Notice of AGM

[GloryGlory]

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Was my first thought re accumulated debt. In addition did we not have cash in the bank when the club was sold?

ISTR the club was sold in the summer - we would probs have had a lot of cash in the bank at that point, much of which was season ticket money that had already been committed to meet expenditure as it arose in the year ahead

[Hibs4185]

I’m all for the Foley investment and I only have positive things to say about the Gordon’s but if debt to the Gordon family is £5.75 million when we were debt free and a healthy cash balance at the time, then for me this is hugely concerning.

[Chorley Hibee]

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Would the final paragraph being true be a surprise to anyone?

Absolutely not.

I'm convinced the forthcoming accounts (this year and next year) will confirm that.

All the more reason why I'm not hoodwinked into believing Kensall and the Gordon family have done such a great job brining in this additional revenue via hospitality etc, only to piss it all away (and more) on their ridiculous recruitment policy both on and off the pitch.

[Keith_M]

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We had ages to buy those shares from STF, but folk campaigned against HSL and the share issue, people didn’t buy into it (literally and figuratively).


We had an open goal with a tap-in if we wanted to safeguard the club and all buy shares but we ****ed it.

That was exactly the problem.

It was a combination of apathy, and certain people claiming it was all a 'scam'.

[Ringothedog]

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I also don't think in reality that fan ownership or any major collective was the main goal for a lot of people. I bought the shares direct because I just wanted to be an actual shareholder for the certificate and the AGM invite!

I joined HSL as a way of donating every month direct to Hibs, which was made possible by STF being happy for his own holding to be diluted and the money to go straight to the club. Personally I wasn't bothered about HSL building a holding, getting seat on the board or being able to block any votes in the future. I accept lots of people did have that goal but it would be wrong I think to say that at the time there was any big feeling that we had to build up a shareholding as part of the STF offer.

This was the same for me. I continued to pay HSL for my dad long after he passed just so as I could get the certificate with his name on. I still donate to HSL but with no money going to Hibs in any great numbers I feel it is time for HSL to consider their future as the goal of ever owning 25% of our great club has gone

[MelbourneHibees]

Could some of the debt have came from having to sack Johnson?

[Ozyhibby]

I’d be asking what happened to the money received from Melkerson and Doig? Was it spent on all these loans?


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[TrinityHFC]

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Absolutely not.

I'm convinced the forthcoming accounts (this year and next year) will confirm that.

All the more reason why I'm not hoodwinked into believing Kensall and the Gordon family have done such a great job brining in this additional revenue via hospitality etc, to then piss it all away (and more) on their ridiculous recruitment policy both on and off the pitch.

I think it will reflect the capital investment which has been funded by the Gordons. Investment which has been felt will be beneficial for building revenue to help us grow further in the future. I'm not an accountant but I think this needs to be reflected as loans rather than just money being donated.

It is helpful for them to be happy for this to be converted to shares rather than being paid back to them by the club. In theory they get that value paid to them in the future when someone purchases their shares from them.

[Billy Whizz]

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ISTR the club was sold in the summer - we would probs have had a lot of cash in the bank at that point, much of which was season ticket money that had already been committed to meet expenditure as it arose in the year ahead

The accounts to June 2019 showed we had £5.3m cash in bank at hand, and £5.1m as of June 2022

[Sergio sledge]

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.

[Smartie]

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I’d be asking what happened to the money received from Melkerson and Doig? Was it spent on all these loans?


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The reason I've not been more bothered about our finances is because we've clearly been bringing decent money back in - there'll have been a few buttons for Porteous and money for Nisbet to take into consideration as well.

The lack of anyone else really coming through who we look like we'd be able to sell on is a concern.

It wouldn't surprise me if we're at the early "we better tighten things up a bit" stage rather than in full blown crisis but I'd be amazed tbh if all was entirely healthy.

Did we ever publicise how many season tickets we sold?

I also have a hunch that the deal to bring Boyle back probably didn't represent anything like good financial sense, although we may not have had much choice in the matter.

[matty_f]

Does anyone have the accounts that tell us what the actual situation is?

[MelbourneHibees]

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Does anyone have the accounts that tell us what the actual situation is?

No released yet.

[scoopyboy]

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I’d be asking what happened to the money received from Melkerson and Doig? Was it spent on all these loans?


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Not within the financial year

[Stairway 2 7]

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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.

Where I am with it

[PatHead]

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The reason I've not been more bothered about our finances is because we've clearly been bringing decent money back in - there'll have been a few buttons for Porteous and money for Nisbet to take into consideration as well.

The lack of anyone else really coming through who we look like we'd be able to sell on is a concern.

It wouldn't surprise me if we're at the early "we better tighten things up a bit" stage rather than in full blown crisis but I'd be amazed tbh if all was entirely healthy.

Did we ever publicise how many season tickets we sold?

I also have a hunch that the deal to bring Boyle back probably didn't represent anything like good financial sense, although we may not have had much choice in the matter.

Doig transfer fee to add to the in column. In the coming years accounts Melkerson and the American guy will be incoming money but lack of cup run will hurt.

