Hibernian Supporters Limited launched today.
This scheme is NOT regulated by the Financial Conduct Authority so you can discuss the merits of participating if you like. However, you still CANNOT discuss the pros and cons of individuals buying shares for themselves.
The press release is below..........
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14-01-2015 10:34 AM #1
Hibernian Supporters Limited - Share Payment Plan
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14-01-2015 10:35 AM #2
The Board of Hibernian announced on 29 December 2014, that it intended to widen the ownership of the Club by issuing new shares that would enable the Holding Company’s shareholding in Hibernian to be diluted below 50%.
Today the creation of Hibernian Supporters Limited is announced, a company limited by guarantee that has been established with the sole purpose and primary objectives of acquiring shares in Hibernian Football Club Ltd and to hold those shares for the benefit of the supporters of the Club.
There is a binding legal agreement between Hibernian Supporters Limited and Hibernian Football Club that guarantees the transfer of shares on receipt of funds and that those funds will only be used to further the Club’s sporting ambitions and not directed to current shareholders.
Hibernian supporters will be able to make contributions to Hibernian Supporters Limited, which in turn will be used to acquire shares in Hibernian. Supporters who make contributions will not own shares directly but will own Hibernian Supporters Limited, which in turn will own the shares in the Club.
Hibernian Supporters Limited is a simple alternative to holding shares directly. Acquiring shares directly requires individuals to comply with rigorous Financial Services and Markets Act 2000 regulations.
Contributions to Hibernian Supporters Limited can be made on a monthly basis or by lump sum. The more money raised the more shares can be acquired. The more shares acquired mean more involvement and influence supporters can have in the Club – there is strength in solidarity.
It is intended to launch fundraising on 2 February 2015, following the Club’s AGM, and details of how to participate and contribute will be available on Hibernian Supporters Limited full website which will go live on that day. In the meantime details of the objectives and articles of association of Hibernian Supporters Limited can be found on the website landing page on www.hiberniansupporters.co.uk, along with details of the founding directors.
Annual contributions will be set at a minimum of £225 per annum or £18.75 per month and fundraising will continue until Hibernian Supporters Limited has acquired all the shares that it can buy from Hibernian Football Club Ltd.
More below....
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14-01-2015 10:36 AM #3
The Directors of Hibernian Supporters Limited are...
Kenny MacAskill, MSP
Charlie Reid, Proclaimer
Jackie McNamara, Hibs Legend
James Adie, Businessman
Gordon Smith, Businessman
Stephen Dunn, Former Hibernian FC Director
Leeann Dempster, Chief Executive, Hibernian FC
More below....
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14-01-2015 10:36 AM #4
Kenny MacAskill, MSP for Edinburgh Eastern who will Chair Hibernian Supporters Limited said:
“This is the start of an important journey that will lead to our Club being in the hands of its supporters. The journey can be shortened by the Hibernian family coming together supporting this important initiative. The more supporters who donate to Hibernian Supporters Limited the more shares we can buy. Our objectives are simple; to buy and hold shares for the benefit of supporters of our great Club.
“While we aim to launch the fundraising on 2 February 2015, we will seek to make as much information available as possible through our website and by meeting as many supporters as we can. This is an important day in the history of our Club. We want all supporters to grasp the opportunity and help us buy as many shares as we possibly can, because the more shares we acquire the more influence and a voice we will have.”
Pat Stanton, Club Legend said:
“I said in December that the Club’s proposals appeared to deliver what we all wanted. Hibernian Supporters Limited can now deliver our ambition to have a greater say and greater ownership as supporters in the Club we all love. It is important that we don’t compete against each other and we need to unite behind this initiative.
“I am personally backing Hibernian Supporters Limited with my support and I urge all Hibernian Supporters to do the same.”
Charlie Reid, Founding Director and Proclaimer said:
“Fan ownership has been on my agenda for a long time to ensure that the Club is in the hands of those who love it most, the fans. Hibernian Supporters Limited gives us all this opportunity and we need to grasp it firmly. In our 140th year, it will be the fans that can ensure another 140 years by taking stewardship of the Club through supporting Hibernian Supporters Limited buying up as many shares as it can.
“I am backing it and I encourage all Hibs fans to do the same.”
Jackie McNamara, Founding Director and Hibs Legend said:
“Hibernian Supporters Limited allows supporters to share in the ownership and stewardship of our great Club in a simple way and on a democratic basis. We all have only one ambition for Hibernian and that is for it to be successful.
“I want to encourage every supporter to join us and enable us all to be a part of a bright future for our Club. We already have a wonderful stadium and training centre. Progress is being made on the football side and funds that are raised by Hibernian Supporters Limited goes to building on that progress and is focussed on sporting success.”
Leeann Dempster, Founding Director and Chief Executive of Hibernian said:
“We said in December that our aim was to widen the ownership in the Club and that is exactly what we are doing. Hibernian Supporters Limited is a simple way of achieving that without the need for fans to comply with the rigorous requirements of the Financial Services and Markets Act 2000 regulations.
“Wider ownership means that Hibernian is owned by people to whom it means the most, the supporters. I have a track record of supporting wider involvement and ownership and am pleased that Hibernian Supporters Limited can give this opportunity to everyone who has an interest in Hibernian, fans and in addition, the wider community we serve.”
