Minutes of meeting with Craig Mather, Brian Stockbridge etc

[the gunslinger 3,366]

Pleased to hear Stockbridge is waiving that bonus.

 

must still have plenty left from last years. he also isn't waiving it only changing how it it paid out.

[the gunslinger 3,366]

oh and he isn't telling us how it is changing till after the agm so you can be sure it will be paid out. probably if he remembers to put the lights out in his office 3 days out of 5.

[chilledbear 16]

I hope the Supporter Groups come out and tell us how disappointed they are in the answers.

 

They never even prepared for the meeting looking at these answers.

[bossy 0]

From reading the minutes, it looks like the RST reps were pretty well prepared. I get the impression that Mather and Stockbridge were not expecting that level of professionalism across the table.

[chilledbear 16]

From reading the minutes, it looks like the RST reps were pretty well prepared. I get the impression that Mather and Stockbridge were not expecting that level of professionalism across the table.

 

I didn't mean the RST.

[bossy 0]

I didn't mean the RST.

 

I know you didn't so sorry if I gave that impression. What I was trying to say is that i don't think CM or BS were expecting people who knew what they were talking about across the table from them.

[chilledbear 16]

I know you didn't so sorry if I gave that impression. What I was trying to say is that i don't think CM or BS were expecting people who knew what they were talking about across the table from them.

 

Agree with that and probably that is why they didn't prepare.

 

Shows why they are not qualified for their positions.

[Zappa 0]

Some of this is absolutely astonishing. Straight from the off on the subject of the IPO costs, Stockbridge is waffling on about costs that have zero to do with the IPO costs. First impressions 'n' all that, eh?

 

IPO ISSUES

 

GL - Queried the excessive £5.6m costs from fundraising, can we get a breakdown.

 

BS - pre-IPO fees are high. Large cost to secure the club - at time of acquisition there was no license to play football and it was risky private investment and that attracts high costs.

 

GL - normally fees would be 5% - why are these as high as 25%

 

BS - fees paid were commensurate with normal legal and professional fees but the other costs were high. I came in on 14th June by which time these costs were already fixed.

 

Payments agreed by the club prior to my joining were only paid if I considered they were properly incurred and constituted proper commercial contracts.

 

Intends putting together a more informative analysis of historic costs ref the IPO before the AGM - this sort of information is not normally in the public domain. Will have to liaise with investors and advisors that they are happy to have fees disclosed. Hope to be as transparent as I can be.

 

You must remember there were Inherited costs - in terms of wages these were around the £30m mark for example and will not remain at that level.

[the gunslinger 3,366]

Some of this is absolutely astonishing. Straight from the off on the subject of the IPO costs, Stockbridge is waffling on about costs that have zero to do with the IPO costs. First impressions 'n' all that, eh?

 

he is basically saying that the ipo money was given back out to initial investors.

[Zappa 0]

he is basically saying that the ipo money was given back out to initial investors.

 

None of the points in his answers to those first two questions about the supposed '£5.6m IPO costs' actually answer the questions though. His answers are total evasion and diversion tactics.