New Owner

[Jordanhill Jag]

36 minutes ago, Dick Dastardly said:

Why haven't who ?

What is the medium for the current shareholders to do so ? As I said, the board may not know any more than we do and the current shareholders are all private individuals.

The Board have to approve any Transfer of Shares ( or at least they used to ) assuming this is still the case then Contact will have been made if there is indeed an attempted takeover - so based on that - The Club will know either way-  if or not - an approach has been made   

[Norgethistle]

6 hours ago, AndyMac said:

"It was asked if the Trust Deed would be available online for supporters to read. It was noted that fans could review the Trust Deed at the Club Offices, however there was currently no intention to publish the deed online."

PTFC Trust meeting – 18th May 2016

Just ran through that Minutes of Meeting, has any of the bellow points actually happened?

 

!We should not rely on internet/email and social media for communication with supporters but use to face to face, meetings, the match programme and flyers
! We should try to hold future meetings on the day of a game so as to encourage the maximum attendance
! Outline details of the Trust and the discussion would appear on the Club’s website It was asked if the Trust Deed would be available online for supporters to read. It was noted that fans could review the Trust Deed at the Club Offices, however there was currently no intention to publish the deed online.
! A question was asked about the structure of the Trust and it was confirmed that it was not a charitable organisation rather it followed a standard trust structure (non charitable).
! A bespoke email address for the Trust would be publicised and could be used to raise issues at any time with them.
! A question was raised regarding where the ‘Supporters Federation’ now sits and it was noted that the new Thistle Club Trust supersedes the Federation and this will now be the primary vehicle for fan engagement going forward. It was agreed that as the Trust is a formal body there was accountability on the Trustees to ensure that meetings/communication happens as agreed.

 

[douglas clark]

Norgethistle,

 

Thanks for finding that.

Has anyone any idea whether there has been any updates since 18th May 2016? Otherwise it all looks a bit moribund to me.

Any thoughts?

 

 

[KemoAvdiu]

The idea that social media and the internet should not be used to engage with fans, and that we should instead rely on flyers and the match programme is possibly the stupidest thing I’ve heard in a while. What a waste of time the whole thing has been. 

[Fawlty Towers]

13 minutes ago, douglas clark said:

Norgethistle,

 

Thanks for finding that.

Has anyone any idea whether there has been any updates since 18th May 2016? Otherwise it all looks a bit moribund to me.

Any thoughts?

 

 

https://ptfc.co.uk/club/football-trust/

[lady-isobel-barnett]

9 minutes ago, KemoAvdiu said:

The idea that social media and the internet should not be used to engage with fans, and that we should instead rely on flyers and the match programme is possibly the stupidest thing I’ve heard in a while. What a waste of time the whole thing has been. 

Think you're misreading that, Kemo. 

[KemoAvdiu]

2 minutes ago, lady-isobel-barnett said:

Think you're misreading that, Kemo. 

Maybe. But given they don’t seem to have used social media or the internet at all to communicate it seems to have came true anyway! They haven’t tweeted anything related to the actual work of the Trust in over 5 months, for example. 

Edited June 27, 2019 by KemoAvdiu

[Fawlty Towers]

9 minutes ago, KemoAvdiu said:

The idea that social media and the internet should not be used to engage with fans, and that we should instead rely on flyers and the match programme is possibly the stupidest thing I’ve heard in a while. What a waste of time the whole thing has been. 

As someone who was at the meeting it was brought up from the floor that as we have a number of older fans who probably don't use those methods of communication all methods of communication should be used.

[lady-isobel-barnett]

8 minutes ago, KemoAvdiu said:

Maybe. But given they don’t seem to have used social media or the internet at all to communicate it seems to have came true anyway! They haven’t tweeted anything related to the actual work of the Trust in over 5 months, for example. 

In the back of my mind when I attended one of the early meetings there was a suggestion to hold meeting pre home games. At the same meeting someone also suggested that they don't presume everyone has access or relies on the internet for communication. That's fair enough.

The fact they don't communicate these days is a separate issue. Take your point tho'. 

[AndyMac]

7 hours ago, Dick Dastardly said:

Why haven't who ?

What is the medium for the current shareholders to do so ? As I said, the board may not know any more than we do and the current shareholders are all private individuals.

If we look at who holds the shares and when you add up the Weir's, The Partick Thistle Football Club Trust  and the Jags Trust, all of whom would be considered as bankers for supporting the present board, this shareholding amounts to 37% of the shares in the club.

This takeover bid is not just a Facebook, forum or twitter rumour. It has been widely reported in all major newspapers.

If the present board were against the takeover they could declare it as a hostile bid and would only have to gain the support of 14% out of the remaining 63% of shares. When you consider the make up of this 63%, with most of them having been with the club through thick and thin, it shouldn't be too hard to secure the numbers to see off a hostile bid.

I am really struggling to get my head round, to why so many long term shareholders, should suddenly all come together, wanting to sell their club to venture capitalists. It just doesn't add up.