Not sure how the £5m figure has arisen

[Leithenhibby]

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Well can I just remind you that fans like me are giving the money to HSL, they are not taking it. From previous postings I can see you are not in favour of HSLs stated goals which is fair enough but no need for subtle digs! All in my humble interpretation of your posts!

Well said, at every turn, TrinityHFC is waiting...

Glory Glory

[El Gubbz]

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

[Chipper1875]

Is the Black Knights investment a loan (debt on balance sheet) or they getting shares for their money ?

[PatHead]

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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

Agree that they haven't really made an "investment" but it appears given us secured loans at an unknown rate which they are now calling in.

[Paul1642]

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The reason I've not been more bothered about our finances is because we've clearly been bringing decent money back in - there'll have been a few buttons for Porteous and money for Nisbet to take into consideration as well.

The lack of anyone else really coming through who we look like we'd be able to sell on is a concern.

It wouldn't surprise me if we're at the early "we better tighten things up a bit" stage rather than in full blown crisis but I'd be amazed tbh if all was entirely healthy.

Did we ever publicise how many season tickets we sold?

I also have a hunch that the deal to bring Boyle back probably didn't represent anything like good financial sense, although we may not have had much choice in the matter.

Disregarding the current poor performance, everything happening at the club suggests to me that we will be doing the opposite of tightening up.

I think this summer will be our most ambitious transfer window since the 90s (but with the finances to back it up this time), and we are also going to be investing in infrastructure which is never a bad thing long term.

I’ll let the more financially astute folk on here keep analyse the account when they are out but I really can’t foresee being invested in by a group of Billionaires coincide with belt tightening.

[Chipper1875]

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Agree that they haven't really made an "investment" but it appears given us secured loans at an unknown rate which they are now calling in.

Do you mean Bydand sports ? It’s been covered at AGM , been highlighted lots of places about the charges they took over Easter road and east mains . People
Seem to have been blinded by Ron’s given as loads of money …

Rate is at a decent rate , if we default the interest rate goes up

Also, they are very slow in getting accounts out to shareholders, making it hard to remember what’s being going on

[ancient hibee]

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Agree that they haven't really made an "investment" but it appears given us secured loans at an unknown rate which they are now calling in.

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Do you mean Bydand sports ? It’s been covered at AGM , been highlighted lots of places about the charges they took over Easter road and east mains . People
Seem to have been blinded by Ron’s given as loads of money …

Rate is at a decent rate , if we default the interest rate goes up

Also, they are very slow in getting accounts out to shareholders, making it hard to remember what’s being going on

If you guys mean the Gordons/Bydland are calling up their loans to the club you couldn't be more wrong. They are changing their loans to shares so the club will not have to repay them .Clearly the best thing that could happen.

[Chipper1875]

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If you guys mean the Gordons/Bydland are calling up their loans to the club you couldn't be more wrong. They are changing their loans to shares so the club will not have to repay them .Clearly the best thing that could happen.

Nope l mentioned nothing about that , just gave info re loans. Also, removing debt on balance on sheet, increase value of their shares and the business

[MelbourneHibees]

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Disregarding the current poor performance, everything happening at the club suggests to me that we will be doing the opposite of tightening up.

I think this summer will be our most ambitious transfer window since the 90s (but with the finances to back it up this time), and we are also going to be investing in infrastructure which is never a bad thing long term.

I’ll let the more financially astute folk on here keep analyse the account when they are out but I really can’t foresee being invested in by a group of Billionaires coincide with belt tightening.

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.

[Stairway 2 7]

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Agree that they haven't really made an "investment" but it appears given us secured loans at an unknown rate which they are now calling in.

Converting debt to shares. So we get millions in actual cash to invest in players, build hospitality, screens, hybrid pitch ect and they get new shares and similar holding that they had

[Ringothedog]

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Do you mean Bydand sports ? It’s been covered at AGM , been highlighted lots of places about the charges they took over Easter road and east mains . People
Seem to have been blinded by Ron’s given as loads of money …

Rate is at a decent rate , if we default the interest rate goes up

Also, they are very slow in getting accounts out to shareholders, making it hard to remember what’s being going on

Where can we find out the details of the loans and the interest rates being charged?
What difference does it make when the accounts are made available? They are for a set period and will show the income , outgoings and loans over the financial year

[Paul1642]

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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.

Not the slightest idea to be perfectly honest.

I just think that the combined wealth of those investing is us is a staggering amount and any money that they could possibly gain from Hibs is quite literally peanuts to them. Based on this the only reason I can see them investing in us because they want to make a success out of us. It’s all Monopoly money to these guys anyway.

[ancient hibee]

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Nope l mentioned nothing about that , just gave info re loans. Also, removing debt on balance on sheet, increase value of their shares and the business

Transferring debt to equity means that instead of the club owing money to Bydland they don’t. Obviously far better for the club.Their shares will only be worth more if the business is successful and somebody wants to buy it.

[Chipper1875]

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Where can we find out the details of the loans and the interest rates being charged?
What difference does it make when the accounts are made available? They are for a set period and will show the income , outgoings and loans over the financial year

There maybe be details on companies within the paperwork re charges over assets . The interest rates were shared at AGM as a result of questions asked . It wasn’t included in the accounts.