Ron pays £3.5 million for 22.650 million shares

[Baldy Foghorn]

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If they are new shares then presumably they dilute the percentage of total that HSL holds

That's what concerns me SOH

[The_Horde]

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That's what concerns me SOH

Why?

If HSL was successful we probably wouldn't have needed a new owner. But it's been mismanaged and they absolutely cannot complain that our board decided to look elsewhere for funding.

[EI255]

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Yes great news. We really own all the stadium and facilities now plus £1.25 million plus the £500k saving from the mortgage payments for six years. Feel much happier about things now.

Will be a real boost now come singing new players.....the budget has just shot up

[jacomo]

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"Ron has borrowed the money from future season ticket sales and intends to sell ER to developers in a month's time. Hibs will then move to play home games at Spartans. Ron must go. Save ER".

Funnily enough, this sounds exactly like David Low’s plan... although he seemed to be under the delusion that STF himself would lend him the money to do this.

[Keith_M]

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Why?

If HSL was successful we probably wouldn't have needed a new owner. But it's been mismanaged and they absolutely cannot complain that our board decided to look elsewhere for funding.

It hasn't really taken off in the way they hoped. The idea of issuing new shares was partly to increase funding for the squad, but it's not really happening.

If this means the Fans can no longer own 51% of shares in the future, then that would be disappointing, but there just doesn't seem to be enough interest in achieving that goal.

[jacomo]

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Companies house filing today shows that Ron paid £3.5 million in two separate transactions for a total of 22.650 million new shares.
7.8m at 16p a share and 14.84m at 15.25p a share.
The former is likely to be a cash injection. The latter likely to pay off Farmer's mortgage.

Together with HFC's share (approx 61 million) he holds just under 67% of the new 125 million shares.

If he paid 4p a share for the 61m shares the total investment would be around £6 million, the figure widely quoted.


https://beta.companieshouse.gov.uk/c...filing-history

Thanks for info.

[TheMrSandiego]

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And in one fell post, a big Kickback bubble has burst.

Hard lines, paupers. Keep propping your club up to stay afloat 🕺🏼

Its great to get clarity on the deal and companys house info posted by SH does just that. I really hope however that HSL continue to work with Ron and provide a tidy cash injection of their own to the first team squad.

Call it propping up or whatever, but the extra cash FOH are raising for them will continue to give an advantage. We as a fan base shouldnt think that now we are debt free we can sit back and collect trophies and 3rd place finishes. This is the ideal time now to really push HSL as an extra funding tool for Hecky and the first team.

[CloudSquall]

Is it 25.1% required to block any asset sell off etc?

I'd be happy enough if HSL got to that.

[Baldy Foghorn]

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Why?

If HSL was successful we probably wouldn't have needed a new owner. But it's been mismanaged and they absolutely cannot complain that our board decided to look elsewhere for funding.

The fact the share holding has been diluted, when people have been donating in good faith. It's not exactly fair is it?

[Baldy Foghorn]

Did HSL know this in advance, LD and SD on both boards?

[Monts]

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The fact the share holding has been diluted, when people have been donating in good faith. It's not exactly fair is it?

It's not really any different to what happens to existing shareholders any time HSL buy shares is it?

[Baldy Foghorn]

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It's not really any different to what happens to existing shareholders any time HSL buy shares is it?

It kind of is Bernz, HSL were buying from STF. We together as fans had nearly 40%

[LeithMike]

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The fact the share holding has been diluted, when people have been donating in good faith. It's not exactly fair is it?

It looks to me (with no inside knowledge) that the sale had been done in good faith and with clear advantages to the club.

However, this is a fair question. Do we know if Hibs have disapplied pre-emption rights on allotment of new shares? If so, then is there a legitimate concern that even if HSL get to 25% shares that that shareholding could be further diluted without their consent by a further allotment?

I think HSL need time to work out their position but I think contributors need to know whether the purchase of shares is going to be any protection at all if the shareholding can be diluted.

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[Monts]

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It kind of is Bernz, HSL were buying from STF. We together as fans had nearly 40%

I don't think that's right. Happy to be corrected though. Were HSL not buying new shares?

[Baldy Foghorn]

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It looks to me (with no inside knowledge) that the sale had been done in good faith and with clear advantages to the club.

However, this is a fair question. Do we know if Hibs have disapplied pre-emption rights on allotment of new shares? If so, then is there a legitimate concern that even if HSL get to 25% shares that that shareholding could be further diluted without their consent by a further allotment?

I think HSL need time to work out their position but I think contributors need to know whether the purchase of shares is going to be any protection at all if the shareholding can be diluted.

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Good post.

[Baldy Foghorn]

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I don't think that's right. Happy to be corrected though. Were HSL not buying new shares?

