Richard Skellett - Back On The Scene? (Old thread revived.... he’s not.)

[jacomo]

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As far as I know there is no “new share issue”only the issuing of shares to HSL as they come up with cash.In my opinion there is no chance that the holding company’s shareholding will be allowed to fall below 51%.

I think this is an interesting one because at launch I think a potential 51% was offered for sale.

STF had a change of heart?

[HibeeHibernian4]

Not got much to comment on the Skellett story itself, but genuinely alarming reading people in 2014 not being against the idea of moving Hibs from Leith. The day it happens is the day I stop supporting this club. Aberdeen are selling their home and their soul to play in some soulless barn miles out of the city centre, god help us if that happens to Hibs too.

[greenginger]

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I think this is an interesting one because at launch I think a potential 51% was offered for sale.

STF had a change of heart?

http://www.hibernianfc.co.uk/news/6327


Yep, 51% available to the fans.

Not seen anything to change that.

[jacomo]

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http://www.hibernianfc.co.uk/news/6327


Yep, 51% available to the fans.

Not seen anything to change that.

Yes, but at the moment there are no shares available to buy except through HSL. So if 51% is still the target STF is happy with a very gradual process.

[PatHead]

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Yes, but at the moment there are no shares available to buy except through HSL. So if 51% is still the target STF is happy with a very gradual process.

I suspect that the uptake for shares was a lot lower than expected. This was probably due to the need for financial advice.

[superfurryhibby]

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I suspect that the uptake for shares was a lot lower than expected. This was probably due to the need for financial advice.

I bought my shares without financial advice. It wasn’t a prerequisite.

[Vini1875]

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I bought my shares without financial advice. It wasn’t a prerequisite.

So did I, didn't think I needed it given I wasn't going to be selling them. The lack of input from huge numbers of fans I am sure has more to do with already being in safe hands with STF. Possibly if we had been up against the way hearts were there would have been more of desperate need and so more would have chipped in.

[jabis]

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Moving to straiton might have been an interesting idea, but it would have been a kick in the teeth for the people of Leith, the very reason STF apparently saved the club for?

Popcorn at the ready,I know it's 2014.........but saying the only reason Sir Tom saved the club was to kick the teeth of leithers.........no.

[jabis]

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Anyone know what the situation is with the mortgages on the stadium? Are they interest only? Just asking as it'll be 25 years since we built the FF and South in a couple of years time. Are we going to have to set up a new mortgage on them? Cannae see that helping us much...

Popcorn going down a great.

Edit...Glad to see this got explained to hibsfanny

[greenginger]

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Yes, but at the moment there are no shares available to buy except through HSL. So if 51% is still the target STF is happy with a very gradual process.

The Club has a total number of authorised shares of 125 million , of which 98.6 million have been issued.

HSL has about 12 million at present and if it is to achieve its targeted 25 % of the Club ( 31.25 million shares ) , it will have to purchase a further another 19.25 million shares.

That leaves only 7.15 million shares available for non HSL purchase.

Perhaps the board are giving the various large scale purchasers time to form alliances before opening the general offer again.

[nonshinyfinish]

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I bought my shares without financial advice. It wasn’t a prerequisite.

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So did I, didn't think I needed it given I wasn't going to be selling them. The lack of input from huge numbers of fans I am sure has more to do with already being in safe hands with STF. Possibly if we had been up against the way hearts were there would have been more of desperate need and so more would have chipped in.

Were you existing shareholders?

I'm 99% certain that new shareholders were required to get the appliction signed off by an IFA. I got the details of a friendly IFA on here who did it for nothing but the love of the Hibees, but otherwise it would have cost more than the shares themselves.

I would imagine some would-be shareholders were put off by this. Obviously the option to contribute to HSL is always there, but personally I wanted the novelty of actually owning a bit of the club.

[nonshinyfinish]

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98.6 million have been issued

0.00507% of them are mine.

[ancient hibee]

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Were you existing shareholders?

I'm 99% certain that new shareholders were required to get the appliction signed off by an IFA. I got the details of a friendly IFA on here who did it for nothing but the love of the Hibees, but otherwise it would have cost more than the shares themselves.

I would imagine some would-be shareholders were put off by this. Obviously the option to contribute to HSL is always there, but personally I wanted the novelty of actually owning a bit of the club.

