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Buy The Buds


buddiecat

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[quote name="Isle Of Bute Saint" post="1365101" timestamp="1462794035

Anyone out there not signed up care to say the reason.

I've been trying to, but the system isn't geared up to accept me, because I don't have a UK postcode. I've been on to SmISA who tell me the issue is being addressed.

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Would it be the committee of SMiSA that sets the ongoing monthly fee or all the members?

All the members - individually - could decide if they wish to continue supporting the core business of SMiSA - which is supporting the club and providing financial help to the Youth academy etc., there would of course be the needs of the clubs first team to consider as well. The members for example were advised at one point that due to a lack of available shares, the initial subscription amount was reduced, so any members of SMiSA could request a review of the subscription amount be taken and then we could all vote on it. Nobody is legally bound to pay their monthly subscription.

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You will not be required to keep paying after ten years as the shares would be bought from Gordon by then, you can of course choose to remain a member of SMiSA and reduce your payment, and of course you can just withdraw your funding and be pleased with what you helped achieve for your club.

But note that if you stop being a member you cease being able to vote regarding the shares that SMISA own and that you may have helped support for the 10 years previously.

It is membership that gives you your OMOV rights

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Guest TPAFKATS

I've signed up for this and I hope it reaches its target but I personally think it's doomed for failure, usual Paisley apathy (not on behalf of smisa I may add). If there was a real will by the support to do this, there would be 1500 sign ups by now and not the miserly number we've currently got.

I will get round to signing up...
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Just checking BC. It's all the current members that set the monthly fee and not just the committee/board?

Yes, for normal SMiSA core business, the buyout bid is different though - it has been set by the buyout group because there is a target to achieve.

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But note that if you stop being a member you cease being able to vote regarding the shares that SMISA own and that you may have helped support for the 10 years previously.

It is membership that gives you your OMOV rights

Correct Richard but the membership subscription will be reset after the ten years.

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Add to the fact if you pay £2500 you own 10 shares for life yet if you pay £1400 and stop paying after 10 years you own nothing

From an outsiders view definitely not value for money then you add the fact this is all about buying shares and not investing in the club ie first team which at the end of the day is what we watch every season

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Correct Richard but the membership subscription will be reset after the ten years.

You may recall an earlier post where the question of the formality of the money split of the £12 was raised. This is still important for all sorts of reasons

Is it a £12 membership fee to join SMISA now with the board deciding how the money is spent e.g £10 to bid and £2 for internal funds

OR

Is it a £2 membership fee with a £10 "donation" to the current bid

Currently I understand it to be option 1.

But the consequences of that for the long term need to be considered.

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This is going to happen, because Saints fans want it to happen!

The stories coming through of people contacting Smisa to just donate money because they don't think they will see out a ten year subscription, and family members getting in touch to secure a membership in memory of their departed loved ones who quote: "would have signed up if they were here, so thats why we are doing what they would have wanted" fill your heart with pride to be a buddie.

Come on Buds... Lets be 'aving you!

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I wouldn't say it's been well advertised.I still talk to folk who know nothing about it.

I had one guy in my car asking if I knew what the protest was about at Dumbarton.

Loads of people don't use B&WA,loads of folk don't use Facebook or Twitter and while there's been a fair bit about it in the Express....it's not got a huge circulation in the Town anymore.

A couple of mentions on BBC Scotland Sports Show or a 30 second snippet at the end of STV Sports news is hardly going to reach the masses.

I know the guys are working hard but as I say.....there's still lots know nothing.

I guess you just described the perfect viral scenario..

You are talking about it, and people that dont even yet know the detail are talking about it.... I can promise you this, its only gonna get bigger bud!

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and family members getting in touch to secure a membership in memory of their departed loved ones who quote: "would have signed up if they were here, so thats why we are doing what they would have wanted"

I've been waiting since April 27th for someone from smisa to get in touch with me about this.Buddiecat explained that they'd rather get the bid up and running first which is fair enough.I then got a message from thewhiteman asking for my e mail and someone would be in touch.

I'm still waiting.

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I've been waiting since April 27th for someone from smisa to get in touch with me about this.Buddiecat explained that they'd rather get the bid up and running first which is fair enough.I then got a message from thewhiteman asking for my e mail and someone would be in touch.

I'm still waiting.

I am sure that someone will be in touch soon. KTF!

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You may recall an earlier post where the question of the formality of the money split of the £12 was raised. This is still important for all sorts of reasons

Is it a £12 membership fee to join SMISA now with the board deciding how the money is spent e.g £10 to bid and £2 for internal funds

OR

Is it a £2 membership fee with a £10 "donation" to the current bid

Currently I understand it to be option 1.

But the consequences of that for the long term need to be considered.

