£150k lease (what we are due) vs £20k rental for 50 years (new proposal) is £6.5million income for Trust (FALL). That buys a few hundred metres of tarmac I think? Of course that is a good deal!! Not for the fans - but for the "investors" who will be long gone when the fans and their grandkids are still here. Feels just like dealing with Steve Hayes and his heavies :( - where are they now? And this was going so well when we thought the Coughigs were in it for the long run.
Just VOTE NO and let's work out how we move forward as a Trust owned club?
wj
PS looking forward to see some of the YES voters from the BEEKS/HAYES era tonight! :)
The trust is a dead parrot. It’s a well intentioned organisation that has proved to be unfit in its duty to keep the club on a sustainable footing.
My vote is irrelevant as my opinion was clearly deemed irrelevant prior to the final negotiations that had already taken place.
I fear that all of this has happened as the culture from the Cohig family appears to be my way or the highway and they didn’t want to come into conflict.
TAGFC, you are needed now, more than ever. Vote NO and keep the faith :) If enough do this - as we did against SH/IB, then we can find a good way forward.
Not sure it was a snipe, given it was a response to the comments on here about the Trust Board being a bunch of old men who knew nothing of business...
@HolmerBlue unless the membership force an EGM for the sole purpose of getting rid of the whole board & replacing them we are left with the rules which is that 1/3rd of the board stands down every year & they are allowed to offer themselves for re-election which is happening tonight.
We really need to hear what the 5 candidates have to say & pick those who we believe will best serve us going forward.
They wouldn't put my questions to the prospective candidates - which make the vote null and void. I wonder if the board understand what an Injunction is?
eh? I'm not sure it says anywhere in the trust constitution that all questions must be answered, plenty of other things there to be concerned about. like the cost of lawyers if you want an injunction.
They certainly don't seem to agree with you on that, I think their working theory being that they have already done that, I cant see the rules but in an email from around the time of the sale it says "Under the rules of the Trust, the sale of a controlling interest in the Football Club is a “hard right” and therefore 75 % of all Legacy Members would need to vote in favour of a sale", going from 25 to 15 now (or less) isn't affecting the fact we no longer own 50%. I'd be more interested in whether they promised to protect the quarter and that sort of thing although I don't necessarily think its in our interests to turn down the Couhigs offer. Questions remain over how hard they fought for any concessions or if they could have put extra safeguards in place and locked in future promised investment. As far as RC goes, I doubt he minds, he can get rid of the trust fairly easily if they get in is way, not that they have shown any interest in doing so. One positive was that the board advised that the Couhigs haven't taken anything out at all in dividends or expenses and that has been past the auditors.
Better meeting today tech wise, not sure those right at the top of the trust came over any better.
I wonder if it's all slightly exaggerated to make us think that we live without Rob Couhig. I don't believe that a man of RC's intelligence and business stature would know that we were in "trouble" and then sign Vokes for another season, followed up by Alfie Mawson. If we were in real danger, there is no way those deals would have been sanctioned. That would be utterly careless.
Fair points Strongest Team .... but when did we vote to give away all our rights - who was Trust Chairman? Also, The Coughigs haven't taken anything out YET - but if their cash injection is debt.... against what security? That's what Hayes tried to do.
Members Acquisition Update September 4th 2019
As we are sure that you will know by now, Rob Couhig has been in discussions with the Trust to acquire 75% of the shares of WWFC, since late June. Those discussions have now reached the stage where the deal structure has been broadly agreed between the lawyers representing both parties. There are still a number of issues that need to be finalised and it is hoped that these can be agreed in the next two to three weeks.
Assuming that these are resolved in that time frame, then we would hope to get an agreement signed with Rob Couhig by the end of September. This will of course need to be ratified by 75% of Legacy Members voting in favour of the proposed deal. As soon as the deal is finally agreed a meeting of all Trust Members will be called to update them on the overall shape and details of the agreement and then the process of getting Legacy Members to vote will be started.
The Adams Park Stadium will remain 100% Trust owned. Neither the Club nor the Stadium will hold any debt, nor will the assets be available to be used as security. The enshrined rights will also be protected.