Today's Thursday, the club have had all week to put out a statement. I would have expected something along the lines of the present board being the best people to steer the club into the future, talking about the work of the Academy, the forthcoming Davie McParland training ground. The importance of keeping Thistle as a community club. I would also have expected them to come out with all guns blazing fighting for the future of our club............Nothing........not a cheap.........not a whimper...........The silence is deafening.

My take on it?

The Partick Thistle Football Club Trust seems to be a sham. It's a Trust that's supposed to benefit supporters, but doesn't appear to have any known supporters as documented beneficiaries.

I must say that, that it looks very much like the Weirs control 29% of the club and have JLow doing their bidding.

I would also guess that the Weir's (for whatever reason) want to sell up and the most expedient way of doing this is to sell the club in its entirety.

I might be right. I might be wrong. But this is what I think.

 

[javeajag]

Ok I assume today has been a bit warm and your feeling confused.....

the guys rumored to be buying us are not venture capitalists they are investors in businesses and at the moment they have a strategy in football although it may not be clear to us what exactly what that is 

the present board representing anybody when they don’t actually own a share is a bit of a stretch but they will need to ensure they represent the interests of all shareholders......you do have to laugh 

so why should we support the present board ? I think you need to check the  hostile bid stuff this isn’t Sainsburys and Asda.... we are a private company with a turnover smaller than the subclub ! 

Why would you  not sell ? Suddenly you have shares  no one ever thought would be worth anything in the money ? It’s not  like the last two years have been outstanding or we are going anywhere.

lets turn it round forget the potential new owners present your case for the existing owners to continue .,....

a board with no financial commitment to the club nor connection to it 

an unclear relationship between the board and shareholders 

a supporters trust that is captive by the board and a sham

no articulated strategy for the club 

poor business 

 

So on the hand change might not be bad ie it might be good !!!!

 

[AndyMac]

8 minutes ago, javeajag said:

Ok I assume today has been a bit warm and your feeling confused.....

the guys rumored to be buying us are not venture capitalists they are investors in businesses and at the moment they have a strategy in football although it may not be clear to us what exactly what that is 

the present board representing anybody when they don’t actually own a share is a bit of a stretch but they will need to ensure they represent the interests of all shareholders......you do have to laugh 

so why should we support the present board ? I think you need to check the  hostile bid stuff this isn’t Sainsburys and Asda.... we are a private company with a turnover smaller than the subclub ! 

Why would you  not sell ? Suddenly you have shares  no one ever thought would be worth anything in the money ? It’s not  like the last two years have been outstanding or we are going anywhere.

lets turn it round forget the potential new owners present your case for the existing owners to continue .,....

a board with no financial commitment to the club nor connection to it 

an unclear relationship between the board and shareholders 

a supporters trust that is captive by the board and a sham

no articulated strategy for the club 

poor business 

 

So on the hand change might not be bad ie it might be good !!!!

 

Perhaps the board will be good enough to make a statement. It would certainly help to clear matters up and put an end to all this mindless speculation

[jaf]

7 hours ago, javeajag said:

 

the present board representing anybody when they don’t actually own a share is a bit of a stretch but they will need to ensure they represent the interests of all shareholders......you do have to laugh 

!

 

 

Something I have more experience than I would like to have had is derivative actions by shareholders against directors. 

The last iteration of companies act brought this in. 

Many sharehokder who believes directors are not acting in the best interests of the company ca bring an action against the directors  

whatever the emotional arguments, I don’t think it would be hard to demonstrate in law , that a new majority sharehodler (who pledges to support the club  to £x  extent) nwould be good for the company and that directors are only acting in self interest in any attempts to block this or frustrate the process   They may need the reminder of some legal correspondence but you are right javeajag they ought not to be able to just take a stance against this - that’s not their role  

 

 

Edited June 28, 2019 by jaf

[Dunfermline Jag]

This is getting silly - who am I kidding, its been silly for ages - but now we have calls for legal action against directors for blocking a takeover that no-one actually knows is happening and is  predicated on some bloke on a facebook page saying "he heard that" and not very much else. 

None of the people who would be involved in such a share transfer have spoken out to confirm that anything at all  is happening.

In the meantime we have a board of directors in charge of the club whose positions have not been challenged by any of the club's shareholders. Until they are, or until an actual takeover is announced, we have to assume that these shareholders are happy with the way in which the club is being run, or at least not so unhappy that they are prepared to do anything about it.

[jaf]

16 minutes ago, Dunfermline Jag said:

This is getting silly - who am I kidding, its been silly for ages - but now we have calls for legal action against directors for blocking a takeover that no-one actually knows is happening and is  predicated on some bloke on a facebook page saying "he heard that" and not very much else. 

None of the people who would be involved in such a share transfer have spoken out to confirm that anything at all  is happening.

In the meantime we have a board of directors in charge of the club whose positions have not been challenged by any of the club's shareholders. Until they are, or until an actual takeover is announced, we have to assume that these shareholders are happy with the way in which the club is being run, or at least not so unhappy that they are prepared to do anything about it.

