Notice of AGM

[speedy_gonzales]

Have all shareholders on this site received the letter?
I've missed the last two accounts/AGM's due to moving house and my address not being updated.
It was confirmed last year (in the January) by Chris Gaunt as being updated, but I still never received anything.

[matty_f]

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Have all shareholders on this site received the letter?
I've missed the last two accounts/AGM's due to moving house and my address not being updated.
It was confirmed last year (in the January) by Chris Gaunt as being updated, but I still never received anything.

I never got a letter today, i suspect it’ll come tomorrow.

[speedy_gonzales]

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I never got a letter today, i suspect it’ll come tomorrow.

Cheers Matty 👍🏻

[mixusman]

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What sort of investment have Lorient had in the 13 months since Foley invested? Genuine question as I think that would give us the best idea of what to expect.

just had a Quick Look at the league table for fc lorient, hope it’s not a worrying sign , but 2nd bottom in relegation zone after 20 games 🫣

[007]

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The debt to Bydand was around £2m in the last published accounts (up to the end of June 2022). I think this was spent on the big screens, LED banners, perhaps some players?

Since then we've had the money invested in the hospitality, Solar panels on the East Stand (and at the training centre?), new floodlights, new hybrid pitch and fees spent on Vente, Youan and Levitt (anywhere up to £2m rumoured).

Could certainly see those things adding an additional £3m+ to the borrowings from Bydand.

If they are effectively writing this off (debt for equity) for a nominal share value of £1.7m then that's a great deal for the club surely, rather than being a negative, although I can understand the argument it has been largely wasted when it comes to the purchase of players.

I suppose it remains to be seen if they are writing off the full debt for that amount though.

Plus fitting out the West Stand hospitality, which will likely account for a large part of the £2m.

[DavieRoy]

The worrying thing for me is the debt that has been built up and the need to convert it into equity.

If new investment is coming in and it is going to be spent in different ways then fine but what if it is squandered again and more debt gets built up. Let's be honest, the recruitment is dire and we seemed to be speculating to accumulate which is risky.

Also, it seems a bit of a power grab or rather diminishing any say the fan shareholders have.

The guy Robb with 10% must be voting for it otherwise they wouldn't go this far.

What annoys me is, this might be good, it might be bad but it appears like the Gordon's have tried to limit scrutiny to me. If they have done a deal with Robb then it doesn't look transparent. Ultimately nothing wrong as it would represent more than 75% of shares but if it is so good, then sell it to us rather than make everyone think there is a pot of gold when it is more complex than that.

[CentreLine]

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Plus fitting out the West Stand hospitality, which will likely account for a large part of the £2m.

Does that mean the various transfer fees we have received have also gone in to these projects? I’m feeling very uncomfortable about this, maybe because I don’t understand company finance but hope there is a genuine explanation at the AGM.

[Chipper1875]

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The worrying thing for me is the debt that has been built up and the need to convert it into equity.

If new investment is coming in and it is going to be spent in different ways then fine but what if it is squandered again and more debt gets built up. Let's be honest, the recruitment is dire and we seemed to be speculating to accumulate which is risky.

Also, it seems a bit of a power grab or rather diminishing any say the fan shareholders have.

The guy Robb with 10% must be voting for it otherwise they wouldn't go this far.

What annoys me is, this might be good, it might be bad but it appears like the Gordon's have tried to limit scrutiny to me. If they have done a deal with Robb then it doesn't look transparent. Ultimately nothing wrong as it would represent more than 75% of shares but if it is so good, then sell it to us rather than make everyone think there is a pot of gold when it is more complex than that.

Does anyone know if Robb goes to the games ?

[TrinityHFC]

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The worrying thing for me is the debt that has been built up and the need to convert it into equity.

If new investment is coming in and it is going to be spent in different ways then fine but what if it is squandered again and more debt gets built up. Let's be honest, the recruitment is dire and we seemed to be speculating to accumulate which is risky.

