buddiecat Posted May 25, 2017 Report Share Posted May 25, 2017 (edited) 8 hours ago, div said: There is an accelerated payment clause in the deal that was constructed last summer. SMiSA could not come up with all the money up front as their part of the deal, and to save them having to go and borrow that money the selling consortium agreed to take the payments in phases over a period of time as money is saved up from members contributions. One clause to that was that if the club was to enjoy a large income from transfer fees that a portion of that money would be lent by the club to SMiSA who would then pay it on to the selling consortium (thus accelerating their time to receive full payment). That accelerated payment clause was waived in the case of Kyle McAllister but it will kick in on the Mallan transfer I believe. The club don't lose out on any income but it just means SMiSA will owe money to the club rather than to the selling consortium. That's how I understand it anyway, sure the SMiSA people will be able to correct any errors in the above. I have asked the SMiSA board by email for the amounts involved in the Stevie Mallan transfer - asking for the amount we need to pay and if we need to borrow to pay it. It's not certain that we have to borrow as we may have enough money in the bank to cover it, and as stated previously, the club do not lose money from any transfer and SMiSA do not have to pay any more than agreed, just need to pay it quicker if players are sold. The clause in the contract has saved us from having to get a loan, which of course would have been subject to high interest, the deal was struck in such a way that we would only need to borrow from and pay back to the club and i'll check but i don't remember it being subject to interest, but may legally need to be a token amount of interest payable in the same way that the club are paying token interest on the USH loan from SMiSA i.e. SMiSA are only charging any interest that would have been paid if the money was still in the bank. Edited May 25, 2017 by buddiecat Quote Link to comment Share on other sites More sharing options...
cambiebud Posted May 25, 2017 Report Share Posted May 25, 2017 Is it not the case nowadays that all transfer fees tend to be spread over a period of time . . Except Sevco. Clubs want the money up front. I wonder why? Quote Link to comment Share on other sites More sharing options...
Eric Arthur Blair Posted May 25, 2017 Report Share Posted May 25, 2017 9 minutes ago, cambiebud said: Except Sevco. Clubs want the money up front. I wonder why? It's because they are cunts. Quote Link to comment Share on other sites More sharing options...
BuddieinEK Posted May 25, 2017 Report Share Posted May 25, 2017 Kenny McLean is one of the finest midfielders in Scottish football.When he was 17 I predicted he would be.As I said several years back, just like Billy Stark, we would not realise what we had till he was gone.McGinn and Mallan also got it in the neck... any chance we could support Kyle Magennis for the WHOLE season to come... Even if he has a poor patch. Hell... ESPECIALLY if he has a bad patch.Look at the transformation in Mallan for reasons why! Quote Link to comment Share on other sites More sharing options...
buddiecat Posted May 25, 2017 Report Share Posted May 25, 2017 10 hours ago, Suggestion said: How much do Smisa owe for there shares and what was smisas % before taking on more shares . Owe roughly £242k and had about 3% before the 21/07/2016 Quote Link to comment Share on other sites More sharing options...
buddiecat Posted May 25, 2017 Report Share Posted May 25, 2017 10 hours ago, div said: I don't think all the transfer money is applicable, but I've no idea how much. You are right of course that there would (if I have the whole thing right) be a delay in the club receiving all of the money. I might be incorrect in my understanding of how it all works, I'm not 100% sure on this one. If for talkings sake the fee received for Stevie is £200k then roughly £100k would be the accelarated payment due, which can be covered by existing funds, given that there was a £150k surplus on 30/11/2016 and roughly £75k would have been paid in by members since then. If Kenny McLean is sold for £1m then assuming we get 10% of that which of course is £100k, the accelarated payment on that would be £30k, then that would mean £130k payable from approximately £225k which we have in the bank, so again it's covered. This is my own calculation of the amounts and in no way represents what individual people will actually get paid and is based on the guesstimates of the actual transfer fee and sell on fee. So it might be completely wrang :-) Quote Link to comment Share on other sites More sharing options...