It wasn't 'a call for legal action'

It was an explanation of the situation in response to javeajags point - just trying to be helpful for those who are interested

[Guest]

On 6/27/2019 at 9:47 AM, KemoAvdiu said:

In 2019 a stall in one stand before matches doesn’t constitute an engagement strategy.

 

I agree, but the point still remains, no one approached them the one time they are visible. I'm not defending them just making a point.

[Jag]

I can't believe there are people on here starting rumours that this takeover bid might not actually be true..

Whether it happens or not, remains to be seen. However, out with a few pages worth of tit for tat nonsense, I've quite enjoyed reading the different points of view on the situation and learned a few things along the way.

For me, it has highlighted the fact that, whether with the current board or with the prospective new owners, things need to change.

I see no reason why we can't retain our identity with a new regime. I'm hoping it happens and predict exciting times ahead if it does. Football has changed, and we need to move with the times or get left behind.

[javeajag]

1 hour ago, Dunfermline Jag said:

This is getting silly - who am I kidding, its been silly for ages - but now we have calls for legal action against directors for blocking a takeover that no-one actually knows is happening and is  predicated on some bloke on a facebook page saying "he heard that" and not very much else. 

None of the people who would be involved in such a share transfer have spoken out to confirm that anything at all  is happening.

In the meantime we have a board of directors in charge of the club whose positions have not been challenged by any of the club's shareholders. Until they are, or until an actual takeover is announced, we have to assume that these shareholders are happy with the way in which the club is being run, or at least not so unhappy that they are prepared to do anything about it.

Two points 

it would easy for one of the shareholders to come out and this is all rubbish we would then all move on.... the fact that no one has leaves you to believe something g us happening 

secondly maybe our shareholders don’t really care too much about the club as none of them are involved 

[javeajag]

46 minutes ago, jaf said:

It wasn't 'a call for legal action'

It was an explanation of the situation in response to javeajags point - just trying to be helpful for those who are interested

Correct 

[Jordanhill Jag]

10 hours ago, AndyMac said:

Perhaps the board will be good enough to make a statement. It would certainly help to clear matters up and put an end to all this mindless speculation

Exactly - they have been quick enough to respond to other things mentioned on the Forum - if there is a takeover they will have been approached as they have to OK the Share Transfer - so you state the position  - if there isnt one-  and No approach has been made - then just say that ?

Why is that so difficult ?  Or even unreasonable ? 

 

 

 

[West of Scotland]

11 hours ago, AndyMac said:

This takeover bid is not just a Facebook, forum or twitter rumour. It has been widely reported in all major newspapers.

Widely reported? Let's see:

The Daily Mail posts a non-story with no attributable sources or real information, a eighteen-month-old quote from the owners of Barnsley, and a single line from the club, where they say it's "business as usual." That's clearly an intern who is paid buttons to lift rumours from facebook.

The Scottish Sun repeats the story almost word for word with the same quotes, stating that they learned it from the Daily Mail. No news, no information.

The Herald has an "unnamed businessman" (pal of the reporter) giving his opinion of the generalities of whether or not Scottish football clubs may or may not be of interest to foreign investors. No news. No information.

The BBC "football gossip" page, has a link to the Daily Mail article.

Apart from that, if we hadn't signed an ex-currant bun, we wouldn't have even registered as a blip on any other site in the past week.

 

As a demonstration of how utterly dead journalism is this could be featured in Private Eye but, there is absolutely nothing to this story except for someone "in the know" on facebook.

If anyone has found any actual facts, please correct me.

There's no smoke without fire? There's no smoke without smoke.

Now, if you'll excuse me, I'm going to go soak my computer in bleach after visiting those disgusting websites.

 

[javeajag]

Just now, Jordanhill Jag said:

Exactly - they have been quick enough to respond to other things mentioned on the Forum - if there is a takeover they will have been approached as they have to OK the Share Transfer - so you state the position  - if there isnt one-  and No approach has been made - then just say that ?

Why is that so difficult ?  Or even unreasonable ? 

 

 

 

Yeah i don’t get that either 

[jaf]

If there is a deal, I would expect it to contain confidentiality clauses, and 'joint announcement/publicity' clauses. Therefore, IF there is a deal in progress, I wouldn't expect comment from the board.

Anyway, I am away off to The Montrose FC Summer Lunch to discuss football for a bit instead of a busmans holiday of reading this forum!

 

 

Edited June 28, 2019 by jaf

[Third Lanark]

39 minutes ago, Jordanhill Jag said:

Exactly - they have been quick enough to respond to other things mentioned on the Forum - if there is a takeover they will have been approached as they have to OK the Share Transfer - so you state the position  - if there isnt one-  and No approach has been made - then just say that ?

Why is that so difficult ?  Or even unreasonable ? 

 

 

 

Apologies if I’m wrong as there has been so much posted - but did you not post that a takeover was definitely happening?

as I say apologies if wrong

[West of Scotland]

Jordanhill Jag hasn't yet found a stick too small to hit the current managers of the club with.

Edited June 28, 2019 by West of Scotland