Also, it seems a bit of a power grab or rather diminishing any say the fan shareholders have.

The guy Robb with 10% must be voting for it otherwise they wouldn't go this far.

What annoys me is, this might be good, it might be bad but it appears like the Gordon's have tried to limit scrutiny to me. If they have done a deal with Robb then it doesn't look transparent. Ultimately nothing wrong as it would represent more than 75% of shares but if it is so good, then sell it to us rather than make everyone think there is a pot of gold when it is more complex than that.

You don’t get much more scrutiny than asking shareholders to vote. The fact is that the owners have 67% and they will pretty much pass what they like. That’s what comes with owning things!

They don’t need Robb to vote with them really. For the special resolution the 75% applies to the percentage of votes cast, not the percentage of the share register. It will pass easily with the Gordons voting for it.

[DavieRoy]

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Does anyone know if Robb goes to the games ?

Not sure.

For me, HSL might and individual shareholder might vote in favour anyway but it seems as if the spin is focus on Billionaire, investment and transfer money rather than sell the vision and lay all the cards on the table.

Yes, the AGM may be the place to do it but let's be honest, it is obviously already agreed. Transparency is an issue and if there is nothing to hide then sell the vision properly.

[DavieRoy]

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You don’t get much more scrutiny than asking shareholders to vote. The fact is that the owners have 67% and they will pretty much pass what they like. That’s what comes with owning things!

They don’t need Robb to vote with them really. For the special resolution the 75% applies to the percentage of votes cast, not the percentage of the share register. It will pass easily with the Gordons voting for it.

They don't own the whole club and the scrutiny doesn't matter if they have agreed with Robb. Yes, they might get it over the line themselves but they would make sure they have an insurance policy to guarantee it.

Should Robb state his position publicly, even if he is under no obligation. Do fans deserve to know what he thinks?

[Chipper1875]

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You don’t get much more scrutiny than asking shareholders to vote. The fact is that the owners have 67% and they will pretty much pass what they like. That’s what comes with owning things!

They don’t need Robb to vote with them really. For the special resolution the 75% applies to the percentage of votes cast, not the percentage of the share register. It will pass easily with the Gordons voting for it.

If Rob and HSL vote against it , the resolution fails ?

[TrinityHFC]

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They don't own the whole club and the scrutiny doesn't matter if they have agreed with Robb. Yes, they might get it over the line themselves but they would make sure they have an insurance policy to guarantee it.

Should Robb state his position publicly, even if he is under no obligation. Do fans deserve to know what he thinks?

They own enough to do pretty much what they like.

They don’t need to have done any deal with Robb and he’s under no obligation of any sort to tell anyone what he thinks about anything.

If you are a shareholder you’ve every right to attend the AGM and ask any questions you like about the business to be voted on.

[TrinityHFC]

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If Ron and HSL vote against it , the resolution fails ?

Yes, if those two feel strongly enough about dis-applying pre-emption rights then that resolution will fail and the other share related items wouldn’t take place.

[jacomo]

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What if we win?

Ben goes full Rubiales, jumps on the table and grabs his crotch while roaring his head off?

[DavieRoy]

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They own enough to do pretty much what they like.

They don’t need to have done any deal with Robb and he’s under no obligation of any sort to tell anyone what he thinks about anything.

If you are a shareholder you’ve every right to attend the AGM and ask any questions you like about the business to be voted on.

I get all that. That is why I said, 'even if he is under no obligation'.

You are being matter of fact and you are right, I am just putting out there as both a shareholder and fan, it would be good to know more about what he thinks. If he is convinced and tells us why, it might make me back it.

He is under no obligation. Just because it is a football club, we have no right to know why he would back this if he doesn't want to say. Would it no be more transparent though?

[Billy Whizz]

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If Rob and HSL vote against it , the resolution fails ?