A Legacy Member is someone who has been a STH for four consecutive seasons, including this one and who is a member of the Trust. The cut-off date for becoming a Legacy member and being able to vote on the deal, is end of day on 21st September. Trust membership costs £10 and you can join by filling in the form on the Trust website, (Click Membership and Rules at top of home page) or visiting the Trust table in the Caledonian suite, prior to one of the next three homes games against Lincoln, Accrington or Portsmouth.
If there are any Trust Members that have any concerns that would prevent them from supporting this proposal, then please contact Trevor Stroud, [email protected] or Rob Couhig, [email protected] in order to try to resolve them.
We hope that the Legacy Members will support this agreement when it is put to the vote, as we, your Trust Board, sincerely believe that it is the right deal to ensure the long term survival of the Football Club and to make certain that we continue the great start to the season that we have made in League 1.
There will also be a Fans Forum at Adams Park in the Caledonian Suite on September 19th, which will be hosted by Trevor Stroud, Rob Couhig and Gareth Ainsworth. This will be an opportunity for fans to discuss any issues relating to the Club, the Trust and the playing side of the business. Full details will be published later on the Club website. We look forward to seeing as many of you there as possible.
Again this isn't the deal or the trust's rules but from the 4 page guide on the takeover that the original gasman posted these seem to be rights that the trust didn't give up. And I don't claim to know how many actual shares are voting shares @wandering_jock
Comments
£150k lease (what we are due) vs £20k rental for 50 years (new proposal) is £6.5million income for Trust (FALL). That buys a few hundred metres of tarmac I think? Of course that is a good deal!! Not for the fans - but for the "investors" who will be long gone when the fans and their grandkids are still here. Feels just like dealing with Steve Hayes and his heavies :( - where are they now? And this was going so well when we thought the Coughigs were in it for the long run.
Just VOTE NO and let's work out how we move forward as a Trust owned club?
wj
PS looking forward to see some of the YES voters from the BEEKS/HAYES era tonight! :)
The trust is a dead parrot. It’s a well intentioned organisation that has proved to be unfit in its duty to keep the club on a sustainable footing.
My vote is irrelevant as my opinion was clearly deemed irrelevant prior to the final negotiations that had already taken place.
I fear that all of this has happened as the culture from the Cohig family appears to be my way or the highway and they didn’t want to come into conflict.
Good luck to one and all.
TAGFC, you are needed now, more than ever. Vote NO and keep the faith :) If enough do this - as we did against SH/IB, then we can find a good way forward.
Starts with a snipe at the Gasroom…
Who made it?
Not sure it was a snipe, given it was a response to the comments on here about the Trust Board being a bunch of old men who knew nothing of business...
All the old board should go
The Trust has never been more relevant, and if the Couhigs are on their way out, it's never been more important than we all engage.
@HolmerBlue unless the membership force an EGM for the sole purpose of getting rid of the whole board & replacing them we are left with the rules which is that 1/3rd of the board stands down every year & they are allowed to offer themselves for re-election which is happening tonight.
We really need to hear what the 5 candidates have to say & pick those who we believe will best serve us going forward.
They at least refused to sell the ground though - it could be way worse.
They wouldn't put my questions to the prospective candidates - which make the vote null and void. I wonder if the board understand what an Injunction is?
eh? I'm not sure it says anywhere in the trust constitution that all questions must be answered, plenty of other things there to be concerned about. like the cost of lawyers if you want an injunction.
Take it easy Jock I have my concerns but appreciate the trust is about volunteers who are trying their best for the club .
Pleased that Ben got on, shame Jamie missed out.
Staggered that after the last few week’s tech disasters the IT expert wasn’t elected! 😭
There's probably enough IT bods who can help when needed, not sure his speech was as varied as some others.
The IT has been a lot better at this meeting.
Nigel is being a little glib about the indicative vote from the Couhig meeting
Clearly they have decided its a done deal & wont/cant be arsed to try to get the 500 odd trust members who didn't vote to participate.
I think they need 75% + 1 of the Legacy members to vote to agree any deal - and if you listen to Rob Coughig interview, then he believes so too!
Why do you think this is the case?
I reckon that's next on the agenda, maybe in a year or so when we find ourselves a further 3m in the red.
