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Smisa & Gordon Scott Submit Bid


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£5 a share for those owned prior to May 2008 by the consortium, GLS and KM (approx. £600k), nothing for any bought after that date.

I think it is clear the shares will not sell for less than what was paid for them, if you want this ownership saga ended you will at least need to pay close to what it cost them IMHO

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I'm also a member of SMiSA, and, in signing up, I also signed over a degree of trust as to how they are conducting their business in terms of this initiative.

If they had contacted all members prior to submitting the 'proposal', there could have been two, potentially significant, issues.

First off, there is the time issue in terms of canvassing the views of members as to the proposal. With another group possibly moving in with a bid, any delay might undermine the chances of their proposal being accepted. Secondly, they would be all but publicising the detail of their proposal (it would be all over here like a rash), and this would put them at an immediate disadvantage over any competing interest whose bid would remain private and confidential.

As it is, I'm glad something appears to be moving forward. I am more hopeful than confident about the chances of fan ownership working out, but that hope (and faith) is enough to secure my support.

Good points mate, wasn't having a go at SMiSA was just surprised by the wording of the Press Association article which suggested a bid had been tabled.

No real point in polling members until they know there is a willingness to deal at whatever SMiSA & Scott are prepared to offer.

I'm personally still in favour of fan ownership, and I'll gladly sign up as a member but I'll be very glad to be sitting on the outside this time !

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I'm a SMiSA member. If I've just bought St Mirren I want to see the receipt.

30 day, no quibble, money back guarantee.... Or I'm out.

Until I hear it from Tommy Docherty and Chick Young, and I can be convinced neither of them are lying bastards, then I believe nothing.

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I think it is clear the shares will not sell for less than what was paid for them, if you want this ownership saga ended you will at least need to pay close to what it cost them IMHO

Fine but I won't be party to any bid paying more than £5 a share and I don't see why the support be asked to pay any money at all for those shares bought after 2008 just so the consortium could sell a controlling stake in the club (ask scoop1987). Still less should we be asked to pay for any shares bought last year as part of the behind the scenes maneuvering associated with the failed Argentinian bid.

My point is there's the money the consortium/GLS & KM "invested" for the good of the club which I'd be happy to repay (to the limit stated) and there's the money the consortium put in as part of their exit strategy which I'm not.

Edited by Bud the Baker
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Fine but I won't be party to any bid paying more than £5 a share and I don't see why the support be asked to pay any money at all for those shares bought after 2008 just so the consortium could sell a controlling stake in the club (ask scoop1987). Still less should we be asked to pay for any shares bought last year as part of the behind the scenes maneuvering associated with the failed Argentinian bid.

Issue is you need all the share bought last year etc that would enable a new consortium to be in control of 75% of the shares, which is a key issue, 51% is just not enough for this kind of structure of deal.

I looked at doing the deal privately after 10000hours fell through and then selling it back over time, but only 51% was able to be controlled at that time and so the legal advice was not to. FoH needed the 75% collectively also.

Unless one grouping can in total start off with 75% then it is going to be difficult to make this sort of deal work

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Issue is you need all the share bought last year etc that would enable a new consortium to be in control of 75% of the shares, which is a key issue, 51% is just not enough for this kind of structure of deal.

I looked at doing the deal privately after 10000hours fell through and then selling it back over time, but only 51% was able to be controlled at that time and so the legal advice was not to. FoH needed the 75% collectively also.

Unless one grouping can in total start off with 75% then it is going to be difficult to make this sort of deal work WHY?

If them's the technical details then fair enough, although if everyone has the clubs best interests at heart (sic) then I don't see why it should, but I won't be contributing to any buyout that is above the figure I've mentioned. As a potential contributor I'm out though I guess as a fan I'll keep an eye on the developments.

Final thought - unless GLS/SMiSA have Ken McGeoch's co-operation you think "it is going to be difficult to make this deal work".

Final, final thought - are you going to be contributing?

Edited by Bud the Baker
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If them's the technical details then fair enough, although if everyone has the clubs best interests at heart (sic) then I don't see why it should, but I won't be contributing to any buyout that is above the figure I've mentioned. As a potential contributor I'm out though I guess as a fan I'll keep an eye on the developments.

Why...is because 75% control of the shares allow you to pass a special resolution, which could be nessesary under certain circumstances and a lawyer will always recommend you can control 75% of the shares when you come to try and take over a company. It is obviously upto the buyer if they decide that simple 51% majority is enough, but the lawyers will always want to if 75% can be counted upon.

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Press Association Statement as reported in the Daily Ranger ...

St Mirren fans make fresh £1million bid to control Championship club.
ST MIRREN Independent Supporters Association plan to build buyout on Foundation of Hearts rescue plan.
JS47366725.jpg

St Mirren Park in Paisley

ST MIRREN fans are hoping to take control of the Paisley outfit after submitting a fresh takeover bid, writes the PA

The St Mirren Independent Supporters Association have teamed up with former director Gordon Scott as they look to buy out a controlling stake owned by chairman Stewart Gilmour and a consortium of fellow board members and investors.

