| Whatever we think about ME... 21:44 - Mar 3 with 1514 views | WicklowBlue |
This for me rings true:
"I have looked first and foremost at whether that investment would be in the long-term best interests of the club and also not to forget the interests of the army of small shareholders, whose equity I have never diluted, by looking to turn my debts into club equity.
They still remain as just over 10 per cent shareholders in the club through their shares in ITFC PLC and I would always want to ensure they are fairly treated."
Not saying by any means ME has been our Saviour, just calling out in other walks of life those shares would have been diluted to reduce their value and ship even more debt onto the going concern. |  | | |  |
| Whatever we think about ME... on 21:46 - Mar 3 with 1458 views | BryanPlug |
[content removed at owner's request] |  |
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| Whatever we think about ME... on 21:48 - Mar 3 with 1425 views | Nthsuffolkblue |
Hang on, is he saying our shares are worth something?
I thought they were in a nominal subsidiary company that was not where the investment went. |  |
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| Whatever we think about ME... on 22:01 - Mar 3 with 1340 views | WicklowBlue |
| Whatever we think about ME... on 21:48 - Mar 3 by Nthsuffolkblue |
Hang on, is he saying our shares are worth something?
I thought they were in a nominal subsidiary company that was not where the investment went. |
As I read it (not being a shareholder) he is not saying at this point your shares are worth anything. Overall ITFC is a loss making entity. What ME is saying is that he did not dilute your share holding so still the fans own iirc a 12.5% interest in the club.
Which if rumours are to be true is more than ME will hold if a certain takeover goes ahead. | | | |
| Whatever we think about ME... on 22:08 - Mar 3 with 1286 views | CrayonKing |
The frustrating thing about the Evans era is that in many ways he’s a great *owner*!
The problem is he’s not very good at *running* the club! It could have all gone so differently with a proper football CEO and/or DoF to run the club and provide leadership. |  | | |
| Whatever we think about ME... on 22:24 - Mar 3 with 1219 views | WicklowBlue |
| Whatever we think about ME... on 21:48 - Mar 3 by Nthsuffolkblue |
Hang on, is he saying our shares are worth something?
I thought they were in a nominal subsidiary company that was not where the investment went. |
To clarify and others please do weigh in if I am incorrect. I'm no expert by any means but have a some experience from Private Equity takeovers.
If ME wanted to, as a controlling shareholder he could have issued more shares in ITFC. Thus diluting the amount of shares the Supporter Trust holds.
For example ME owns 80 shares out of 100 total. With the Supporters Trust holding the remains 20 shares. If ME decided to expand the ITFC shares to 1000. As a majority shareholder ME could make that happen (not enough Shareholders to vote against). Thus the Supporter Trust shares get diluted. So from having a 20% share (and voting rights) suddenly the Supporters Trust have 20 out of 1000 shares i.e. a 2% share. Thus voting influence and potential returns are diluted.
All I am saying is ME did not d!ck the Supporters shares which in other walks of life *might* have happened.
Does that redeem his ownership of this club no. But.... | | | |
| Whatever we think about ME... on 23:00 - Mar 3 with 1139 views | Illinoisblue |
His concerns about the long term interests of the club would carry more weight if he’d achieved anything of note in the - checks notes - THIRTEEN years he’s been in charge. |  |
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| Whatever we think about ME... on 23:03 - Mar 3 with 1120 views | PhilTWTD |
| Whatever we think about ME... on 22:24 - Mar 3 by WicklowBlue |
To clarify and others please do weigh in if I am incorrect. I'm no expert by any means but have a some experience from Private Equity takeovers.
If ME wanted to, as a controlling shareholder he could have issued more shares in ITFC. Thus diluting the amount of shares the Supporter Trust holds.
For example ME owns 80 shares out of 100 total. With the Supporters Trust holding the remains 20 shares. If ME decided to expand the ITFC shares to 1000. As a majority shareholder ME could make that happen (not enough Shareholders to vote against). Thus the Supporter Trust shares get diluted. So from having a 20% share (and voting rights) suddenly the Supporters Trust have 20 out of 1000 shares i.e. a 2% share. Thus voting influence and potential returns are diluted.
All I am saying is ME did not d!ck the Supporters shares which in other walks of life *might* have happened.
Does that redeem his ownership of this club no. But.... |
Agree with overall gist but PLC rather than Trust and it's 12.5 per cent that the PLC - who are the shareholders from the pre-Evans regime - continue to own.
I have heard talk that the PLC will still own its 12.5 per cent after the takeover. |  | | |
| Whatever we think about ME... on 23:24 - Mar 3 with 1026 views | WicklowBlue |
| Whatever we think about ME... on 23:03 - Mar 3 by PhilTWTD |
Agree with overall gist but PLC rather than Trust and it's 12.5 per cent that the PLC - who are the shareholders from the pre-Evans regime - continue to own.