They certainly don't seem to agree with you on that, I think their working theory being that they have already done that, I cant see the rules but in an email from around the time of the sale it says "Under the rules of the Trust, the sale of a controlling interest in the Football Club is a “hard right” and therefore 75 % of all Legacy Members would need to vote in favour of a sale", going from 25 to 15 now (or less) isn't affecting the fact we no longer own 50%. I'd be more interested in whether they promised to protect the quarter and that sort of thing although I don't necessarily think its in our interests to turn down the Couhigs offer. Questions remain over how hard they fought for any concessions or if they could have put extra safeguards in place and locked in future promised investment. As far as RC goes, I doubt he minds, he can get rid of the trust fairly easily if they get in is way, not that they have shown any interest in doing so. One positive was that the board advised that the Couhigs haven't taken anything out at all in dividends or expenses and that has been past the auditors.
Better meeting today tech wise, not sure those right at the top of the trust came over any better.
Trust Board v Message Board smackdown? I back us all the way.
Good luck to all those on the trust board. Not just for today but for 2 years down the line when even more difficult decisions need to be taken.
Whatever the intentions of the interested parties this is the beginning of a challenging period for all.
RC has had a great honeymoon let’s hope he can put the effort and love into this marriage that we deserve.
Has anyone established for certain if we are actually 3m in debt, or whether the 3m "shortfall" is just against the championship/last season?
If we were actually 3m in debt, and forecasting that every season it'd make previous management of the club look absolutely golden.
I wonder if it's all slightly exaggerated to make us think that we live without Rob Couhig. I don't believe that a man of RC's intelligence and business stature would know that we were in "trouble" and then sign Vokes for another season, followed up by Alfie Mawson. If we were in real danger, there is no way those deals would have been sanctioned. That would be utterly careless.
Fair points Strongest Team .... but when did we vote to give away all our rights - who was Trust Chairman? Also, The Coughigs haven't taken anything out YET - but if their cash injection is debt.... against what security? That's what Hayes tried to do.
Members Acquisition Update September 4th 2019
As we are sure that you will know by now, Rob Couhig has been in discussions with the Trust to acquire 75% of the shares of WWFC, since late June. Those discussions have now reached the stage where the deal structure has been broadly agreed between the lawyers representing both parties. There are still a number of issues that need to be finalised and it is hoped that these can be agreed in the next two to three weeks.
Assuming that these are resolved in that time frame, then we would hope to get an agreement signed with Rob Couhig by the end of September. This will of course need to be ratified by 75% of Legacy Members voting in favour of the proposed deal. As soon as the deal is finally agreed a meeting of all Trust Members will be called to update them on the overall shape and details of the agreement and then the process of getting Legacy Members to vote will be started.
The Adams Park Stadium will remain 100% Trust owned. Neither the Club nor the Stadium will hold any debt, nor will the assets be available to be used as security. The enshrined rights will also be protected.
A Legacy Member is someone who has been a STH for four consecutive seasons, including this one and who is a member of the Trust. The cut-off date for becoming a Legacy member and being able to vote on the deal, is end of day on 21st September. Trust membership costs £10 and you can join by filling in the form on the Trust website, (Click Membership and Rules at top of home page) or visiting the Trust table in the Caledonian suite, prior to one of the next three homes games against Lincoln, Accrington or Portsmouth.
If there are any Trust Members that have any concerns that would prevent them from supporting this proposal, then please contact Trevor Stroud, [email protected] or Rob Couhig, [email protected] in order to try to resolve them.
We hope that the Legacy Members will support this agreement when it is put to the vote, as we, your Trust Board, sincerely believe that it is the right deal to ensure the long term survival of the Football Club and to make certain that we continue the great start to the season that we have made in League 1.
There will also be a Fans Forum at Adams Park in the Caledonian Suite on September 19th, which will be hosted by Trevor Stroud, Rob Couhig and Gareth Ainsworth. This will be an opportunity for fans to discuss any issues relating to the Club, the Trust and the playing side of the business. Full details will be published later on the Club website. We look forward to seeing as many of you there as possible.
On behalf of the Trust Board
Of all the words to miss out, how did you miss the critical word "can't" out of that first line!!!
Promotion this season and we'll be renewing our vows on a beach in the Seychelles (money permitting)
Again this isn't the deal or the trust's rules but from the 4 page guide on the takeover that the original gasman posted these seem to be rights that the trust didn't give up. And I don't claim to know how many actual shares are voting shares @wandering_jock