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Buy The Buds


buddiecat
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4 minutes ago, TsuMirren said:

So...where are things now then?

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Sitting with lawyers at the moment, no idea why though because our money is there for them to take, we have a set price with our lawyers so no need for them to hold up payment. Absolutely no way of telling if it's other lawyers dragging their heels or the people who appointed the lawyers dragging theirs' still set for taking the keys on 15th July though because it only takes a few days to clear a payment

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5 minutes ago, salmonbuddie said:

It's lawyers, less haste, less speed is how they operate.

Yes i know, but just this once could they not dispense with the caution, suppose it's in the interests of us all that it's all done in the proper manner. Can't wait for the day we get the keys - Party ? you bet your buddie life there will be.

 

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On 10/07/2016 at 4:41 PM, buddiecat said:

Sitting with lawyers at the moment, no idea why though because our money is there for them to take, we have a set price with our lawyers so no need for them to hold up payment. Absolutely no way of telling if it's other lawyers dragging their heels or the people who appointed the lawyers dragging theirs' still set for taking the keys on 15th July though because it only takes a few days to clear a payment

Will it be happening tomorrow?

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email dated 15/07

 

 

Dear members,

This email is to give you a brief update on the latest status of #BuyTheBuds, SMISA’s joint bid with Gordon Scott for the majority shareholding of the club.

In our last update two weeks ago we said we would be taking the first set of your payments in the first week of July, and we hoped to complete the legal formalities needed to conclude the deal by the start of the season.

While we haven’t quite managed to get that over the line in time for Saturday’s game against Livingston, the good news is we expect to do so in the next week or so.

Obviously a deal of this complexity has required a fair bit of legal input and we are sure you appreciate the importance of all parties taking the time needed to get things right.

The first set of member payments are safely in the bank and will allow us to make the first of our monthly repayments to the consortium.

Should everything go to plan, by the time the league season kicks off with the Renfrewshire derby on 6 August, Gordon will have assembled a new board for the start of a new era for our club.

As it stands member numbers are sitting at around 1,300 but we would remind you there is no upper limit and we don’t want it to stop there – if you meet other fans at the games who haven’t yet signed up to have a say in how their club is run they can still do so at smisa.net now.

In the meantime, the SMISA committee has been busy behind the scenes working on a new set of processes and structures for how the trust will organise its affairs and involve our vastly-increased membership in trust decisions.

Should the deal be completed as planned, we hope to be able to put details of that work to you in the near future, once it is fully developed.

We are also looking forward to getting back to watching some football again, and hopefully we’ll see as many of you as possible at Livingston tomorrow.

Things are looking good for the club on and off the park right now and under the new regime we will have the power to keep that going.

‘Mon the Saints
The SMISA committee

 
     

 

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Congratulations, you just #BoughtTheBuds

We are delighted to announce that the legal formalities around SMISA’s joint offer for a majority shareholding in the club with Gordon Scott were concluded earlier today, meaning the trust is now the proud part-owner of St Mirren FC.

This means 21 July 2016 can go down as a landmark moment in St Mirren’s long and proud history – today saw the right to decide what happens with our club pass into the hands of the people who care about it most...you.

For those of us on the committee, the past year has involved an incredible amount of work and we are both proud and delighted to have finally seen the deal over the line.
Again, we want to thank the 1,300 of you who signed up to #BuyTheBuds, as without that show of support we would not have been able to make history today.

We appreciate there will be few questions about what will happen next, and hopefully these will be answered below...

With the deal completed, Gordon now owns a 50.1% stake in the club, while SMISA own 28%. Crucially, SMISA now has the option to buy the shares Gordon buys now at the price he pays now within the next ten years, and thus achieve majority fan ownership of the club.
Five of the six members of the current board will now step down and we want to pay tribute to them for all they have done for the club over the years, as the can be justifiably proud of their legacy.

Four new directors will be appointed and the new board will include Gordon (as the new chairman), club chief exec Tony Fitzpatrick, and financial advisor Alan Wardrop, while current club director and company secretary Chris Stewart will stay in place.
Gordon has also asked SMISA board member David Nicol to join him as the temporary trust representative on the St Mirren board for the next few months.

The SMISA committee will use that time to finalise a procedure for members to elect one of their own to serve as their voice in the St Mirren boardroom.
At the same time, we have already started work on a procedure through which our members can vote to choose how the £2 portion of their monthly membership will be spent on the club.
Once we have firmed up arrangements for both of these issues, we will put the details before members.

We are also working on plans for a fan party to take place in a town centre venue after the Morton game on Saturday 6 August to help usher in the new era, with details of that to be announced soon.

Once again, thank you all for your support and we look forward to writing the next chapter in the history of our club together.

SMiSA Committee

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