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Ownership Question

PatMan

By PatMan
in Ebbsfleet United Forum

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Mackster Newbie

Mackster

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I did find it odd that The Trust gave unanimous support to the Myfc takeover. I would have thought The Trust would have taken a more neutral position stating it would work with MyFc but it would remain independent until it can decide whether this thing would work.

 

No one at MyFc Ltd or the existing board can guarantee this will work. Therefore if it fails the only custodians of the club should be The Fleet Trust.

 

My view is that The Trust should be encouraging everyone to join it and contribute funds to beef up it up. Surely £35 is better invested in The Trust than in MyFc. The Trust should "sit" on any funds raised now and in the forseeable future to see what the investment is in the 2nd year and to see how the debt is refinanced.

 

I would give full respect to any of the MyFc members that bother to attend matches, but I can see the rest descending into total apathy when they realise the level of involvement they have in the club will be fairly minimal. I exclude the vociferous overseas MyFc members, but it says it all that they predicted a crowd of 1,800+ when it was actually 1050. No amount of spin-doctoring will convince me that this is a real achievement after 2 weeks of national media coverage.

 

I would urge any of the MyFc members that came on Saturday to join The Fleet Trust and really belong to the club. I'm sure they have realised they can have more fun and feel more involved by actually coming to games rather than sat in front of a PC.

 

My personal opinion is that in the long term the MyFc experiment won't work, however in the short term it gives the club neccessary breathing space to improve its finances and support. I feel The Trust has to now set its own agenda and be the real voice of the fans and not just an accomplice to MyFc.

 

I suppose I'm saying regardless of the state of play now, my guess is that it will be The Trust that owns the club within 3 years.

 

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Uncle Urchin Newbie

Uncle Urchin

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Originally Posted By: doheochai
My understanding of company legislation is that if a single entity acquires more than 80% of the shareholding of a company, that entity can then force the compulsory purchase of any remaining shares of the company.


that is not correct.....private company legislation does not allow for the enforced sale/purchase of minority shareholdings..
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Emily Newbie

Emily

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As far as I'm aware the creation of new shares is correct meaning MFC will have 51% and every other shareholder will keep their shares, all be them diluted shares.

 

MFC will not have the right to purchase 100% of the club, only 100% of the directors shares as they currently hold the controlling share and have agreed to the takeover. MFC will not be able to force anyone else to sell.

 

Granted, I don't know the finer details of the Companies Act but this is the basis on which we voted to support the takeover at the trust meeting.

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doheochai Newbie

doheochai

Posted
Posted
Originally Posted By: Emily

MFC will not have the right to purchase 100% of the club, only 100% of the directors shares as they currently hold the controlling share and have agreed to the takeover. MFC will not be able to force anyone else to sell.

That is my understanding also - and the only option that would be acceptable - to the ST and to the membership of MyFC.
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Uncle Urchin Newbie

Uncle Urchin

Posted
Posted
Originally Posted By: doheochai
My understanding of company legislation is that if a single entity acquires more than 80% of the shareholding of a company, that entity can then force the compulsory purchase of any remaining shares of the company.


Originally Posted By: Emily
MFC will not have the right to purchase 100% of the club, only 100% of the directors shares as they currently hold the controlling share and have agreed to the takeover. MFC will not be able to force anyone else to sell.


Originally Posted By: doheochai
That is my understanding also


ha ha ha....culdn't make it all up culdya.... devil

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doheochai Newbie

doheochai

Posted
Posted
Originally Posted By: Uncle Urchin
Originally Posted By: doheochai
My understanding of company legislation is that if a single entity acquires more than 80% of the shareholding of a company, that entity can then force the compulsory purchase of any remaining shares of the company.


Originally Posted By: Emily
MFC will not have the right to purchase 100% of the club, only 100% of the directors shares as they currently hold the controlling share and have agreed to the takeover. MFC will not be able to force anyone else to sell.


Originally Posted By: doheochai
That is my understanding also


ha ha ha....culdn't make it all up culdya.... devil


And what sh*t are you trying to stir now UU? (by the way it's spelt couldn't)
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Uncle Urchin Newbie

Uncle Urchin

Posted
Posted
Originally Posted By: doheochai
Originally Posted By: Uncle Urchin
Originally Posted By: doheochai
My understanding of company legislation is that if a single entity acquires more than 80% of the shareholding of a company, that entity can then force the compulsory purchase of any remaining shares of the company.


Originally Posted By: Emily
MFC will not have the right to purchase 100% of the club, only 100% of the directors shares as they currently hold the controlling share and have agreed to the takeover. MFC will not be able to force anyone else to sell.


