Breaking News Club Statement

[Goodwin]

A formality it may well be but I'm really concerned about the mental and physical well-being of the players and coaching staff (and all other employees too of course).

Perhaps a well worded statement from the Trust, posted here, along with the relevant email address to whoever's of note in the specific area of the NL, so that they can step in and alleviate the incredible stress on those at the coal-face by allowing KM to bring in some loanee's on a temporary basis.

After all, receiving emails from x-number of (hundreds/thousands of) supporters highlighting this health issue might hit a nerve in the NL corridors.......?

Good idea I'd send one ,the players and management must be mentally exhausted by all this .

 

[tallboyblue]

Forms arrived in post this morning.

 

[Sammy Shrimper]

Light buffet afterwards. Cyril will be happy

 

[Somerset Ex-TTB]

Didnt Rat say that planning permission and work being started on Fossets Farm in the spring of (insert one of many different years here) was a formality too?

 

[MK Shrimper]

Quick return to say if anyone wants my proxy vote, let me know. I haven't got a scooby what this is all about.

 

[bluesince66]

One concern I have is over the nPower adjournment (I don't know what date it was adjourned to), and whether that will come into play before 17th November.

 

[Mad Cyril]

Light buffet afterwards. Cyril will be happy

Light?

 

[Prawn]

Light?

A cup of tea and a biscuit.

 

[annie1954]

Reading through this is just a legal requirement

 

[sufc4life21]

I'm not overly concerned about the latest statement but if sale isn't completed by the 17th then alarm bells will be ringing. It shouldn't surprise anyone if the rat tries to pull farce 1. Currently I'm 50/50 interms of sale actually being completed, iv seen it happen at other clubs where takeover looks done deal then collapses at last minute. I'm not going to get carried away until the new owner is in the building holding up scarf and presenting his plans for the club.

 

[Tinks]

I am being really thick here as i don't really understand it or the jargon
Is it saying they are going to issue more shares

 

[tommy tucker]

Ron the RAT martin seems to be doing it again .Doing his damdest to stop the sale going through .Yes i might be completley wrong .But so mant other fans .I wouldnt trust that man as far as i could throw him .

 

[LSUFC]

I am being really thick here as i don't really understand it or the jargon
Is it saying they are going to issue more shares

No I don't understand it either. Still have no trust in the Rat. Could someone please confirm which way I'm supposed to vote.

 

[CanveyCastle]

No I don't understand it either. Still have no trust in the Rat. Could someone please confirm which way I'm supposed to vote.

After last night , don't vote Conservative.

 

[Holy Joe]

No I don't understand it either. Still have no trust in the Rat. Could someone please confirm which way I'm supposed to vote.

It doesn't really matter - Ron has 70% of the vote

 

[Holy Joe]

I am being really thick here as i don't really understand it or the jargon
Is it saying they are going to issue more shares

Yes - and those shares will be 'given' to debtholders in exchange for them reducing/writing off the debt

 

[Shrimpergonzo]

Having received my invitation and read the detail now, I’m assuming this actually is converting Ron’s paper debt into equity which increases the total number of shares in the club (all extra shares held by South East Leisure). All of that shareholding will then be sold to the consortium which means they will hold a higher percentage of the club than Ron does currently.

Presumably as the meeting starts at 1945 on a Friday night, the takeover won’t go ahead until at least the following week?

As it sounds like a bit of a formality, why couldn’t they hold the meeting at 9.00am and then have the rest of the working day to complete the deal and maybe even lift the embargo before the Chesterfield game?

 

[ColinMorrisWalksOnWater]

Nothing seen here yet, but the post always seems to take a day or so later.

 

[Medway Blue]

Nothing to be concerned about as far as I can tell.

RM writing off his debt as a debt-to-equity swap, which suits the consortium as they then get a larger shareholding.

RM will therefore have to do a share issue (create new shares, basically), which will increase SEL's share holding (and thus, unfortunately, dilite the %s of fans' shareholdings).

Consortium will then buy the increased shareholding from SEL.

It'll be done by shareholder resolution, which RM can pass with his shareholding alone, but there are legal obligations involved, including 21 day notice period for shareholders, which takes us beyond 1st Nov

Interested to know how the statement went down with JR and consortium as it seems to blame them. Ultimately they probably don't care too much and just want to get it done, but blame lies clearly at RM's door. He's known for months that it's a condition of sale and that he has to be the one to initiate it, so quite why it's taken him this long I don't know.

Probably goes back to that Martin family entitlement. He's washed his hands and think it's job done but there are still some things he needs to do on his side. Probably thinks if he ignores them for long enough, they'll go away.

Perhaps a slight concern that this narrows the opportunity for organised fans shareholding, but there are other ways to get material fan involvement in the running of the club which could be explored, so we'll see.

 

[1906etc]

Nothing to be concerned about as far as I can tell.

RM writing off his debt as a debt-to-equity swap, which suits the consortium as they then get a larger shareholding.

RM will therefore have to do a share issue (create new shares, basically), which will increase SEL's share holding (and thus, unfortunately, dilite the %s of fans' shareholdings).

Consortium will then buy the increased shareholding from SEL.

It'll be done by shareholder resolution, which RM can pass with his shareholding alone, but there are legal obligations involved, including 21 day notice period for shareholders, which takes us beyond 1st Nov

Interested to know how the statement went down with JR and consortium as it seems to blame them. Ultimately they probably don't care too much and just want to get it done, but blame lies clearly at RM's door. He's known for months that it's a condition of sale and that he has to be the one to initiate it, so quite why it's taken him this long I don't know.

Probably goes back to that Martin family entitlement. He's washed his hands and think it's job done but there are still some things he needs to do on his side. Probably thinks if he ignores them for long enough, they'll go away.

Perhaps a slight concern that this narrows the opportunity for organised fans shareholding, but there are other ways to get material fan involvement in the running of the club which could be explored, so we'll see.

If the majority share goes over 90% which it would do with total debts around £2.5m then they can buy out all the other shares, I believe. As the shares currently fairly worthless and RM is selling his current 70% for £1 not sure of the price. If the new owners get 100% makes it fairly easy to organise a share rights issue and consolidate the RH freehold into Southend United fc if they wish. Purchase could be spread over a period I believe, around £4.5m.