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14-01-2015 10:37 AM #5
You can read a bit about it here too.....
http://www.hibs.net/showthread.php?2...ter-share-plan
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14-01-2015 10:51 AM #6
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Seeing as the threads started by members have been closed to make way for the official announcement I will add to this again instead...
I'm not sure of this method to be honest. A thing I wanted was to be able to purchase shares direct into Hibs. Just a presentational thing maybe but an important distinction.
Is it right for the Chief Exec of the club to also be a director of a supporters shareholding company? Not sure on that one.
Also not sure on appointing two supporters reps at this time to main board then having another company with a board that looks to be filled with supporter friendly faces too. I know it is to oversee this other entity but also just not sure.
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14-01-2015 10:53 AM #7This quote is hidden because you are ignoring this member. Show Quote
And I'm not convinced they've all been friendly faces in the past.
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14-01-2015 10:55 AM #8
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14-01-2015 10:57 AM #9This quote is hidden because you are ignoring this member. Show Quote
This is a completely separate entity that allows people who don't want to shell out a lump sum take part.
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14-01-2015 10:57 AM #10This quote is hidden because you are ignoring this member. Show QuoteFollow the Hibs podcast, Longbangers, on Twitter (@longbangers)
https://longbangers.hubwave.net
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14-01-2015 10:59 AM #11This quote is hidden because you are ignoring this member. Show Quote
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14-01-2015 11:02 AM #12
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I had wondered who might represent holders once you collate all the individuals. There will obviously be a big weighting to this group - something to consider for the already small individual holder.
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14-01-2015 11:06 AM #13This quote is hidden because you are ignoring this member. Show Quote
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14-01-2015 11:08 AM #15
This looks similar to the Swansea City Supporters' Trust, but in limited company form. I wonder why they didn't go down the trust route.
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14-01-2015 11:09 AM #16This quote is hidden because you are ignoring this member. Show Quote
My understanding is that fans who buy shares in this way will be able to vote Hibernian Supporters Limited board members on and off further down the line but I'm just heading out the door so can't confirm at the moment
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14-01-2015 11:11 AM #17This quote is hidden because you are ignoring this member. Show Quote
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14-01-2015 11:26 AM #18This quote is hidden because you are ignoring this member. Show Quote
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14-01-2015 11:32 AM #19This quote is hidden because you are ignoring this member. Show QuoteContributions to Hibernian Supporters Limited can be made on a monthly basis or by lump sum. Annual contributions will be set at a minimum of £225 per annum or £18.75 per month and fundraising will continue until Hibernian Supporters Limited has acquired all the shares that it can buy from Hibernian Football Club Ltd.
Whether the payments are continuous until all shares are purchased or it stops after 12 months, I don't know.
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14-01-2015 11:35 AM #20
I'm confused.
I believe existing shareholders are being offered access to the "new" shares. Will ordinary punters be able to buy shares on their own behalf?
The minimum payment of £225 per year to the new company. Is that open ended until all 51% are transferred out of the club? Can contributors stop payment in advance of that point and still own a percentage of the company? Will there be running costs for the company?
I know this might be on the company website but I don't have time to check.
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14-01-2015 11:46 AM #21This quote is hidden because you are ignoring this member. Show Quote
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14-01-2015 11:59 AM #23
I can understand the new Ltd company holding the proxies for individual shareholders to give it some clout but I'm not sure about them holding my shares....in my name ?
It seems an awful lot of directors for a shareholding company ........how will they be reimbursed ?...even if its just for expenses....some of the shares sold ?
I would have expected the fans.....the prospective new shareholders to have had some say in who the directors would be ...as in effect it their company...not the clubs
Could there be any conflict of interest for LD being a director of the new company ...would she vote against the main board of the club if such a scenario arose ?
I want to buy I want to commit ...but am very war of a similar scenario to the Duff & Grey nightmare
hopefully more info will make things clearer
some of the above may have been answered as I drafted
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14-01-2015 12:03 PM #24
This is what people were looking for. You can purchase shares in HFC directly if you want. If you want to go on a payment scheme (which quite a few people averred) then you can purchase them through the HSL, you will not own those shares directly but you will own part of HSL, who in turn will own shares. All monies will still go towards the club and not to current share holders. This enable lone punters to indirectly own shares in HFC without effecting any regulations that prevent payment plans to buy shares directly.
Good on the club, I think this will be everyone covered, apart from those who cannot afford £19 a month
Only two things are infinite, the universe and human stupidity, and I'm not sure about the former.
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14-01-2015 12:05 PM #25
Seems pretty straightforward, if you want to buy your own shares you can.
If you want to subscribe to this new company then they will use that money to buy shares, you will have a say in that company as long as you continue to subscribe but won't directly own any shares.
Think I will subscribe, £20 a month will do fine. Might take a few years for us to own all 51% but we will get there.
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14-01-2015 12:07 PM #26This quote is hidden because you are ignoring this member. Show Quote
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14-01-2015 12:09 PM #27This quote is hidden because you are ignoring this member. Show Quote
if I understand you correctly .....does that mean if I want to own my shares they will not count as part of the HSL holding and effectively will not help achieve the 51% fan ownership ?
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14-01-2015 12:13 PM #29
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Very similar to Hearts, fans pay in around £20 and a limited company with a politician as chair eventually get the shares and a say in the club. For £225 you actually don't get anything. This proposal might work for some but I'm not sure how many fans will go for this.
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14-01-2015 12:13 PM #30This quote is hidden because you are ignoring this member. Show Quote
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