Questions like this need to be answered by the committee members in the buyout group Richard, i will give you my answer, but all questions of this ilk need to be directed to [email protected] to get the official line.

As far as i understand it £10 goes to buy shares and £2 is for SMiSA funds for the members of SMiSA to decide on where they are spent. Referred to recently as a "rainy day" fund, but in truth it's just what SMiSA do now.

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Questions like this need to be answered by the committee members in the buyout group Richard, i will give you my answer, but all questions of this ilk need to be directed to [email protected] to get the official line.

As far as i understand it £10 goes to buy shares and £2 is for SMiSA funds for the members of SMiSA to decide on where they are spent. Referred to recently as a "rainy day" fund, but in truth it's just what SMiSA do now.

Indeed that is what happens, it is a question of is the £12 total the membership fee or the £2 remaining, currently it is £12 membership fee.

The thing is the Rain Day fund after the £10 years will need to be more than that, it will need to cover any cash flow and investment issues and the key thing is it will need to cover Stadium Maintenance.

At the moment the Stadium is being depreciated at a rapid rate which is the biggest reason why the accounts always show a loss, however the club is making little provision for the fact that at some stage rather than just accepting the depreciation charge the Club is actually going to have a big maintenance bill to fund.........perhaps needing new carpets, or lift, or replace the Tanoy or undersoil heating, to Dome has a shelf life.

Within the 10000hours proposal once the money was paid back it was noted that we would anticipate continuing the Direct Debits in order to keep the stadium maintained in tip top condition, i personally think the Bid team would be well advised to sell this longer term vision and commitment as i personally believe when the fans have full control much more money than just the purchase price will be needed

#BuytheBuds4life !

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Indeed that is what happens, it is a question of is the £12 total the membership fee or the £2 remaining, currently it is £12 membership fee.

The thing is the Rain Day fund after the £10 years will need to be more than that, it will need to cover any cash flow and investment issues and the key thing is it will need to cover Stadium Maintenance.

At the moment the Stadium is being depreciated at a rapid rate which is the biggest reason why the accounts always show a loss, however the club is making little provision for the fact that at some stage rather than just accepting the depreciation charge the Club is actually going to have a big maintenance bill to fund.........perhaps needing new carpets, or lift, or replace the Tanoy or undersoil heating, to Dome has a shelf life.

Within the 10000hours proposal once the money was paid back it was noted that we would anticipate continuing the Direct Debits in order to keep the stadium maintained in tip top condition, i personally think the Bid team would be well advised to sell this longer term vision and commitment as i personally believe when the fans have full control much more money than just the purchase price will be needed

#BuytheBuds4life !

Need to keep on at Gordon for the ground to be maintained and look at funding the upkeep of the stadium, Gordon will have plans for it i'm sure.

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Need to keep on at Gordon for the ground to be maintained and look at funding the upkeep of the stadium, Gordon will have plans for it i'm sure.

Like Foundation of Hearts I would expect there should be a contract between the two parties. In there case Bidco and Fanco

If the relationship responsibilities and future is not well understood at the start it is a recipe for issues than can easily be avoided at the start and with some attention to detail now.

Potential members and those already joined should have visibility of the deal and the terms if transparency is a priority and as you say spending on upkeep should be a clause...no point in SMiSA buying a majority after 10years for a price agreed now if no money is invested as needed in the interim period.

What this will mean however is that the Club will need to run an accounting surplus and not just a cash one.

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That's what I was led to believe as well but reading through the constitution I noticed this.

12. The Society Board will decide and issue a form of application for membership. Members are to pay an annual subscription of such reasonable sum as the Society Board shall decide, the first payment to be made at the time of application for membership. The sum of £1 from the first payment shall be applied to purchase an ordinary share in the Society.

I cant see anywhere that its the members that decide/vote on.

This is correct and is this way for all trusts however as it is a members organisation if the members don't like what the board do they can easily replace them

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Relax BC, not a member YET. whistling.gif

Just trying to look at the future after we/us/who knows have paid the 10 years of £12 monthly installments.

If somehow some folk who turn out not to be working in the best interests of all, hike up the amount that's needed to be members to a level that only a few of them can afford. They could take control of the shareholding that SMiSA holds. Leaving those that have paid in for all those years with SFA.

Possibly an extreme example but is a possibility if I've read the constitution correctly.

Members can call a special general meeting (SGM), and the majority vote at the meeting will prevail. I am not a legal eagle by any means, but i can assure you that I for one would not hesitate to inform members and call an SGM if anything gave me cause for concern, that said i have complete confidence in the existing board members of SMiSA and trust them not to do anything untoward. I would even go as far as stating the current board, should they wish to, should be the ones to see out the entire 10 years of the process. Just my opinion based on spending over a year with them at meetings, sometimes twice a week in that year.

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