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Pompey Takeover Saga


Fitzhugh Fella

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I wonder if they're following their own Standing Orders? Most companies have strictly laid down rules about calling AGMs, Emergency GMs, deadlines for submitting emergency resolutions, quora etc. etc.

 

But I bet they don't have Standing Orders - after all, they don't do anything else by the book

 

They are a trust, different book altogether to companies and much looser corporate governance requirements. If they had any sense it would be set in stone in the Trust Deed and I'd like to think it is in there somewhere.

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They are a trust, different book altogether to companies and much looser corporate governance requirements. If they had any sense it would be set in stone in the Trust Deed and I'd like to think it is in there somewhere.

 

Hey I'm lost here.......surely the high net worth owners are in the PST???.........or is this all smoke and mirrors..........admin for the (sorry lost count) can't be faraway :) :)

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Hey I'm lost here.......surely the high net worth owners are in the PST???.........or is this all smoke and mirrors..........admin for the (sorry lost count) can't be faraway :) :)

 

No, I don't think so. They are investors in the football club in their own right. The PST is also an investor, having taken donations from fans to be able to buy a percentage of the club as well (which is gradually reducing as the HNWs pump more money in from time to time).

 

The "shares" that the fans have bought are shares in the PST, not in the club. The PST has used the money raised to buy shares in the club.

 

The HNWs have bought shares directly in the club themselves, they have not contributed to the PST.

 

I think that's right, but I'm happy to be corrected by anyone who knows better!

 

Sent from my SM-G900F using Tapatalk

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No, I don't think so. They are investors in the football club in their own right. The PST is also an investor, having taken donations from fans to be able to buy a percentage of the club as well (which is gradually reducing as the HNWs pump more money in from time to time).

 

The "shares" that the fans have bought are shares in the PST, not in the club. The PST has used the money raised to buy shares in the club.

 

The HNWs have bought shares directly in the club themselves, they have not contributed to the PST.

 

I think that's right, but I'm happy to be corrected by anyone who knows better!

 

Sent from my SM-G900F using Tapatalk

 

Succinctly put and what I think is correct.

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So the big-hearted HNW investors have bought shares with their money, while the fans have just made donations.

Perhaps 2015 will be the year that the plucky fans finally realise that they own nothing and have no control over the 'fan-owned' club.

 

 

 

Or perhaps we will continue as we have done for five years with heads in sand, mass delusion, and a media that gives the people only what the people want to hear.

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My thoughts for 2015 are that a new crack at Pompey may be exposed.

 

As far as we know the high net worth (HNWs) presidents control about 52% of the shares although this has not been updated for a while, with the PST owning the rest. I believe there are about 12 HNWs so on average each owns about 4% of the club. But unlike the fans who gave money to the PST for their shareholding, the HNW's ownership is by direct shareholdings and is expected to be personally redeemable at a future point. No doubt a number of them expected to make a little profit on their investment if Pompey rose up a division or two and became a profitable concern and an attractive buy to a more wealthy investor.

 

But things are not going to plan. The club languishes in L2 and will stay there for another year in likelihood. The Tesco deal has gone quiet. Fratton Park continues to cost a lot to maintain. Ongoing turnover is not good for the rest of the season as it continues to rely on discounted early bird season ticket revenue that has been spent by now. They are out of the cups.

 

So there is a possibility that the club will need to raise more money to see it through the season. The PST has exhausted its revenue income means as the fans are not likely to pay in if there is another financial call to arms. That leaves McInnes and his board requiring more investment from the existing HNWs (for additional share ownership at the % ownership of the PST and possibly themselves as individuals) or attempting to gain fresh HNW investment which will dilute the share ownership of the existing HNW investors and PST, and neither of those groups will want that for different reasons.

 

At 4% each the existing HNWs are probably wondering about their investments to date as they have little control over what's happening and will be loathe to chuck more money at the situation. Yet if they don't answer a call for cash, their 4%s will be diluted by any new outside investment that McInnes finds.

 

I foresee an internal fracas between the HNWs in the next few months as each considers his options and argues with McInnes and others about the way forward.

 

I hope I am right!

Edited by TopGun
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Pretty sure the Tesco issue has gone quiet because it is now completed???

 

As far as PFC were concerned, they were only due a 'six figure' windfall [ringfenced to be spent only on ground improvements...] once the deal was agreed with Tesco. That has happened and they have had their blood money - hence why the new car park has been shoddily built!

 

The only person left to make any serious money from the Tesco deal is the property developer - however his gamble is looking more and more risky every time another story about Tesco's finances is revealed...

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In descending order of merit:

 

Companion of Honour

Knight / Dame

CBE

OBE

MBE

 

Fair enough - some sites other than wiki have it the other way around with CBE being for outstanding duty to local issues but not national with OBE being contributions of a national importance

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Fair enough - some sites other than wiki have it the other way around with CBE being for outstanding duty to local issues but not national with OBE being contributions of a national importance

 

I don't claim to know it - I just looked on the government's website. https://www.gov.uk/honours/types-of-honours-and-awards Two people I know got MBEs for 'local' contributions and I knew that the MBE was the lowest order.

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Why are we so concerned about the fishy few? Surely we have more interesting things to do than ridicule the skates?

 

You from Southampton or what mush? You clearly weren't at the 4-1 game down there.

 

I'll hate the ****s til I die! they hate you wherever you're from and loved the idea of dancing on our grave when we were in the **** a few years ago. I heard those vile cretins abusing our legend, Ted Bates, in a minutes silence following his death at St Mary's. That stuff never leaves you. Trust me, 5 of em spot you being a scummer they'll love the numbers and take liberties. Evens don't worry, "birds from Pompey have big t**s and tight c***s, cos blokes from Pompey have big mouths and small co**s"!

 

Don't forget. Never forgive.

 

I hope they go bust.

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You from Southampton or what mush? You clearly weren't at the 4-1 game down there.

 

I'll hate the ****s til I die! they hate you wherever you're from and loved the idea of dancing on our grave when we were in the **** a few years ago. I heard those vile cretins abusing our legend, Ted Bates, in a minutes silence following his death at St Mary's. That stuff never leaves you. Trust me, 5 of em spot you being a scummer they'll love the numbers and take liberties. Evens don't worry, "birds from Pompey have big t**s and tight c***s, cos blokes from Pompey have big mouths and small co**s"!

 

Don't forget. Never forgive.

 

I hope they go bust.

 

Good points , well made

 

Still haven't sunk low enough.

 

The ridiculous sense of entitlement and the constant assertion that they are the best fans in world football needs to be knocked out of them by playing and losing to Eastleigh in non league

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