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Barnie

A right to know?

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A key point being that in the opinion of a good many people, it was unjust for the Trust to not be given shares in the NewCo.

 

Reason being as you well know by now Alan - John Kidd attended a Trust meeting prior to the creation of the NewCo, at which he tabelled 3 options for the Trust's consideration.  The Trust members voted to retain the Trust's independence from the club, in light of a commitment that John gave - i.e. to honour the Trust's shareholding within the structure of the NewCo. The Trust also held a formal board position at that point.  The restructuring also saw the team take a hit of 6 points in the league that season - a cheaper option for John than a legitimate buyout.

 

It is clear from several years of subsequent returns to Companies House that John thus far has never delivered upon the key commitment to provide the Trust with the NewCo shares, which in effect wiped out circa £40k that the Trust had invested directly into the club to that point.  People can hardly be blamed for seriously questioning whether the Trust was treated equitably in such circumstances.

 

The shareholding of the OldCo was always very intriguing.

 

When it was formed in 2002 there were two shareholders - Malcolm White with 500 and David Jones with 499. In October 2003 the Trust bought 800 shares - essentially making it the largest shareholder - for £48,870. At the same time David Jones was issued with 2,550 shares and John Kidd with 500. Another supporter purchased 150 shares. So, from a total of 4,999 shares, the Trust held 800 at this point.

 

Then comes the intriguing bit.

 

During the Christmas period of 2005 a total of 25,000 shares - essentially an 83% stake in the company - were issued to a company called Blue Lion Investments. If Blue Lion - whoever they were - bought their shares for the same value as the Trust it would have been an investment of over £1.5m. Clearly, £1.5m wasn't invested in the club for the start of the 2006 season.

 

That's all by-the-by as the company was taken into administration in April 2007 and the NewCo formed, with JK, PK and David Jones taking 3,333 each of 9.999 shares. At the meeting at the Masonic Hall around this time, John made it very clear that the Trust would be offered a stake equivalent to their shareholding in the OldCo, as I remember writing the various three options down for him.

 

The Trust voted (unanimously, if I remember) to accept the share offer.

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As it's looking more than likely that Koukash and the other invester  have lost interest and the trust have to step in to save the lions. Where will the finances to run a successful club in the championship come from?

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See you all on Monday night guys

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I wouldn't give a penny to the club or the trust until someone damn well communicates what on earth is going on.  If Swinton are finished tell us - if not explain the position and what is needed for the club to continue. We aren't idiots.

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I'm baffled as to why Koukash was informing anyone who cared to listen at the Salford open day that he was keen to buy Swinton and then we hear nothing!

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I wouldn't give a penny to the club or the trust until someone damn well communicates what on earth is going on.  If Swinton are finished tell us - if not explain the position and what is needed for the club to continue. We aren't idiots.

 

I think you'll find that the trust will be communicating with all those gathered at next Monday night's meeting.

 

:sungum:

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I wouldn't give a penny to the club or the trust until someone damn well communicates what on earth is going on. If Swinton are finished tell us - if not explain the position and what is needed for the club to continue. We aren't idiots.

Why should the Trust communicate anything to you?

You're not a member

Its like asking the AA to fix your car when you're in the RAC

How about counting yourself lucky that they will?

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Gandalf1 will you be of the same opinion if it is ultimately the trust who end up running the club.

You will have seen that following last nights trust meeting a full open supporters meeting has been called to explain the position so far.

This of course is from the trusts point of view and will set out their involvement since learning of the clubs immediate financial troubles. This is not a fund raising meeting ( although Trust membership forms will be available) it is simply the trust doing what it said it would a few weeks ago.

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I'm pretty certain that the Trust is open to all

I would suggest to those who disagree with how it is run to join it and change it by democratic means rather than bleating on about its failures.

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I'm pretty certain that the Trust is open to all

I would suggest to those who disagree with how it is run to join it and change it by democratic means rather than bleating on about its failures.

 

And Monday is a great opportunity to put your money where your mouth is. Bring your £25 and join up on the night!

 

I seem to think that the only people that can't become Trust members are U18s, for legal reasons. If it was ever needed, that can always be dealt with by having a junior section/committee that has an adult representative in the Trust, which is what FC United do.

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Do the Trust do an NHS discount? I am a poor NHS worker!!!!

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Why should the Trust communicate anything to you?

You're not a member

Its like asking the AA to fix your car when you're in the RAC

How about counting yourself lucky that they will?

 

I agree that if you are not a member of something you have no reason to expect anything from it however with regards to the current plight of the club this is an exceptional situation & I assume the idea is to attract new fans to the club & boost Trust membership. So if we follow your argument then what about all the potential supporters who are not members of the Trust? How can they make an informed decision if they are frozen out?

Pointing out that non-members are lucky that the Trust is communicating with them is not really what the message should be, rather it was that we are ALL lucky that the Trust is there to take on this responsibility.

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I did not point it out that way

I pointed out that if you want action why not take some yourself?

Its a pretty simple remedy.

By the way I'm not a trust spokesperson or a board member. I'm just giving my opinion.

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Junior lions reinvented?

Good idea

 

When the club switched from season tickets to memberships for the 2008 season, the biggest area of growth was junior membership, which more than doubled the number of junior passes. There is potential out there.

 

I'm often pretty critical of John Kidd, but in fairness the membership scheme of 2008 was his idea and a very successful one IMO.

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Are you coming Monday John ?

 

Making some good points there.

 

Riggy

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Are you coming Monday John ?

 

Making some good points there.

 

Riggy

 

Yes, I plan to.

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Perhaps it would be a good idea for the Trust to have membership forms available that could be completed on the night?

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Bring your £25 and join up on the night!

 

 

 

Good news Jonty, it's now been reduced to £24 per annum (or £2 per month by D/D)

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Membership forms will be available on Monday night and Sam should be their to take your Memberships.

 

Please spread the word about the meeting.

 

You coming Phil / Julian ?  Everyone welcome

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Being promoted on Facebook and I have messaged Boozer so every pub in Swinton will soon be aware of the meeting! Sandra Trace has also posted on the Swinton People facebook page.

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Instead of people getting their knickers in a twist I will reaffirm this meeting is for all Swinton Supporters new and old to attend, receive first hand info from the trust as to the current state of affairs.

It won' t be a meeting for anyone wishing to degenerate it in to a slanging match. Our club needs everyone pulling in the same direction, even more so if it becomes a trust run club.

It really is time we pulled together.

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Instead of people getting their knickers in a twist I will reaffirm this meeting is for all Swinton Supporters new and old to attend, revive first hand info from the trust as to the current state of affairs.

It won' t be a meeting for anyone wishing to degenerate it in to a slanging match. Our club needs everyone pulling in the same direction, even more so if it becomes a trust run club.

It really is time we pulled together.

Great post this

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