I think you are getting hung up on a point that doesn't really matter.This quote is hidden because you are ignoring this member. Show Quote
HSL exists, for now, for one purpose and that is to buy shares in the football club on behalf of the support. That is all it will do (save for some small amount of admin and audit tasks). Until it has a 20% holding (iirc) HSL has no presence on the Hibs board and effectively no say in the running of the club.
It matters very little what LD's interests are, HSL has laid out how it operates, it will take money in then when that money reaches a pre-agreed level it will buy shares.
At 20% holding, HSL is guaranteed a seat on the board, as LD is Chief Exec of Hibs she will not take that seat, rather an elected person will.
It is very difficult to see where a conflict of interests could arise in this situation.
View Poll Results: Who are you likely to support regarding club ownership?
- Voters
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Hibernian Supporters Ltd
272 79.07% -
Hands On Hibs
2 0.58% -
BuyHibs
3 0.87% -
Haven't decided
27 7.85% -
None of them
40 11.63%
Results 181 to 210 of 330
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31-01-2015 12:31 AM #181Follow the Hibs podcast, Longbangers, on Twitter (@longbangers)
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31-01-2015 12:45 AM #182This quote is hidden because you are ignoring this member. Show Quote
Hibs have agreed the repayments at a level that it can comfortably afford from existing operating costs. We had a debt that needed repaid, we would pay c£500k (give or take) to the bank regardless of our income prior to the debt restructure.
We now have to make £500k in debt repayments from our normal income. What's left of that income is largely available to spend on the team. The share issue then gives Stubbs and co a figure over and above that remainder to invest on the park.
In the unlikely event that the club have got the budgets all wrong and we end up in deficit when the debt is repaid from our income, then instead of Stubbs having to sell or cut back he still has the remainder of the share income to spend.
The debt is debt - it needs repaid and the club needs to cut its cloth accordingly. LD and RP will have worked hard and carefully to ensure that the debt is at a level that is manageable with room to spare from our income. STF would have me reason to put the club in a position where it's taken on a repayment agreement that would result in the club operating at a loss.
Bear in mind also that the debt is to the holding company which exists for the sole purpose of running the football club. STF has guaranteed that the share money is not being put towards debt, he promised this to the shareholders at the AGM, therefore I think your fears are unfounded.Follow the Hibs podcast, Longbangers, on Twitter (@longbangers)
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31-01-2015 03:35 AM #183
I think Global Hibby makes some good points here. If some of the boards detractors framed their argument in such a way they might have gained more support. To attempt to summarise
* A repayment of the clubs settlement with the bank over a 10 year period would be c£200k a year
* On the basis the bank debt was bought for c£2m, the boards framing of a "debt for equity" is disingenuous as effectively they've taken credit for a bank write off
* The other £3m owed to holding co has effectively covered trading losses. This is arguably due to mismanagement
* This £3m has never had a repayment schedule previously - is it right and just to ask the club to begin repaying now?
So STF is absolutely within his rights to take the approach he has and seek repayment of the holding co loans. However Global argues that the holding co £3m could have been deferred until we're in a better financial position in the top flight.
It shouldn't be forgotten STF is diluting his shareholding though.
For me personally I think we can continue to pore over all this or move forward with the boards proposals. I will be doing the latter and buying shares.
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31-01-2015 06:59 AM #184This quote is hidden because you are ignoring this member. Show Quote
I agree with some of GH's points also but have come to the same conclusion that you have in your last paragraph. I support the deal, will subscribe direct & via HSL and hope the detractors come round.
Also like greenginger noted above I'm not in the 700 registered but will be me + 3/4 family members to add to the list."We've also been unsure about what has happened to the receipts of the players who have been sold."
George Foulkes BBC website 20/3/08
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31-01-2015 08:15 AM #185This quote is hidden because you are ignoring this member. Show Quote
She looked the questioner (Jim Slaven I believe ) straight in the eye and said "because I have experience in this". It was a clear answer to the question, as well as a dig at those who have yet to come up with anything that has convinced the support of a credible alternative.
HSL exists solely to raise money to buy shares in HFC. That is its sole purpose. With the exception of the running costs, all money raised goes out again.
There are currently another 5 directors, with the possibility of another 2 soon.
The members have the ability to vote her off.
Against the backdrop of that, I am struggling to see what LDs conflict of interest is. Even if there is one, it can be dealt with by getting rid of her.Last edited by CropleyWasGod; 31-01-2015 at 08:52 AM.
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31-01-2015 08:54 AM #186
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31-01-2015 09:01 AM #187
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31-01-2015 09:13 AM #188
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There appears to be an assumption that the £6.3m of bank debt has been bought out for £2m. Has this been verified anywhere? If so, then I'd say that STF has struck a very good deal on behalf of Hibs.
If the Board aren't to take credit for this bank deal, who should? BuyHibs? (That was a joke btw).
Whatever the cause, the £3m owed to holding co is a debt - Hibs pay their debts.