You’re right and wrong.When the shares were first launched there was an advice requirement .There was a poor uptake and there was a re launch with no advice required.

[Baader]

Own shares and did not see an IFA. I knew what I was getting into. It's not like I'll ever sell them so am not bothered by their value.

[nonshinyfinish]

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You’re right and wrong.When the shares were first launched there was an advice requirement .There was a poor uptake and there was a re launch with no advice required.

Fair enough, I missed the second launch.

[Danderhall Hibs]

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Own shares and did not see an IFA. I knew what I was getting into. It's not like I'll ever sell them so am not bothered by their value.

You weren’t allowed to do this at the first launch though - whether you knew what you were getting into or not.

[PatHead]

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You’re right and wrong.When the shares were first launched there was an advice requirement .There was a poor uptake and there was a re launch with no advice required.

The original share offer came out just after legislation came into force protecting small investors in unlisted companies. Before the legislation changed unscrupulous companies would do things like make share issues for cash only with no certificates. This type of behaviour was blocked by the legislation.

Although this would not normally affect football supporters as we don’t buy looking to make a profit, the club followed the rules to the letter. I am not sure how they managed to get around the rules the second time.

That issue was not a great success either.

[PatHead]

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You weren’t allowed to do this at the first launch though - whether you knew what you were getting into or not.

You were if you already owned shares.

[ancient hibee]

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The original share offer came out just after legislation came into force protecting small investors in unlisted companies. Before the legislation changed unscrupulous companies would do things like make share issues for cash only with no certificates. This type of behaviour was blocked by the legislation.

Although this would not normally affect football supporters as we don’t buy looking to make a profit, the club followed the rules to the letter. I am not sure how they managed to get around the rules the second time.

That issue was not a great success either.

Surely no Edinburgh football club would ever take money for shares without issuing certificates.

[PatHead]

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Surely no Edinburgh football club would ever take money for shares without issuing certificates.

And no idiot would encourage their children to miss Christmas, empty their piggy banks and give it all to a dodgy Lith.

[Baader]

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You weren’t allowed to do this at the first launch though - whether you knew what you were getting into or not.

I was. I already had some. Think that was only applicable for the first launch though and didn't apply afterwards.

[Danderhall Hibs]

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I was. I already had some. Think that was only applicable for the first launch though and didn't apply afterwards.

Sorry I thought you meant you bought them in the first launch not that you were a previous owner adding to their holding.

[FilipinoHibs]

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I suspect STF has bailed us out to the tune of several £millions over his stewardship. Does that count as self sufficient? Additional investment always welcome.

He essentially wrote off 3.5 million when converting half our debt to shares having paid off the bank. 3.5 million remains as mortgage. Is it zero percent interest?

[ancient hibee]

Yes.Interest free.

[Ozyhibby]

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The AGM would be a better place to ask those questions than here.

Hard to ask when STF is sitting there. Seems a bit disrespectful.
But it needs asked I suppose. It would be nice to know there was at least a plan and roughly what it was.


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[NAE NOOKIE]

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The AGM would be a better place to ask those questions than here.

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Hard to ask when STF is sitting there. Seems a bit disrespectful.
But it needs asked I suppose. It would be nice to know there was at least a plan and roughly what it was.


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Aye CWG … But the current discussion is on here so I reckon I can do both if I want

Ozy …. I get the sentiment, but in all honesty the road to hell is paved with unasked questions, if the fans are going to be genuine part owners of the club we have a responsibility to ask questions no matter how 'disrespectful' they might seem …. As a highly successful business man I'm sure nobody understands that better than STF.

[CropleyWasGod]

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Aye CWG … But the current discussion is on here so I reckon I can do both if I want

Ozy …. I get the sentiment, but in all honesty the road to hell is paved with unasked questions, if the fans are going to be genuine part owners of the club we have a responsibility to ask questions no matter how 'disrespectful' they might seem …. As a highly successful business man I'm sure nobody understands that better than STF.

My point is, though, that we can "discuss"all we want on here. Nobody on here actually knows the answers, (or, if they do, they're probably sworn to secrecy meantime) so it is all hot air and speculation.

Perhaps a better way, rather than the AGM, would be through somebody like Working Together.

[nonshinyfinish]

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the road to hell is paved with unasked questions

I thought it was good intentions. Have they resurfaced it recently?