Lord Pityme Posted May 26, 2017 Report Share Posted May 26, 2017 9 hours ago, buddiecat said: If for talkings sake the fee received for Stevie is £200k then roughly £100k would be the accelarated payment due, which can be covered by existing funds, given that there was a £150k surplus on 30/11/2016 and roughly £75k would have been paid in by members since then. If Kenny McLean is sold for £1m then assuming we get 10% of that which of course is £100k, the accelarated payment on that would be £30k, then that would mean £130k payable from approximately £225k which we have in the bank, so again it's covered. This is my own calculation of the amounts and in no way represents what individual people will actually get paid and is based on the guesstimates of the actual transfer fee and sell on fee. So it might be completely wrang :-) I think there could be a financial issue in the offing as Smisa have lent the club £15k since those accounts, and were in the throws of giving them another £50k. As well as any accelerated payment I am sure Smisa were due to make a hefty payment to the sellers in July anyway. So it could be the fantastic deal struck with the sellers means Smisa has to clear the lot in tne next month or so! perhaps we should asking for a clear pictiure, (i.e. Actual figures) on this. When I asked for an update on what Smisa's accounts looked like and its potential commitments in this scenario at the AGM all i got was "its ok". Quote Link to comment Share on other sites More sharing options...
buddiecat Posted May 26, 2017 Report Share Posted May 26, 2017 2 hours ago, Lord Pityme said: I think there could be a financial issue in the offing as Smisa have lent the club £15k since those accounts, and were in the throws of giving them another £50k. As well as any accelerated payment I am sure Smisa were due to make a hefty payment to the sellers in July anyway. So it could be the fantastic deal struck with the sellers means Smisa has to clear the lot in tne next month or so! perhaps we should asking for a clear pictiure, (i.e. Actual figures) on this. When I asked for an update on what Smisa's accounts looked like and its potential commitments in this scenario at the AGM all i got was "its ok". I have asked and had a reply from the SMiSA finance team, the main man is on holiday at the moment and has replied whilst abroad, he will look at all the figures and computations and get back to me. I do know that the figure due in July is £20k (it's in the accounts) that takes my total to £150k. If the club take the £50k facility (or have already taken it) that takes it to £200k plus whatever is still due from the £15k loan, say it's £10k, we are then almost breaking even. So yes you're correct, if anything else crops up e.g. John McGinn being sold, then we probably will need to pay the lot,or re-negotiate with the consortium. So we wait and find out if my figures are wrong, shouldn't be too far wrong though. Quote Link to comment Share on other sites More sharing options...
SaintGlenburn Posted May 27, 2017 Report Share Posted May 27, 2017 Is SMISA a registered limited company? If so whats the reg name or number? Quote Link to comment Share on other sites More sharing options...
Lord Pityme Posted May 27, 2017 Report Share Posted May 27, 2017 (edited) 1 hour ago, SaintGlenburn said: Is SMISA a registered limited company? If so whats the reg name or number? No its a Co-operative and Community Benefit Society. Reg No 2624RSront Door #KTF #BUYTHEBUDS #COYS Edited May 27, 2017 by Lord Pityme Quote Link to comment Share on other sites More sharing options...
TsuMirren Posted May 27, 2017 Report Share Posted May 27, 2017 Is SMISA a registered limited company? If so whats the reg name or number? SP2624RS as 1877 Society Limited Quote Link to comment Share on other sites More sharing options...
Luther G. Presley Posted May 27, 2017 Report Share Posted May 27, 2017 Fuxake, how much money have a the old board taken from our club, thank f**k we are well shot of them, did they really want to save the club or just saw an opportunity to make a lot of money? Quote Link to comment Share on other sites More sharing options...
