Notice of AGM

[MelbourneHibees]

People thinking we are going to be spending big fees this summer need to reconsider their expectations. If we were signing players on big money then they'd be getting loaned to teams in a more competitive league that the SPFL Premiership immediately. If they do well we might get some decent fees when we sell them to Bournemouth however, to buy our own players.

[matty_f]

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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.

Yeah, actually just went and read the OP properly, it’s clearly Bydand where the loan has come from. Thanks (and to Trinity for their answer as well).

[MelbourneHibees]

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People thinking we are going to be spending big fees this summer need to reconsider their expectations. If we were signing players on big money then they'd be getting loaned to teams in a more competitive league that the SPFL Premiership immediately. If they do well we might get some decent fees when we sell them to Bournemouth however, to buy our own players.

I'd also add however that we probably can expect more loans from Bournemouth youth squad who youd like to think will be a decent standard.

[Lago]

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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.

So attend and ask questions, express your dissatisfaction.

[jacomo]

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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.

If you don’t trust Ian and Ben, wouldn’t you be happy to have another strong voice at the table?

Duff and Gray got us into financial bother through ill-advised commercial ventures that were supposed to benefit the club but ended up exposing Hibs to mortal risk. That’s not the concern here, because - financially speaking - we are a very minor concern to the Black Knights.

I still have concerns, but am somewhat reassured by Bill Foley’s public comments on the deal. His ambitions seem realistic and he does appear to have huge wealth behind him.

[Hibeesdaft16]

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So attend and ask questions, express your dissatisfaction.

Yeah because that usually works at an agm right enough.

[007]

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Getting pretty concerned about the “investment” the more I look at the numbers posted out with the AGM notice. Done some back of a fag packet calcs to present how the share % will change if we vote the boards proposal through.

Ultimately I think there are many benefits to be part of a “football group” but with IG and BK already proving consistently they can’t run a FOOTBALL club despite being hugely successfully on the commercial front I have little faith in their ability to perform the due diligence required to give me confidence that this direction is worth fan ownership dropping form 33% (more than enough to stop any kind of future malice) to under 15% (leaving us without a voice should the assortment of Americans get bored in this project).

FWIW the Gordons have shown that they care about the club but other than cash they’ve no real skin in the game of this soon to be 150 year old club - I just wonder what we’re willing to forego for the chance of a sniff of success / loans from “big English clubs”.

If anyone’s of the same mind - hit me up with a DM, be good to get a call/pint and discuss the merits of the proposal. Not a vote I’ll be taking lightly despite it being as good as through imo

You say other than cash they've no skin in the game. I'd say the cash spent initially plus the debt that's about to be converted to equity is quite a lot of skin in the game. What previous owners have had as much skin in the game?

[Hibeesdaft16]

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You say other than cash they've no skin in the game. I'd say the cash spent initially plus the debt that's about to be converted to equity is quite a lot of skin in the game. What previous owners have had as much skin in the game?

Farmer wasn't looking to make money from the club when he sold us, pretty sure under him and loans he gave the club and then wrote off a lot of built the whole stadium and training ground.

Any investments the Gordons have put in they will look to get back and it increases the value of the club of which they paid for. They aren't putting in their own investment without getting it back and their mistakes on the playing side of things won't hit them in the pocket, ever.

[007]

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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.

What is untrustworthy about Ian Gordon (the Gordons) converting the debt to equity?

[007]

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Farmer wasn't looking to make money from the club when he sold us, pretty sure under him and loans he gave the club and then wrote off a lot of built the whole stadium and training ground.

Any investments the Gordons have put in they will look to get back and it increases the value of the club of which they paid for. They aren't putting in their own investment without getting it back and their mistakes on the playing side of things won't hit them in the pocket, ever.

How much of his money did he write off?

[matty_f]

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Farmer wasn't looking to make money from the club when he sold us, pretty sure under him and loans he gave the club and then wrote off a lot of built the whole stadium and training ground.

Any investments the Gordons have put in they will look to get back and it increases the value of the club of which they paid for. They aren't putting in their own investment without getting it back and their mistakes on the playing side of things won't hit them in the pocket, ever.

What specifically are you thinking is going to happen that we need to worry about?

[Pretty Boy]

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What specifically are you thinking is going to happen that we need to worry about?

As I said above my concern is the future funding model.

A chunk of Foley's financing of Bournemouth was through loans that were settled through debt for equity, that's not an option at Hibs. I think the consensus, and indeed Foley's own words, is that we want to be consistently 3rd. Conservatively I think that takes £8-10M of ongoing investment per season. Some of that will be generate organically if we do improve our cup and European runs but some will have to come from other funding. If that is going to be loans from Foley or indeed the Gordons then how do Hibs service a debt that could grow, again as an example, by £5M a season? Even as a soft loan that's £25M in 5 years. Are we hoping there is a debt write off for nothing? That our on field performance improves so much that we can easily service such debt through football income? Or the rules change and debt for equity becomes an option for the Foley group?

It seems there is an element of 'we'll owe it to ourselves' at play. There is every chance it will be fine but it's something that needs properly clarified at the AGM so we are going in with our eyes wide open. I think a lot of people (not you) are thinking of this as some act of footballing philanthropy and hoping, maybe even expecting, that we are getting a whole load of cash for nothing. I think that's highly unlikely so the nature of future investment has to be made clear.

[Stairway 2 7]

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.

Any investments the Gordons have put in they will look to get back and it increases the value of the club of which they paid for. They aren't putting in their own investment without getting it back and their mistakes on the playing side of things won't hit them in the pocket, ever.

