At last, something from the HSL side........
http://www.scotsman.com/sport/footba...aims-1-3679124Former Hibs star Jackie McNamara today revealed he’d felt “insulted” at his integrity being questioned after being accused of being part of a “Ponzi scheme” as he threw his weight behind a move towards fan ownership at Easter Road.
The Capital outfit’s share issue to supporters – offering them the opportunity to own up to 51 per cent of the club – went live on Monday with the promise that all money spent, potentially up to £2.5 million, will help the club’s football ambition rather than benefit any existing shareholders.
The offer to be part of a collective ownership through Hibernian Supporters Limited, a company limited by guarantee and with the sole objective of buying and holding shares in the club, has been attacked by some fans.
Shareholders attending last week’s annual general meeting were met with placards claiming HSL was nothing more than a ‘Ponzi scheme’ – in other words an investment fraud – and that the move was a “shakedown” aimed at pouring cash into the pockets of club owner Sir Tom Farmer.
However, McNamara, one of seven directors of HSL chaired by MSP and former Justice Minister Kenny MacAskill, firmly believes the Hibs support should unite behind the move having been an advocate for change at Easter Road. McNamara did attend an angry protest outside the ground following last season’s relegation but, he insisted, that while those running the club had to be called to account, he didn’t feel that was the right way to go about it.
He said: “I can understand it because of the feeling of the supporters. The way the team was playing football, it was just “lump it” football. It was embarrassing and I can understand their anger but I wasn’t happy being there.
“I’d been asked for five minutes of my time, I didn’t know anything about it. Someone said I hadn’t said much on the day but I didn’t have any speech prepared. I just said there has to be change, the people at the top keep employing managers and having to pay them, their assistants and backroom staff off.
“So they are culpable, they are responsible for the money going out the door. How many managers have there been? Eleven or twelve? It’s not right and there has to be change.
“However, that [the agm protest] wasn’t the right way to go about things, I don’t think you get anywhere with that.”
One complaint about the fan ownership move is that supporters already contribute through season tickets, buying club merchandise and so on and are now being asked to dip their hands in their pockets once again, a point McNamara is well aware of.
However, he said: “They are being asked to invest again but this is the only way we will get change if we are serious about it. It’s a start, it’s getting a foothold, getting into the club which has been going for 140 years – let’s just hope it goes on for another 140.”
Among the most vociferous opponents to the scheme has been Paul Kane, chairman of the 160-strong Former Players’ Association, a body of which McNamara is a member. However, he claimed, no formal vote has ever been taken on the proposal.
He said: “I was at a meeting just last week although it’s only the hard core of us who go every month. I was getting asked questions like ‘where’s the money going? what’s happening?’, but I can categorically state we have never had a vote. There’s been nothing about it in the emails we get about HSL and asking what we think about it.”
Under the HSL umbrella, fans can invest £225 or £18.75 a month and, while they won’t get a share certificate they will receive a membership certificate and have one vote on issues affecting HSL including the make-up of its board.
And, when HSL obtains 20 per cent of the club’s shares, it will be entitled to have a representative on the football club’s board which is already set to increase in numbers with two supporters, Frank Dougan and Amit Moudgil, having been voted on in a non-executive basis.
McNamara insisted the scheme is totally transparent unlike the current situation at Ibrox where various factions are fighting for control and that, he revealed, had left him annoyed at the accusation it’s a Ponzi scheme.
He said: “I found that a wee bit insulting but I’ve been called many things about my religion, my politics. It doesn’t bother me. It’s water off a duck’s back but I don’t like my integrity being questioned.
“Hopefully, this is the start of something good for the club. Give up six pints of lager a month and help the club.”
Results 1 to 30 of 37
Thread: Jackie McNamara In The Scotsman
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04-02-2015 11:28 AM #1
Jackie McNamara In The Scotsman
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04-02-2015 11:32 AM #2
I need to find out where he's drinking if he can get 6 pints for £18.75. Sensible chap.