It’s understood an offer in the region of £1million was lodged on Tuesday.

The SMISA plan is based on the model which saw the Foundation of Hearts rescue their club with the help of Ann Budge.

JS78583742.jpgAnn Budge

Together the fans' group and Scott hope to buy up a majority stake, with the Buddies support then buying out Scott's holding over a five-to-10-year period.

If successful Scott would take over as chairman in the initial period, while a fan representative would also be appointed to the club's board.

SMISA chairman George Adam - who is also MSP for Paisley - said: "An offer has been made and we're now just waiting for the board to get back to us.

"Our plan is very similar to the model Hearts have employed to great success. Gordon already has a shareholding and plans to buy more, while we will also buy a stake and between us we will own a majority.

george.jpgGeorge Adam MSP for Paisley

"Then over five to 10 years we will buy up Gordon's shares, and from that point is where I believe it will get exciting as the fans will be in charge. They will have a say in how the club is run.

"Fan ownership and community trusts are the future for Scottish Football."

Gilmour and his allies first put their 51 per cent stake in Saints up for sale in 2009 but since then have struggled to find a buyer.

Ayrshire haulage firm owner Richard Atkinson led another fan-backed group called 10,000 Hours which submitted a £1.25million offer in 2012. However, that bid was rebuffed when the consortium claimed it was concerned by the project's sustainability.

An Argentine group were also shown round the Paisley 2021 Stadium last year but that deal also collapsed.

The Buddies were relegated from the Scottish Premiership last season and currently sit seventh in the Championship, nine points adrift of the play-off places.

"We have learned from the mistakes made by 10,000 Hours and we've tried to make sure everything is kept tight between us and the board and we only went public when we had something to say," said Adam.

SNS Group JS79198989.jpg

Alex Rae is all smiles alongside chairman Stewart Gilmour as he is unveiled as St Mirren manager

"When we go to our members, we want to make sure we have a robust case to make.

"This is an opportunity to own the club, if we miss out God knows what could happen to it if it goes to somebody else.

"It's no secret the board want to move on. They have put a lot into St Mirren and quite rightly believe their time is up. But who is going to chap on the door next?

"Financially the club is still very well run and we believe this is our chance to bring the club into community ownership.

"Time is now pressing. The club has a new manager in Alex Rae now in place but the January transfer window is coming to a close soon. We need to get this moving so the club can move forward."

Edited by Sonny
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Fine but I won't be party to any bid paying more than £5 a share and I don't see why the support be asked to pay any money at all for those shares bought after 2008 just so the consortium could sell a controlling stake in the club (ask scoop1987). Still less should we be asked to pay for any shares bought last year as part of the behind the scenes maneuvering associated with the failed Argentinian bid.

My point is there's the money the consortium/GLS & KM "invested" for the good of the club which I'd be happy to repay (to the limit stated) and there's the money the consortium put in as part of their exit strategy which I'm not.

Who is scoop1987?
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My understanding of what has happened here is that SMiSA have lodged a "proposal" to the selling consortium, rather than an actual "bid".

I assume that they want the selling consortium to agree in principle with the proposal before SMiSA then take it to their members to consider submitting a formal bid.

That kind of makes sense to me. No point in asking the members if they are all in favour of a bid, then lodging the bid only for the sellers to reject it.

SMiSA will want to go to their members and say they have agreed a price and now it's up to the members to decide whether or not to proceed on that basis. I assume SMiSA will be able to demonstrate how the numbers work in terms of repayments etc....

It will be the first fan bid forbthe club where the fans actually get to scrutinise how the numbers work!

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Who is scoop1987?

From an old hidden thread which detailed shareholdings of each consortium member, asking price per share, amount each member of the consortium were due to receive, price the would receive if GLS was included in consortium and also details of a GLS bid for the 52% which involved further investment of £800k of memory serves me right.

Think there was some sesnsative information included so was shut down.

Edited by davidg
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What is the difference in personal wealth between Ann Budge and Gordon Scott?

Ann Sold for around £30m Gordon was reported to have sold for enough to make him a millionaire, having been at both there Gaffs, neither are short for cash, though GLS football shirt collection is significantly bigger

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Ann Sold for around £30m Gordon was reported to have sold for enough to make him a millionaire, having been at both there Gaffs, neither are short for cash, though GLS football shirt collection is significantly bigger

Roon' Ann Budge's gaff...

Oooh err, Matron, titter ye' not missus, and all that jazz.

Edited by pozbaird
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From an old hidden thread which detailed shareholdings of each consortium member, asking price per share, amount each member of the consortium were due to receive, price the would receive if GLS was included in consortium and also details of a GLS bid for the 52% which involved further investment of £800k of memory serves me right.

Think there was some sesnsative information included so was shut down.

The posts are still available within other folks replies if you use the Search Function.

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