TsuMirren Posted May 27, 2017 Report Share Posted May 27, 2017 Fuxake, how much money have a the old board taken from our club, thank f**k we are well shot of them, did they really want to save the club or just saw an opportunity to make a lot of money? In essence, it's not from the club. In theory they still get paid by SMISA just as anyone taking over would have paid them the same money. But, the actual process around the accelerated payment is convoluted and very difficult to understand or explain in full. Luckily, that's what David Nicol is there for. Quote Link to comment Share on other sites More sharing options...
buddiecat Posted May 27, 2017 Report Share Posted May 27, 2017 5 minutes ago, TsuMirren said: In essence, it's not from the club. In theory they still get paid by SMISA just as anyone taking over would have paid them the same money. But, the actual process around the accelerated payment is convoluted and very difficult to understand or explain in full. Luckily, that's what David Nicol is there for. It's not that difficult to understand Kenny, FFS i understand it :-) Quote Link to comment Share on other sites More sharing options...
buddiecat Posted May 27, 2017 Report Share Posted May 27, 2017 14 minutes ago, Luther G. Presley said: Fuxake, how much money have a the old board taken from our club, thank f**k we are well shot of them, did they really want to save the club or just saw an opportunity to make a lot of money? The old board haven't actually taken any money from the club, GLS and SMiSA are buying the shares of some of the previous board members. Quote Link to comment Share on other sites More sharing options...
pod Posted May 27, 2017 Report Share Posted May 27, 2017 23 minutes ago, Luther G. Presley said: Fuxake, how much money have a the old board taken from our club, thank f**k we are well shot of them, did they really want to save the club or just saw an opportunity to make a lot of money? What money did they take from club, besides what they put into it. Wouldn't it be fraud if they did. Quote Link to comment Share on other sites More sharing options...
St.Ricky Posted May 28, 2017 Report Share Posted May 28, 2017 Pretty good show from Kenny in the cup final...particularly in the first half. He continues to develop both physically and as a player. A credit to St Mirren, Aberdeen and I hope soon to Scotland as well. Quote Link to comment Share on other sites More sharing options...
St.Ricky Posted May 29, 2017 Report Share Posted May 29, 2017 On Saturday, May 27, 2017 at 3:00 PM, pod said: What money did they take from club, besides what they put into it. Wouldn't it be fraud if they did. Not a fraud in any sense. Perhaps they did less well than they had hoped but better than they might in the sale. Quote Link to comment Share on other sites More sharing options...
Drew Posted May 29, 2017 Report Share Posted May 29, 2017 14 hours ago, St.Ricky said: Pretty good show from Kenny in the cup final...particularly in the first half. He continues to develop both physically and as a player. A credit to St Mirren, Aberdeen and I hope soon to Scotland as well. He was their best player on the day, IMO. Quote Link to comment Share on other sites More sharing options...
pod Posted May 29, 2017 Report Share Posted May 29, 2017 6 hours ago, St.Ricky said: Not a fraud in any sense. Perhaps they did less well than they had hoped but better than they might in the sale. Was referring to pre-sale. In the running of club I took it to be. Quote Link to comment Share on other sites More sharing options...
Mid Calder Saint Posted May 29, 2017 Report Share Posted May 29, 2017 That horrible little man who is meant to be Scotland manager has now dropped him from the squad. Quote Link to comment Share on other sites More sharing options...
Drew Posted May 29, 2017 Report Share Posted May 29, 2017 8 minutes ago, Mid Calder Saint said: That horrible little man who is meant to be Scotland manager has now dropped him from the squad. Aye, just heard that. Mcginn too, seemingly. He's a wee fud. Quote Link to comment Share on other sites More sharing options...
Isle Of Bute Saint Posted May 29, 2017 Report Share Posted May 29, 2017 47 minutes ago, Mid Calder Saint said: That horrible little man who is meant to be Scotland manager has now dropped him from the squad. Horrible wee man ? Really like his no nonsense approach to silly questions from journalists. Quote Link to comment Share on other sites More sharing options...
Stu Posted June 23, 2017 Report Share Posted June 23, 2017 Seemingly Birmingham are interested in McLean. Quote Link to comment Share on other sites More sharing options...
bazil85 Posted June 23, 2017 Report Share Posted June 23, 2017 The tribute act were apparently trying to get him on the cheap with an offer of roughly £700k. Surely he will go for over £1 million? Has it all went quiet on the McGinn transfer Front? Quote Link to comment Share on other sites More sharing options...
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