I'm confused now

[FilipinoHibs]

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I'm confused now

Whenever HSL bought new shares they were newly issued and diluted everybody elses holdings. Think Ron wants HSL and other fans onside so won't be going for full takeover. Fits with his community approach but still let's him pull the strings.

[Since452]

Have we learned anything that Hibs haven't already said? Some folk have gone from A to Z to get to B

[Gloucester Hibs]

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Is it 25.1% required to block any asset sell off etc?

I'd be happy enough if HSL got to that.

Me too and I’m hoping they come out and state that is now the revised target.

[Pagan Hibernia]

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Yes that is correct. Prior to issuance of the new shares and the takeover Non HFC held 41% now fallen to just under 33%.

Sigh.

[Baldy Foghorn]

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Whenever HSL bought new shares they were newly issued and diluted everybody elses holdings. Think Ron wants HSL and other fans onside so won't be going for full takeover. Fits with his community approach but still let's him pull the strings.

So did we own nearly 40% SH?

[HibbySpurs]

Thanks for posting this singhibs, provides a bit of clarity.

[brog]

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Did HSL know this in advance, LD and SD on both boards?

I previously asked the same question & was told that a tweet on the subject had been forwarded by an HSL rep. The assumption was therefore that HSL, or at least a rep of HSL knew in advance.

[Pagan Hibernia]

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Why?

If HSL was successful we probably wouldn't have needed a new owner. But it's been mismanaged and they absolutely cannot complain that our board decided to look elsewhere for funding.

What about the thousands of Hibs fans who have paid in to the scheme in the good faith and belief that they were working with the club to get that blocking stake of 25.1% to safeguard its future. That’s how it was sold to us in the first place, and how it has been marketed ever since. Have they no right to feel slightly aggrieved that the club has suddenly swept the rug from under them when they were edging closer and closer to their goal?

I was, and still am, excited by Gordon, his investment and his plans for the club. But if it turns out that HSLs shareholding has been diluted then that’s not really good news to me.

[Baldy Foghorn]

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What about the thousands of Hibs fans who have paid in to the scheme in the good faith and belief that they were working with the club to get that blocking stake of 25.1% to safeguard its future. That’s how it was sold to us in the first place, and how it has been marketed ever since. Have they no right to feel slightly aggrieved that the club has suddenly swept the rug from under them when they were edging closer and closer to their goal?

I was, and still am, excited by Gordon, his investment and his plans for the club. But if it turns out that HSLs shareholding has been diluted then that’s not really good news to me.

In a nutshell

[Hibbyradge]

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What about the thousands of Hibs fans who have paid in to the scheme in the good faith and belief that they were working with the club to get that blocking stake of 25.1% to safeguard its future. That’s how it was sold to us in the first place, and how it has been marketed ever since. Have they no right to feel slightly aggrieved that the club has suddenly swept the rug from under them when they were edging closer and closer to their goal?

I was, and still am, excited by Gordon, his investment and his plans for the club. But if it turns out that HSLs shareholding has been diluted then that’s not really good news to me.

Let's be clear, "the club" hasn't done anything.

The owner, who's health is deteriorating, has sold the club, as he's entitled to do.

The position of HSL isn't clear yet.

[Baldy Foghorn]

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I previously asked the same question & was told that a tweet on the subject had been forwarded by an HSL rep. The assumption was therefore that HSL, or at least a rep of HSL knew in advance.

Cheers Brog. Something not right here

[Baldy Foghorn]

HSL have been marketing the shares via regular communications. Why nothing on this topic?

[MyJo]

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What about the thousands of Hibs fans who have paid in to the scheme in the good faith and belief that they were working with the club to get that blocking stake of 25.1% to safeguard its future. That’s how it was sold to us in the first place, and how it has been marketed ever since. Have they no right to feel slightly aggrieved that the club has suddenly swept the rug from under them when they were edging closer and closer to their goal?

I was, and still am, excited by Gordon, his investment and his plans for the club. But if it turns out that HSLs shareholding has been diluted then that’s not really good news to me.

The same thing happened when HSL bought their shares too.

We’ve had four years to get enough money into HSL to get us to the place where HSL held over 25%, had a representative on the board and could, without relying on other individual shareholders, prevent a majority shareholder from doing anything untoward with the club. It hasn’t happened and we couldn’t expect STF to keep turning down offers until it did.

It looks to me as if the additional 8% that had been earmarked for purchase by HSL that would have got them up to a 26% holding have been purchased by Bydand along with the existing shares held by HFC holdings.

This has brought Bydand’s holdings up to 67%. And the seven figure cash injection is the purchasing of these shares.

We have to hope that there has been some agreement made in the deal or that Ron is open to HSL continuing to buy shares until they reach 26%, be that buying the shares back from Bydand or as part of a new share issue.

[FilipinoHibs]

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So did we own nearly 40% SH?

There are other shareholders outside HSL but individuals owned 41%.