I have heard talk that the PLC will still own its 12.5 per cent after the takeover. |
Thanks Phil for clarifying, I couldn't remember which entity held the 12.5% shareholding. 
Good to hear that the PLC will retain their shares....which if rumours are correct is more than ME will have if the deal goes through.(5%)
But still my point holds, ME didn't dilute the PLC shares which is potentially a positive point during the ME reign. However realistically with the PLC having a 12.5% holding there was no ability to influence change.
If a takeover goes ahead with current conditions you end up with the PLC having 12.5% shares and ME 5%. What are the rules around a majority vote? I am assuming a 17.5% vote is not enough or is it???? | | | |
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| Whatever we think about ME... on 23:31 - Mar 3 with 995 views | Nthsuffolkblue |
| Whatever we think about ME... on 23:03 - Mar 3 by PhilTWTD |
Agree with overall gist but PLC rather than Trust and it's 12.5 per cent that the PLC - who are the shareholders from the pre-Evans regime - continue to own.
I have heard talk that the PLC will still own its 12.5 per cent after the takeover. |
OK. I think I get that.
What I am a little less clear on is that when the club was bought by ME (or even when the initial shareholding was launched), I think it was stated that there would be no value to the shares.
Are you saying that, if the consortium takes the club to the promised land, the shares would have some value? | |
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| Whatever we think about ME... on 23:47 - Mar 3 with 916 views | Pinewoodblue |
| Whatever we think about ME... on 23:24 - Mar 3 by WicklowBlue |
Thanks Phil for clarifying, I couldn't remember which entity held the 12.5% shareholding.
Good to hear that the PLC will retain their shares....which if rumours are correct is more than ME will have if the deal goes through.(5%)
But still my point holds, ME didn't dilute the PLC shares which is potentially a positive point during the ME reign. However realistically with the PLC having a 12.5% holding there was no ability to influence change.
If a takeover goes ahead with current conditions you end up with the PLC having 12.5% shares and ME 5%. What are the rules around a majority vote? I am assuming a 17.5% vote is not enough or is it???? |
The minority shareholding company is in debt to the Company (ITFC) owned by Marcus Evans. The shares in the minority (original) company have a nominal (sentimental) value, nothing more.
No one who purchased shares at that time made an investment think we all knew all we were doing is giving money to the club to keep it going until Sheepy found a buyer. The first potential buyer he feel in love with was shown, by Supporters Trust, to be unworthy and the deal fell through.
I'm sure Marcus Evans, as much as any other fan, will forever regret his failure to move the club forward.. It wasn't for want of trying but unfortunately he had a habit of backing the wrong managers. To his credit he seems determined to make sure the next owner is someone who can deliver what he failed to do.
I quite like his comment about the new owner ideally being someone with an affinity to the area. Hopefully someone suitable will come forward and put an offer together.
Think we all accept that whoever the new owner they will use borrowed money to fund the purchase and the club will be carrying a more manageable debt. They just need to be able to subsidise the club in the same way Marcus Evans continues to but hopefully with a lot more success. |  |
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| Thought that particular sentence from ME.... on 00:00 - Mar 4 with 868 views | olimar |
| Whatever we think about ME... on 23:24 - Mar 3 by WicklowBlue |
Thanks Phil for clarifying, I couldn't remember which entity held the 12.5% shareholding.
Good to hear that the PLC will retain their shares....which if rumours are correct is more than ME will have if the deal goes through.(5%)
But still my point holds, ME didn't dilute the PLC shares which is potentially a positive point during the ME reign. However realistically with the PLC having a 12.5% holding there was no ability to influence change.
If a takeover goes ahead with current conditions you end up with the PLC having 12.5% shares and ME 5%. What are the rules around a majority vote? I am assuming a 17.5% vote is not enough or is it???? |
was ludicrous personally and thrown in simply for his own PR.ME himself effectively diluted the value of those shares when he bought the club.
Since then the non-financial value of the shares has been lost anyway, as ME hasnt really shown any interest in the PLC as it has become so diluted. The Shareholders used to get a financial report on the club, but the financial report on the PLC is largely worthless (supplemented with some token "notes" on the LTD company).
Nobody who bought those shares bought them for any financial value at the time anyway, they were sold when the club had no money and was desperate. It hard to believe he thinks thats of any importance at all, but evidently someone remembered them and it was a good PR item to throw in. |  | | |
| Whatever we think about ME... on 04:52 - Mar 4 with 747 views | Ryorry |
Are those the shares that some of us bought when invited by Sheepy to help the Club out before or during the cvc? If so, I thought they were now redundant/ worthless? |  |
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