal would be conditional on them having £X in pledges by a certain date as with 10,000 Hours. Quote Link to comment Share on other sites More sharing options...
rea Posted March 17, 2016 Report Share Posted March 17, 2016 (edited) I think - although will almost certainly be corrected - it was said at the SMiSA AGM last April it was just under 200. Regardless of the number, I'd imagine the acceptance of their proposal would be conditional on them having £X in pledges by a certain date as with 10,000 Hours. 200 is the number I had heard.From experience any offer to fans needs to be simple. 10000hours had just over 1000members and while much of it was over complex the membership bit was easy...join for your tenner and it buys the shares....it was simple and that is one reason we got more in that category than we thought we would Hopefully Smisa don't go down the community share issue route where Smisa sells shares in itself but keeps a simple donation like FoH and RF Would also hope the financial report funded by Smisa will now be made available to members and those they want to join to review Edited March 17, 2016 by rea Quote Link to comment Share on other sites More sharing options...
BobbyLavatory Posted March 29, 2016 Report Share Posted March 29, 2016 Must say I'm surprised at how low-key the build-up to this meeting has been, especially with so much at stake. Not a single post on this page for almost a fortnight, no debate on the rights and wrongs of fan ownership, nothing (that I've seen) in the media talking about it. Bit worried that if this is a sign of the apathy before fan ownership is even discussed what chance does it have of becoming a reality? Quote Link to comment Share on other sites More sharing options...
aldo_j Posted March 30, 2016 Report Share Posted March 30, 2016 Must say I'm surprised at how low-key the build-up to this meeting has been, especially with so much at stake. Not a single post on this page for almost a fortnight, no debate on the rights and wrongs of fan ownership, nothing (that I've seen) in the media talking about it. Bit worried that if this is a sign of the apathy before fan ownership is even discussed what chance does it have of becoming a reality? No, not really. I think it's more the case that anything said now would be pure speculation, so guessing people are waiting to hear the facts. That's my position... Quote Link to comment Share on other sites More sharing options...
pod Posted March 30, 2016 Report Share Posted March 30, 2016 No, not really. I think it's more the case that anything said now would be pure speculation, so guessing people are waiting to hear the facts. That's my position... Strange, that's never happened before. Quote Link to comment Share on other sites More sharing options...
TopCat Posted March 30, 2016 Report Share Posted March 30, 2016 Selt yet? Quote Link to comment Share on other sites More sharing options...
shull Posted March 30, 2016 Report Share Posted March 30, 2016 Cannae mind the date, but we are getting selt this Friday. Quote Link to comment Share on other sites More sharing options...
beyond our ken Posted March 30, 2016 Report Share Posted March 30, 2016 Must say I'm surprised at how low-key the build-up to this meeting has been, especially with so much at stake. Not a single post on this page for almost a fortnight, no debate on the rights and wrongs of fan ownership, nothing (that I've seen) in the media talking about it. Bit worried that if this is a sign of the apathy before fan ownership is even discussed what chance does it have of becoming a reality? i don'tthink there is any dispute about the benefits of fan ownership, the issue is that it is all about the deal for the fans Any proposal that sees the fans take more than 5-6 years to buy a controlling share should be sent back for re-working, half the current memebership could be dead by the time we own the club Quote Link to comment Share on other sites More sharing options...
windae cleaner Posted March 30, 2016 Report Share Posted March 30, 2016 Must say I'm surprised at how low-key the build-up to this meeting has been, especially with so much at stake. Not a single post on this page for almost a fortnight, no debate on the rights and wrongs of fan ownership, nothing (that I've seen) in the media talking about it. Bit worried that if this is a sign of the apathy before fan ownership is even discussed what chance does it have of becoming a reality? That's because we are bored out of our moobs about the it Wake us up when something actually happens Quote Link to comment Share on other sites More sharing options...
FTOF Posted March 30, 2016 Report Share Posted March 30, 2016 That's because we are bored out of our moobs about the it Wake us up when something actually happens Indeed. My level of apathy towards this bid is at a maximum. Any interest that I had in a fan buy out died out after all the vindictive, negative pish towards REA's bid. I'll have a look at what's on the table, but, at present, meh. Quote Link to comment Share on other sites More sharing options...