Just because something doesn't have a repayment schedule, doesn't mean that it isn't repayable. Some people have been concerned about STF's exit strategy - here he has presented one, and others are complaining.
Thanks both Tyler and Global - these viewpoints are interesting, and I think I can see where you're coming from. Still doesn't change my view that the proposal on the table is a good one, one which takes into account the positions of all stakeholders in Hibs.
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31-01-2015 09:15 AM #189This quote is hidden because you are ignoring this member. Show Quote
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31-01-2015 09:18 AM #190This quote is hidden because you are ignoring this member. Show Quote
If I heard RP right the other night, the holding company paid some of the bank loan instalments between July and December. If that's the case, the £3m may well be a lot higher.
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31-01-2015 09:20 AM #191
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31-01-2015 09:22 AM #192This quote is hidden because you are ignoring this member. Show Quote
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31-01-2015 09:32 AM #193
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Remember that there would have been a fair amount of interest due if we continued the arrangement. Even just accepting early payment of the full amount outdtsnding would be a discount. Talk of paying less than £2m for over £6m worth doesn't add up.
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31-01-2015 09:34 AM #194
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Someone would be lying to us about the need for the debt for equity swap.
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31-01-2015 10:00 AM #196This quote is hidden because you are ignoring this member. Show Quote
And just in case - I heard that the bank insisted on £7.0m but settled for £6.2m.
In practice there is a limit on how much of a hit the bank will have taken. I don't know where the £2m settlement figure comes from, and don't trust it because why would the bank agree to write off £4m from a business which has always paid its debts on time and which has those debts secured over valuable assets and guaranteed by a very wealthy man?Mature, sensible signature required for responsible position. Good prospects for the right candidate. Apply within.
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31-01-2015 10:25 AM #197
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31-01-2015 10:52 AM #198This quote is hidden because you are ignoring this member. Show Quote
The banks rationale has been covered in other threads. People are entitled to believe what they like but it would be very naive to think Hibs or other SPFL teams have paid anywhere near the full amounts outstanding.
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31-01-2015 10:53 AM #199This quote is hidden because you are ignoring this member. Show Quote
As an aside, they wanted a £1.5m settlement fee........
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31-01-2015 11:04 AM #200This quote is hidden because you are ignoring this member. Show QuoteMature, sensible signature required for responsible position. Good prospects for the right candidate. Apply within.
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31-01-2015 11:27 AM #201
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The deal is the deal. We pay £500k for the next 10 years or bring through and develope another Scott Brown and we are debt free with a cracking stadium and training facility. As fans we can choose to buy shares, join HSL, join BuyHibs ( are they going to buy shares?) ,form another group , shout abuse or do nothing. But the deal is still the deal
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31-01-2015 11:28 AM #202This quote is hidden because you are ignoring this member. Show QuoteFollow the Hibs podcast, Longbangers, on Twitter (@longbangers)
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31-01-2015 11:41 AM #203This quote is hidden because you are ignoring this member. Show Quote
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31-01-2015 11:55 AM #204This quote is hidden because you are ignoring this member. Show Quote
The decision to post that statement and subsequently email various individuals at Hibs was not taken lightly. I wrote a large part of it and was very careful to make it clear that was the personal views of the admin team not .net as a whole entity.
A number of posters then contacted myself asking to be signatories to the emails sent. In the end we sent the email a 2nd time with upwards of 250 signature. Again still clearly stating it was only the opinion of those who had signed. At no point did we censor or edit anyone who disagreed with our viewpoint and there was a few posters who continued to back Rod Petrie freely on here.
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01-02-2015 09:13 AM #205
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The near £1m financial gain this current season and year
A good news topic for debate this Sunday morning.
Now that Hibs have gained an near additional 1m gain this year.
What's the views on how much more the share offering will add to this years pot?
Are we seeing the benefits yet coming from the gain ?
Where would you like to see it invested ?
Will it prevent a loss this current year ?
How will we cope when the 1m is not there next year if the share offering does not replace it ?
Be great to see more questions, thoughts and ideas on this when I pop back later.
Have a great Sunday !
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01-02-2015 09:23 AM #206
If you had been successful with your takeover, would you have pumped in money every year on top of what you had originally put in?
How would the club under your ownership have dealt with loses?
Would your investment have prevented loses this year?
If you would not have put extra money in, how would we have coped not having that money the year after?
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01-02-2015 09:28 AM #207
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01-02-2015 09:33 AM #208
HSL for me. The HoH campaign is an absolute embarrassment, they keep making big claims and sweeping statements that they have absolutely nothing to back it up with and quite frankly im getting sick of them constantly trying to create a war with the club.
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01-02-2015 09:34 AM #209This quote is hidden because you are ignoring this member. Show Quote
One question for you...where have you been these last few months, as you seem to have only reappeared after the share issue/HSL scheme was announced?
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01-02-2015 09:48 AM #210This quote is hidden because you are ignoring this member. Show Quote
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