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5 hours ago, BuddieinEK said:

No we did not.
That was never an option to br voted on.
It happened by default.

I haven't been on here for a helluva long time... Eventually come back for a browse and see the same people regurgitating the same old mantras.

Unfeckinbelievable.

Again, if anyone genuinely believes that some fans were not aware that a vote to take money from the ring fence then replace with the £2 fund would mean... taking money from the ring fence and replacing it with the £2 fund, they need their head examined. 

The vote made it categorically and unquestionably clear what would be involved if fans voted yes... which voting members did, overwhelmingly. 

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10 hours ago, madball said:

Will deal with both points separately.

I've never said that my intention was to stop fan ownership, rather that my intention was to review whether I wished to remain part of it after the initial £380k was repaid to secure the initial 29%. I was open about this from outset and I'm aware that my attitude is in the minority regarding my point when I review. There will be several factors in my decision including affordability, but equally confidence in direction of SMISA and tangible outputs from that period. I make no bones about making a decision that suits me and where I want to be and where I see the club ownership, what I do will not be a knee jerk reaction where I don't agree with the outcome of a one-off vote and will be considered with all the facts in my possession.

Onto the 2nd point if this is truly accurate and the contract is worded in such a way that even after funding the £380k loan to secure shares then there would be no block of shares held then it is in contradiction to what is still on the SMISA site under "The Basics" and "The Finances". If the contract is opaque and the block of shares is conditional on the whole deal completing then it is clearly not what was being sold to the membership.

https://www.smisa.net/buythebuds/how-it-works

Anyway perhaps this is best discussed in another part of the board and letting the McGinn thread run on topic

Again first point is just that I’m baffled by the approach if you decided to do it. It wouldn’t make any sense in line with your beliefs (if that’s what you decide is right) because it won’t change anything, it won’t have the desired impact. If it’s due to your financial position, that’s a very different approach. 

The post you share doesn’t go into contractual (and nor is it intended to) information on BTB and the deal. If the deal breaks down during the 10 year plan, there’s no guarantee SMISA will end up sitting with the shares. 

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15 hours ago, beyond our ken said:

Sweating the asset means working it in to the ground without investing in or maintaining it.

 

I am using it to describe maximising the financial income from the buildings.

Where are you getting your definition from?

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5 hours ago, div said:

I’ve had an AMAZING idea.

Once McGinn is punted, and we get our million notes, we use £600K of it to pay off Gordon and boot his arse out the door.

The other £400K we can spunk on expensive players.

And all the other money we’ve saved up to date we can spend on a huge free piss up in the Dome. 

SMiSA can then get in the bin.

It will be f**king brilliant. Well in meatball!

 

Will the party in the Dome not be a bit flat.

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Again, if anyone genuinely believes that some fans were not aware that a vote to take money from the ring fence then replace with the £2 fund would mean... taking money from the ring fence and replacing it with the £2 fund, they need their head examined. 
The vote made it categorically and unquestionably clear what would be involved if fans voted yes... which voting members did, overwhelmingly. 
AFTER the event and with NO option to support it but with a different funding option.

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I'd like to propose using some of the SMISA money to set up a SMISA/Saints Buyout section of this forum, where discussions like this can can place. 
How will John know what's going on if we don't post it on the thread about him? You're very inconsiderate.

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7 hours ago, BuddieinEK said:
11 hours ago, bazil85 said:
Again, if anyone genuinely believes that some fans were not aware that a vote to take money from the ring fence then replace with the £2 fund would mean... taking money from the ring fence and replacing it with the £2 fund, they need their head examined. 
The vote made it categorically and unquestionably clear what would be involved if fans voted yes... which voting members did, overwhelmingly. 

AFTER the event and with NO option to support it but with a different funding option.

It was not after the event. It was made massively clear in the event of a No, it would have been funded by the club out of the budget and NOT by SMISA.

Paying, voting fans overwhelmingly preferred to take the money from the ring fence that would be sitting doing nothing for best part of eight years.

People can be unhappy about it, they can say it’s not what they wanted but they don’t have an argument that it wasn’t done in an informed, fair and democratic way. 

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I'd like to propose using some of the SMISA money to set up a SMISA/Saints Buyout section of this forum, where discussions like this can can place. 

 

Spot on Magic. I hate the close season. Too many folk with too much time on their hands. I am lying in the Mediterranean sun and check in every day to see the news. Stick to topic ffs

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48 minutes ago, bazil85 said:

 

People can be unhappy about it, they can say it’s not what they wanted but they don’t have an argument that it wasn’t done in an informed, fair and democratic way. 

Absolutely ! I , like everyone else , was notified by e-mail , I was happy to vote for the money to be used for the new surface . I was also notified by e-mail , like everyone else , about the upcoming AGM , which I attended. At the  AGM I asked a question about the low % of membership who voted on the pitch issue which was answered to my satisfaction.

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