Originally Posted By: doheochai
That is my understanding also


ha ha ha....culdn't make it all up culdya.... devil


And what sh*t are you trying to stir now UU? (by the way it's spelt couldn't)


a hungry wanchai attacks uncle at the xmas moonie rally.. cheeseburger

http://homepage.mac.com/jfstrain/blogpics/may05/shark.jpg
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Friejose Newbie

Friejose

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Posted
Originally Posted By: Uncle Urchin
that is not correct.....private company legislation does not allow for the enforced sale/purchase of minority shareholdings..


Unc, wondering what your background was that you know about this? Were you involved with football club management? The court system? A combination of the two?

Do tell.
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Uncle Urchin Newbie

Uncle Urchin

Posted
Posted
Originally Posted By: Friejose
Originally Posted By: Uncle Urchin
that is not correct.....private company legislation does not allow for the enforced sale/purchase of minority shareholdings..


Unc, wondering what your background was that you know about this? Were you involved with football club management? The court system? A combination of the two?

Do tell.



best to concentrate on the issues at hand FJ...I am unimportant but the truth to these decent fans is paramount....it is not the myfc concept per se that is the problem as I believe that it has many many plusses......it follows therefore that the blatant spin and half truths posted on here (supposedly in the name of myfc) do little to satisfy the inquisitive amongst many who in the face of numerous detractors stay away and accept their fate....bit like bullying really so I decided to take a few of them to task and boy did the masks unfold....

the concept has been sold on a falsehood derived from a lack of understanding related to the running of NL football clubs.....those that have instigated that without thinking it through are now hiding behind their forum pretorians...sooner or later it all has to be faced......the concept is flawed and unless changed will fail...there are too many people involved here with a development related profit agenda as the long term goal...

the search for profit/money is the root of all NL evil..there is no money outside of 6 clubs in the english premier league...
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Poultice Newbie

Poultice

Posted
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Interesting the varying answers to the OP.

 

The law in this area is unambiguous so I am surprised the Gestapo seem so ill informed.

 

Our Trust took 67% of Exeter City from its majority shareholder nearly 5 years ago now, and have pumped nearly one million pounds into the club since that time in the form of loans. Converting that money into share capital is proving to be more of a problem than one might expect, minority shareholders have a lot of rights, so don't let Big Brother frighten you, acquiring a publicly quoted company like Manure is a completely different game.

 

 

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doheochai Newbie

doheochai

Posted
Posted
Originally Posted By: Uncle Urchin

best to concentrate on the issues at hand FJ...I am unimportant but the truth to these decent fans is paramount....it is not the myfc concept per se that is the problem as I believe that it has many many plusses......it follows therefore that the blatant spin and half truths posted on here (supposedly in the name of myfc) do little to satisfy the inquisitive amongst many who in the face of numerous detractors stay away and accept their fate....bit like bullying really so I decided to take a few of them to task and boy did the masks unfold....

the concept has been sold on a falsehood derived from a lack of understanding related to the running of NL football clubs.....those that have instigated that without thinking it through are now hiding behind their forum pretorians...sooner or later it all has to be faced......the concept is flawed and unless changed will fail...there are too many people involved here with a development related profit agenda as the long term goal...

the search for profit/money is the root of all NL evil..there is no money outside of 6 clubs in the english premier league...

And not for the first time you chose not to answer the question but waffle on about how you know more about NL football than anyone else.
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jc Newbie

jc

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Originally Posted By: Mackster
I did find it odd that The Trust gave unanimous support to the Myfc takeover. I would have thought The Trust would have taken a more neutral position stating it would work with MyFc but it would remain independent until it can decide whether this thing would work.


The Trust is still able to maintain its independence though.

'Unanimously' means every Trust member present at the AGM who was eligible to vote voted in favour of the takeover, all things considered. It doesn't mean that everyone there has absolutely no qualms about the MyFC project whatsoever, which is how some people seem to have interpreted it.
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PatMan Newbie

PatMan

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Originally Posted By: jc

The Trust is still able to maintain its independence though.

'Unanimously' means every Trust member present at the AGM who was eligible to vote voted in favour of the takeover, all things considered. It doesn't mean that everyone there has absolutely no qualms about the MyFC project whatsoever, which is how some people seem to have interpreted it.


The way I see the Trust vote...
More information = better understanding. I read the Trust statement, (okay, I got someone else to read it as well) and what was very important is what it DIDN'T say about MyFC...
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