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eljaggo

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About eljaggo

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    Jags fan

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    North Berwick

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  1. eljaggo

    New Owner

    A personal email DP. No answers yet to your last two questions.
  2. eljaggo

    New Owner

    The Jags Trust has just emailed me to suggest that the Consortium would determine who (all Trust members or Trust board members only) would attend any meeting with the Trust(s). I have emailed back to point out that since the Trusts asked for the meeting, they should chair it and determine who attends and also of course set the agenda. The Trusts certainly need empowering. An early joint meeting of both Trusts and their members would be worthwhile, and hopefully stiffen their resolve.
  3. eljaggo

    New Owner

    The PTFC Trust has more fan apponted trustees than Board appointed trustees, so how is it controlled by the Board?
  4. eljaggo

    New Owner

    Well said JAF, and I certainly don't subscribe to the view that a fan led buyout would be the disaster some on here are predicting. For a Trusts/Weir consortium that already owns slightly over 36% of voting shares, about £1m-£2m would be needed to purchase a controlling interest from other shareholders. And that assumes existing shareholders have to be bought out and cannot be persuaded to sign up to the new regime. Not completely unrealistic. Even if a loan was raised to buy these other shares, the cost would be much less than if the Consortium did the same and charged the Nice 9%. It would also give control to fans with a genuine long term interest in the Club. The fan base is not going to change significantly irrespective of team performance, and keeping the finance costs of the Club as low as possible gives the flexibility needed for long term success.
  5. eljaggo

    New Owner

    Yet more reasons for the two Trusts to either merge or act as one, and avoid any divide and rule tactics of the Board/Consortium. The PTFC Trust should also divest themselves of their three Board appointees to give them freedom of action and to become completely independent of the Board for the reasons you infer JAF.
  6. eljaggo

    New Owner

    The Consortium could take control of the Club for something over £3m based on the 2017 balance sheet valuation of £6m. Assuming that neither the two fans' trusts nor the Weirs would be willing to sell that leaves them needing to buy about 80% of the remaining shares. That high % might push up the share price offer from the consortium, and should force Beattie et al to drive a hard bargain. The fans' trusts therefore need to stand firm and not roll over. They should be asking hard questions, and certainly asking for a seat on the new board. If the consortium pull another Nice trick and load the Club with debt used to buy our shares and charge the same 9% interest on the loan, that would wipe out the operating profit in the 2017 results, or would reduce the playing budget. And that is assuming no repayment of loan capital. Given the amount that the Weirs have invested in the Club and the promise of more via the training ground, that £3m+ seems a paltry amount, and throws into sharp perspective the idiocy of Beattie in failing to persuade the Weirs of his good intentions before turning up with Sheriff Officers and sacking the Board.
  7. eljaggo

    New Owner

    Thanks DP that answers my questions and is good news.
  8. eljaggo

    New Owner

    I have just emailed the Jags Trust to ask if they will attend the meeting that David Beattie said he would try to arrange between the consortium and the PTFC Trust, or whether they are seeking their own meeting with the consortium. I have also asked whether Trust members will be able to attend such a meeting. However I received the usual "not delivered" e-mail message, and hence this post. Perhaps if anyone from the Jags Trust reads this they could respond.
  9. eljaggo

    New Owner

    Thanks for the clarification FT - having two fans' trusts is a confusing extravagance. I hope that the PTFC Trust meeting with the consortium goes ahead as soon as possible, that the Jags Trust and their members are invited to attend, and that fans in general are kept informed of the meeting. I know I bang on here about the two Trusts, but between them (26%) and the Weirs (10%), they account for over 36% of voting shares, and their opinions matter.
  10. eljaggo

    New Owner

    Many thanks for the info FT. Just to be clear, am I right in thinking that the Trust mentioned in your last para. is the PTFC Trust. Also I was not aware that the Jags Trust had Club reps on their Board.
  11. eljaggo

    New Owner

    Can you say what happened at the meeting FT? Did the Trust come to a view about the takeover situation and the Board changes? Beattie mentioned discussions with, and support from, the Jags Trust, but no comment that I have seen from him about PTFC Trust, other than to urge the two trusts to talk more to each other.
  12. eljaggo

    J Low

    Or should be.
  13. eljaggo

    J Low

    I think the two fans' trusts should mount a takeover bid - power to the people!
  14. eljaggo

    New Owner

    I don't think Cannon was on the last board, but clearly survived something. I am not finding this debate/thread informative at all, and the seemingly endless, pointless exchanges are generating more heat than light. I hope that either we get tired of going round in circles, or that the matter is resolved quickly. The latter may be a faint hope, given it is partially down to the SFA to do a diligence check. When did you last see the words SFA and diligence in the same sentence without a negative link?
  15. eljaggo

    New Owner

    OK it is, but the question remains.
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