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04-02-2015 11:39 AM #3
Glad Jackie has changed his tune. A few months ago it was " the club was being robbed."
That is water under the bridge now, I hope a few more join him and accept the share scheme is going to be the way forward and further protest won't stop it, only hurt the club , and cause disputes amongst our supporters.
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04-02-2015 11:41 AM #4This quote is hidden because you are ignoring this member. Show Quote
Are they scrambling to get back in Hibs.net good books Mikey?
As for what Jackie Mac says, there's no problem with attending the summer protest and now supporting HSL. As has been said a million times - we demanded changes, and we have got them. Why it took Hibs so long to realise what had gone wrong is a good question, but we're definitely heading in the right direction again.
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04-02-2015 12:02 PM #6
In true EEN style it's stuck at the side of the page with the usual non-interview with a player taking up most of the space.
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04-02-2015 12:32 PM #7This quote is hidden because you are ignoring this member. Show Quote
Is Glen Ross saying he was chairman of the now liquidated Edinburgh Hibernian PLC. Shareholders Association ?
That's news to me.
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04-02-2015 01:05 PM #8This quote is hidden because you are ignoring this member. Show Quote
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04-02-2015 01:08 PM #9
Great to see HSL fighting back against the Ponzi slurs, even better to hear it from Jackie Mac.
Every gimmick hungry yob,
Digging gold from rock and roll
Grabs the mic to tell us,
He'll die before he's sold.
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04-02-2015 01:29 PM #10This quote is hidden because you are ignoring this member. Show Quote
Sorted.
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04-02-2015 01:32 PM #11
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I like Jackie, can't see anything to dislike about this. We had bank loans of about £6 1/2 million plus another £3 million to the holding company. This has been turned into a net interest free loan of £5 mill payable over 10 years. Pretty good deal in my book and I am going to buy 25,000 shares.
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04-02-2015 01:44 PM #12
Regardless of titles, does the Shareholders Association actually exist? I've had shares for years and know nothing about it.
And if it doesn't maybe it's time it did seeing as we're going to have even more shareholders shortly.
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04-02-2015 01:46 PM #13
Think that Paul Kane needs to make it clear he is only speaking for himself and not the former players.
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04-02-2015 01:55 PM #14This quote is hidden because you are ignoring this member. Show Quote
I don't think anything has been written in the name of any Association of shareholders at Hibs since the STF new deal.
Less than 1% of the club did not have a lot of influence. However with new shareholders and existing ones topping up their holdings some kind of association would be a good thing, if only as another voice than HSL.
Better get in quick before Glenn Ross claims he is life president.
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04-02-2015 02:23 PM #15This quote is hidden because you are ignoring this member. Show Quote
GGTTH
GGTTH
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04-02-2015 02:28 PM #16This quote is hidden because you are ignoring this member. Show Quote
There was also an annual presentation made for - Services To Hibernian - or something like that.
If I recall correctly STF was one of the first recipients.
I recall Glen from either these meetings or perhaps the AGM as he was fairly vocal and had a voice that droned on and on and on!
it was a young guy with blonde hair that ran the Shareholders Association - i recall him being interviewed outside ER when the Mercer thing kicked off. As far as I know, Glen wasn't involved with the running of it.
I hope that HSL takes over this sort of thing as it was good to feel involved in the Shareholders Association and it would be even better if HSL had a decent % of shares.
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04-02-2015 02:31 PM #17This quote is hidden because you are ignoring this member. Show Quote
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04-02-2015 02:46 PM #18This quote is hidden because you are ignoring this member. Show Quote
GGTTHLast edited by Eaststand; 04-02-2015 at 02:49 PM.
GGTTH
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04-02-2015 02:55 PM #19This quote is hidden because you are ignoring this member. Show Quote
Him and the others who have a clear agenda to disrupt everything need to understand this is the way we are going, you are either with us or against us.
There is no middle ground now.
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04-02-2015 06:47 PM #20
The Capital outfit’s share issue to supporters – offering them the opportunity to own up to 51 per cent of the club – went live on Monday with the promise that all money spent, potentially up to £2.5 million, will help the club’s football ambition rather than benefit any existing shareholders.