If you were the Gordon's accountants and you advised them to right off 6 million in debt to yourselves for shares, just so they could have more value from those shares in the future then you'd get sacked. Especially as their share holdings hasn't increased that much due to the addition of black Knight

[El Gubbz]

Found the 2023 financial statements on the clubs website

https://d3tepru76oevpi.cloudfront.ne...30.06.2323.pdf

[Hibs4185]

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Found the 2023 financial statements on the clubs website

https://d3tepru76oevpi.cloudfront.ne...30.06.2323.pdf

Well found!

[Forza Fred]

As with any thread, there are a few interlopers on here.

Not very clever ones though…..they tend to use exactly the same figures, syntax and wording as they do on their home site………

[Chorley Hibee]

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Found the 2023 financial statements on the clubs website

https://d3tepru76oevpi.cloudfront.ne...30.06.2323.pdf

As bad as I thought.

A 3.9m loss for the year, and that's with 3.2m in player trading profit.

Nice to see that additional revenue generated from hospitality going to good use.

[TrinityHFC]

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As bad as I thought.

A 3.9m loss for the year, and that's with 3.2m in player trading profit.

Nice to see that additional revenue generated from hospitality going to good use.

There isn't an immediate payback for these capital investments unfortunately. They go on to say that they are on track for record breaking revenue for the current year and the wage ratio is well down.

We can't ask for people like the Gordons to come and invest in us and then criticise losses and debt - they can't just pay for things out their own pocket. They are doing the next best thing by swapping out now for equity.

[Smartie]

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As bad as I thought.

A 3.9m loss for the year, and that's with 3.2m in player trading profit.

Nice to see that additional revenue generated from hospitality going to good use.

I'll wait for some of our resident experts to comment, however...

Do they not make for pretty grim reading?

Maybe the Gordons are happy propping up losses and it's all part of their plan?

It reads to me like a bit of "speculate to accumulate" to get 3rd has been going on, all during a "cost of living crisis" when businesses everywhere have been seeing their costs rocket.

As it stands, the Foley money is going to come in and cover for a few years of utter ineptitude whilst we wait for Porteous magic beans to turn into some sort of beanstalk from Watford's reserve team...

[TrinityHFC]

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I'll wait for some of our resident experts to comment, however...

Do they not make for pretty grim reading?

Maybe the Gordons are happy propping up losses and it's all part of their plan?

It reads to me like a bit of "speculate to accumulate" to get 3rd has been going on, all during a "cost of living crisis" when businesses everywhere have been seeing their costs rocket.

As it stands, the Foley money is going to come in and cover for a few years of utter ineptitude whilst we wait for Porteous magic beans to turn into some sort of beanstalk from Watford's reserve team...

The equity swap will cover - then the BK money would be coming into the club on top of that - not debt by the looks of things initially, but in cash paying for the new shares.

It is speculating and a lot of that capital expenditure doesn't have straight pay back - the pitch, floodlights etc. Some will have long term income befits like the hospitality.

Anyway, if the deals all go through we will be in a pretty decent position given we will have spent on all that stuff already. We are obviously confident enough to be talking about further spend on the North stand and the training centre.

[GloryGlory]

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As bad as I thought.

A 3.9m loss for the year, and that's with 3.2m in player trading profit.

Nice to see that additional revenue generated from hospitality going to good use.

This was a year when we got knocked out both cups early. No European football either. Shows how important these things are.

[CropleyWasGod]

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Found the 2023 financial statements on the clubs website

https://d3tepru76oevpi.cloudfront.ne...30.06.2323.pdf

I don't know where you got these, but they're not on the club's website.

They are in a form that's not for public consumption, and contain some information that is for the Club's use only.

Someone has ****ed up here, or worse. I think you (or the admins) might want to take these down for now, until the published accounts themselves are out.

[TrinityHFC]

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I don't know where you got these, but they're not on the club's website.

They are in a form that's not for public consumption, and contain some information that is for the Club's use only.

Someone has ****ed up here, or worse. I think you (or the admins) might want to take these down for now, until the published accounts themselves are out.

The accounts are on the club website.

Policies - Hibernian FC

[CropleyWasGod]

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The accounts are on the club website.

Policies - Hibernian FC

Gotcha, so they are.

It's still a ****-up, though. They're not in the form for public consumption. Someone has put TMI up there.

[Chipper1875]

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I don't know where you got these, but they're not on the club's website.

They are in a form that's not for public consumption, and contain some information that is for the Club's use only.

Someone has ****ed up here, or worse. I think you (or the admins) might want to take these down for now, until the published accounts themselves are out.

What’s the issue ? I’m a shareholder and haven’t received mine . Should we receive them before they get posted on club website. That’s where they are

[Stuart93]

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Gotcha, so they are.

It's still a ****-up, though. They're not in the form for public consumption. Someone has put TMI up there.

Imagine my shock at someone else within the club ****ing up, yet again

[Ringothedog]

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What’s the issue ? I’m a shareholder and haven’t received mine . Should we receive them before they get posted on club website. That’s where they are

They don’t get posted now. If you want to see the accounts you will do it via a link to them. If I remember correctly there is also the option to ask for them to be posted

[TrinityHFC]

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Gotcha, so they are.

It's still a ****-up, though. They're not in the form for public consumption. Someone has put TMI up there.

See what you mean - the management info has been left on the end.

[overdrive]

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What’s the issue ? I’m a shareholder and haven’t received mine . Should we receive them before they get posted on club website. That’s where they are

It'll be the management accounts that's been appended at the end

[JimBHibees]

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As bad as I thought.

A 3.9m loss for the year, and that's with 3.2m in player trading profit.

Nice to see that additional revenue generated from hospitality going to good use.

What dates does this cover?