Drew Posted March 30, 2016 Report Share Posted March 30, 2016 Worthwhile meeting tonight. Reasonably well attended. SMiSA board and Gordon Scott presented details of the current negotiations and what has been agreed in principle with the selling consortium. Further details will be published in due course. Vote carried to progress to next stage which is to lay down a deposit to secure exclusivity with Douglas St, Ultimately deal with depend on how many are willing to stump up the money to take ownership of the club. Works out at £12 per month which is £3 per week. Basically the cost of a pint and we can together secure the long term future of the club. Well done to all concerned to get us to this stage. If all goes to plan then GS-SMiSA will take control in June. Thanks for the update. I wasn't able to go along as my mum has been admitted to hospital and I wanted to see her tonight, but anxious to know how the meeting went. Sounds very encouraging. Quote Link to comment Share on other sites More sharing options...
Tam M Posted March 30, 2016 Report Share Posted March 30, 2016 I reckon I'll be signing up for this. Any idea how many we need to sign up for the £12 a month? Can it be confirmed as to what percentage of shares we are buying and how much are being paid for them? Like I said, reckon I'll be signing up but not if SG & Co are ripping the piss with the value, considering their handiwork over the past few years have undoubtedly reduced the value of the club. Quote Link to comment Share on other sites More sharing options...
BuddieinEK Posted March 30, 2016 Report Share Posted March 30, 2016 I reckon I'll be signing up for this. Any idea how many we need to sign up for the £12 a month? Can it be confirmed as to what percentage of shares we are buying and how much are being paid for them? Like I said, reckon I'll be signing up but not if SG & Co are ripping the piss with the value, considering their handiwork over the past few years have undoubtedly reduced the value of the club. Target is 1000... but to cover bare costs the safety fall back figure is much lower. That would purchase an additional 68% of shares, taking SMiSA and GLS total shareholding to 79%... ... and for half of the price Gilmour and Co were holding out for initially. Quote Link to comment Share on other sites More sharing options...
BuddieinEK Posted March 30, 2016 Report Share Posted March 30, 2016 I reckon I'll be signing up for this. Any idea how many we need to sign up for the £12 a month? Can it be confirmed as to what percentage of shares we are buying and how much are being paid for them? Like I said, reckon I'll be signing up but not if SG & Co are ripping the piss with the value, considering their handiwork over the past few years have undoubtedly reduced the value of the club. The independent Supporters Direct looked at all the figures and reckon we are getting a good deal. I do too. Happy to sign up to this... Let's make it happen. Quote Link to comment Share on other sites More sharing options...
Callum Gilhooley Posted March 30, 2016 Report Share Posted March 30, 2016 Good news, Hopefully the start of a new era. Count me in. Quote Link to comment Share on other sites More sharing options...
BuddieinEK Posted March 30, 2016 Report Share Posted March 30, 2016 (edited) Good news, Hopefully the start of a new era. Count me in.Great to hear.I had gone way beyond apathy. If I could muster up apathy that would be an achievement... But GLS and SMiSA will ensure fans are involved in the club at all levels and are very enthusiastic. Add in the Fitzy factor and it is all systems go. I reckon that very soon, rather than a Waldorf and Stadeler muppet approach to self preservation, we can have an inclusive approach that taps into the skills of the fanbase and allows us all to feel a part of the Phoenix arising from the ashes. We will certainly not always agree... but if we are consulted and a part of the decision making then as part of a democracy I will respect the will of the majority. The figures all looked sound and actually erred on the side of caution. I respect that too. SMiSA AGM will be in 2 weeks... never been before bit will make a point of going to this one. It is open to all, so nobody can complain of cleeks or cartels... This is OUR chance to support and ultimately run OUR club... probably a once in a lifetime deal. Edited March 30, 2016 by BuddieinEK Quote Link to comment Share on other sites More sharing options...
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