The offer to be part of a collective ownership through Hibernian Supporters Limited, a company limited by guarantee and with the sole objective of buying and holding shares in the club, has been attacked by some fans.
The bit above insults many small shareholders myself included. In 1989/90 I bought 1000 shares in Hibernian that cost me £550. I never wanted a return on my investment, I bought the shares to save the club that I had watched man and boy for 30 years and the club that I loved and still love. The thought that any future cash raised would help me I find disrespectful, nonsensical and insulting.
My prize possession is my share certificate in Hibernian which is mine and will never be taken from me.
So please if you do not want to be part of the new Hibernian please walk away and leave it to those who do. Moan over
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04-02-2015 06:56 PM #21This quote is hidden because you are ignoring this member. Show Quote
Sounds like a good wheez though, has a grand sounding title and its not as if the Hootsmon or EEN will bother checking out the background. Anyone fancy annointing themselves spokesman for the Association of Hibernian Shareholders (1991)?
"I did not need any persuasion to play for such a great club, the Hibs result is still one of the first I look for"
Sir Matt Busby
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04-02-2015 07:01 PM #22
Thread hijack a bit
I have shares in Hibs as do my now adult children.
I remember buying theirs but cannot remember buying mine, but there are lots of things I don't remember now.
What I do remember is my old man paying a few hundred quid for our names on a plaque in the FF stand.
Does that sound about right?
I have a vague recollection that he might have asked me about buying shares at the time of the Duff & Gray share issue and I told him it didn't look right, this in my pre IFA and pre all the new fangled rules that now exist days I hasten to add :-)
I think the HSA predated all the Duff & Gray malarkey and STF taking over, I think the old shares were cancelled and replaced out of goodwill by diluted holdings by STF
Its probable I think that the HSA disbanded as an active organisation at that time as their shareholdings were now of a token value only and carried no weight or influence.
That was admittedly in the days where people actually felt they needed an elected mandate to purport to speak for a group, rather than having a incidental relationship with them.Last edited by BSEJVT; 04-02-2015 at 07:09 PM.
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04-02-2015 07:10 PM #23This quote is hidden because you are ignoring this member. Show Quote
I've been going to Easter Road for over 50 years and Ive heard of Glen Michael, Glen Coe, and even Diana Ross but I've never heard of this guy
C'mon Glen, if you're reading this forum, you made what was advertised as a shareholders statement and therefore spoke on my behalf. I'd love to hear why you think you were qualified to do that, so let's be hearing from you
GGTTH
GGTTH
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04-02-2015 07:52 PM #24
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He was a mate of Pia's as I recall. Think he owns an art gallery, but might be a post office.
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04-02-2015 08:59 PM #25This quote is hidden because you are ignoring this member. Show Quote
This quote is hidden because you are ignoring this member. Show QuoteThis is how it feels
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04-02-2015 09:33 PM #26This quote is hidden because you are ignoring this member. Show Quote
Any sign if book 3 being published?
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05-02-2015 12:49 AM #27
[QUOTE=Jonnyboy;4294314]Hibs had the 100 club by which fans could pay £100 and have their names displayed on a board in the FF. Mine is there
Hi Jonnyboy how's tricks? Is the bus still going well? I paid £200 and somehow it got missed should have said something at the time but ach what the heck mistakes happen.
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05-02-2015 06:53 AM #28
slightly off the Jackie McNamara topic here.
if £2.5 million gives 51% of the shares in the club, does that mean they value the club at roughly £5 million?
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05-02-2015 06:57 AM #29This quote is hidden because you are ignoring this member. Show Quote
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05-02-2015 07:33 AM #30This quote is hidden because you are ignoring this member. Show Quote
The logic behind that is that the number of new shares on offer for £2.5m is equal to the total number of shares already in existence. If the new issue is fully subscribed the newly expanded club will have twice as many shares as it does now and will in theory have an extra £2.5m in the bank.
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