Presume you mean Robb? Wonder if him and HSL are having a chat as we speak

I’ll be honest, any more time under the ownership of Gordon and Kensell is giving me the fear. They’ll still have control and the BK Group can’t buy Hibs under current rules
I gather Lorient fans don’t want Foley anywhere near their ground either

I think every Hibs fans really need to see the fine detail of this. If this goes through we’ll never have any say in our club ever, other than by protests

[Jack]

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Plus fitting out the West Stand hospitality, which will likely account for a large part of the £2m.

IIRC the money to do up the hospitality was from the interest free Scottish Government covid loan.

[TrinityHFC]

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I get all that. That is why I said, 'even if he is under no obligation'.

You are being matter of fact and you are right, I am just putting out there as both a shareholder and fan, it would be good to know more about what he thinks. If he is convinced and tells us why, it might make me back it.

He is under no obligation. Just because it is a football club, we have no right to know why he would back this if he doesn't want to say. Would it no be more transparent though?

He’s just a bloke with a bit of cash that allowed him to put a chunk of it in Hibs. He isn’t a party to this and it’s nothing to do with any of us what he thinks about it. Those involved have detailed the resolutions we are being asked to vote on, we can ask all the questions we want and then we can all vote.

[DavieRoy]

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He’s just a bloke with a bit of cash that allowed him to put a chunk of it in Hibs. He isn’t a party to this and it’s nothing to do with any of us what he thinks about it. Those involved have detailed the resolutions we are being asked to vote on, we can ask all the questions we want and then we can all vote.

Well, I think he is party to this and I want to know what he is doing and how it is going to impact on the club I support. I am not entitled to know, I have no right to know but I think we all should know. You will repeat that he can do whatever he wants and you are right but so what.

Plus, it makes no difference what we ask, say or do at the AGM, the Gordon's and Robb will get this through.

[TrinityHFC]

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Well, I think he is party to this and I want to know what he is doing and how it is going to impact on the club I support. I am not entitled to know, I have no right to know but I think we all should know. You will repeat that he can do whatever he wants and you are right but so what.

Plus, it makes no difference what we ask, say or do at the AGM, the Gordon's and Robb will get this through.

What you think, as we both know I reckon, is nothing to do with it. There’s no indication at all that any private shareholder is acting in concert with other shareholders.

Anyway, whilst the theory of how this might get voted down is all very interesting it isn’t going to happen, as you say.

[Callum_62]

Looking forward immensely to the summer window

Reckon it will be a record breaking window in terms of fees

Sent from my Pixel 7 Pro using Tapatalk

[Hibees1973]

Reading through the last few pages has been interesting.

Some guys on here seem to have some understanding what is going on but most feel there is a lack of clarity and transparency. Maybe the AGM will iron out some of the details, but at the end of the day minor shareholders like me and supporters like out there can't do anything about it. Seems to me the deal is done.

Ian Gordon and Kensell have driven this deal with Foley. Thankfully and finally there is a growing consensus on hibs.net and other Hibs supporters I know that anything that Ian Gordon and Kensell have been involved in cannot be trusted. I'm old enough to remember Duff & Gray. Guys who meant well , but didn't have a clue which led the club to the brink of oblivion.

I've had serious doubts about these two for some time. Sadly I think we are too far into this deal with Foley to back out.

[matty_f]

I might have missed an answer on this but the Debt for Equity that's being voted on, could that be on the basis of Foley lending that amount to the club and then taking shares for it? I'm not sure what, if any, point there would be in doing that, but it would seem a bit of a coincidence that the amount is almost the c£6m investment figure that was quoted in earlier reports and that we've not had any inkling that the club might have borrowed such a significant amount until now.

[matty_f]

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Reading through the last few pages has been interesting.

Some guys on here seem to have some understanding what is going on but most feel there is a lack of clarity and transparency. Maybe the AGM will iron out some of the details, but at the end of the day minor shareholders like me and supporters like out there can't do anything about it. Seems to me the deal is done.

Ian Gordon and Kensell have driven this deal with Foley. Thankfully and finally there is a growing consensus on hibs.net and other Hibs supporters I know that anything that Ian Gordon and Kensell have been involved in cannot be trusted. I'm old enough to remember Duff & Gray. Guys who meant well , but didn't have a clue which led the club to the brink of oblivion.

I've had serious doubts about these two for some time. Sadly I think we are too far into this deal with Foley to back out.

I don't get how there's a lack of transparency when the items that are to be discussed have been circulated and we're all discussing it on here? That seems to me the least cloak and dagger thing to do.

[TrinityHFC]

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I don't get how there's a lack of transparency when the items that are to be discussed have been circulated and we're all discussing it on here? That seems to me the least cloak and dagger thing to do.

Yep, always seems like lack of understanding equates to lack of transparency but then quickly moves to a conclusion that individuals can’t be trusted!

I think there’s been a fair amount of clarification of what the technical resolutions mean.

[TrinityHFC]

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I might have missed an answer on this but the Debt for Equity that's being voted on, could that be on the basis of Foley lending that amount to the club and then taking shares for it? I'm not sure what, if any, point there would be in doing that, but it would seem a bit of a coincidence that the amount is almost the c£6m investment figure that was quoted in earlier reports and that we've not had any inkling that the club might have borrowed such a significant amount until now.

Don’t think so. The debt has been the mechanism to get our recent investment done. Turning it into shares now gives the Gordons the level of additional shares they need to retain their level of holding. As we are issuing new shares the BKs will pay for their 25%. That can go into the club as it isn’t from the Gordons’ holding. Think that roughly equates to the £6m type of level being talked about.

I think…

[Pretty Boy]

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I might have missed an answer on this but the Debt for Equity that's being voted on, could that be on the basis of Foley lending that amount to the club and then taking shares for it? I'm not sure what, if any, point there would be in doing that, but it would seem a bit of a coincidence that the amount is almost the c£6m investment figure that was quoted in earlier reports and that we've not had any inkling that the club might have borrowed such a significant amount until now.

I think that poses a question about how Foley will fund the club in future.

I believe he has written off in the region of £90M in loans to Bournemouth in a debt for equity swap relatively recently. Whatever the specifics there has also been some kind of debt for equity deal with Bydland/the Gordons at Hibs.

Given the limitations imposed on Foley's current and future shareholding by the SFA ongoing debt for equity deals aren't going to be readily possible if his investment is in the form of loans as, even with the constant creation of new shares, they would tip him over that 29% limit. It's something that would be good to have a bit clarity on, it's not necessarily anything to worry about at the moment (or at all) but we have no idea how this will evolve in the next 10, 15 or whatever years and the impact of substantial debt in the form of loans to the club from a minority shareholder.

[CropleyWasGod]

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I might have missed an answer on this but the Debt for Equity that's being voted on, could that be on the basis of Foley lending that amount to the club and then taking shares for it? I'm not sure what, if any, point there would be in doing that, but it would seem a bit of a coincidence that the amount is almost the c£6m investment figure that was quoted in earlier reports and that we've not had any inkling that the club might have borrowed such a significant amount until now.

Hiya Matty. I did see that question, but couldn't answer at the time.

I think it is coincidence. For one thing, isn't it the Bydand loan that is being converted? And I agree that there would be little point in Foley lending us that cash, and then converting it to shares. He'd be as well just taking out shares in the first place.

[007]

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IIRC the money to do up the hospitality was from the interest free Scottish Government covid loan.

Not according to the accounts. It was from the £2m loan.

The govt loan was at the beginning of the 2021/2022 season and contributed to covering costs whilst our income was impacted due to covid. The hospitality upgrade was before the start of the following season.

Some of our costs in 2021/2022 were for the big screens, not long after the government loans so maybe that's what you're thinking of. So arguably we just did what anyone would do when given a big wad of interest free money, went out and bought a massive f***-off tv....x2.