Resolution 11 fails by <1%

[Walterbear 557]

As unpalatable as it is to many the fact of the matter is McCoist pledged to a Director he would back Resolution 11 with his vote then reneged citing the dilution of his holding as the reason for his volte face.

 

Not voting in the knowledge the resolution would fail is a perfectly rational and logical deed all it means is that he put his personal interests ahead of the greater good of the Club and that shouldn't come as a shock.

 

McCoist would have been aware in advance of what the Record would be printing verbatim he was given the opportunity to comment and declined.

 

FS can you advise what the res10 mechanics are now? Are existing shareholders offered first on a first come first served basis with your own existing percentage of shares irrelevant?

 

I presume that this will not be transfer of equity to pay off debt therefore the shallower pockets of sympathetic shareholders is a he problem. Only King or Ashley could realistically buy up large chunks before a general sale?

 

Mccoist may have shot himself in the foot btw because a concentration of shares may have made any buyout easier and share prices would go up and as of course if cash flow becomes a worse problem and we have another administration event his shares will be worth hee haw. I wouldn't be surprised if he sold out to Ashley some time soon. He might as well given his reputation is in tatters.

[forlanssister 3,114]

FS can you advise what the res10 mechanics are now? Are existing shareholders offered first on a first come first served basis with your own existing percentage of shares irrelevant?

 

It will only be open to existing shareholders on a pro-rata basis of 1 new share being offered for each existing share. Those taking up their rights will maintain their holdings percentage wise.

 

I presume that this will not be transfer of equity to pay off debt therefore the shallower pockets of sympathetic shareholders is a he problem. Only King or Ashley could realistically buy up large chunks before a general sale?

 

Won't be a general sale as any unsold shares would end up in the hands of the underwriters, I expect it to be underwritten (at least in part) by friendly faces as not to do so leaves the possibility of anti-board forces increasing their holdings.

 

Mccoist may have shot himself in the foot btw because a concentration of shares may have made any buyout easier and share prices would go up and as of course if cash flow becomes a worse problem and we have another administration event his shares will be worth hee haw. I wouldn't be surprised if he sold out to Ashley some time soon. He might as well given his reputation is in tatters.

 

Don't think cash flow will be a problem short term anyway and don't think this current Board would let us get anyway near an administration event. Despite the events of last week I doubt McCoist would let his shares fall into the Ashley sphere of influence (but you never know!).

[the gunslinger 3,366]

Brian kennedy

 

 

[Walterbear 557]

Thx FS.

 

So the likely scenario will be 'as is' with a bit

more drip feed of cash but the opportunity to drive Ashley down and have a clean buy out (assuming we could solve the legacy issue) is lost. Ashley will provide funds for his share increase as it feeds the cash flow and keeps the club operating as the goose that lays the golden egg from his perspective.

 

As King said 'there is no silver bullet'.

 

We could do with a morale booster in our games this week!

[JFK-1 1,693]

Despite the events of last week I doubt McCoist would let his shares fall into the Ashley sphere of influence (but you never know!).

 

We have no idea what was behind the reasoning of McCoist , he has insider information we're not privy to. I'm more than confident he will do the right thing for the club come the time.

Edited November 29, 2016 by JFK-1

[forlanssister 3,114]

We have no idea what was behind the reasoning of McCoist , he has insider information we're not privy to. I'm more than confident he will do the right thing for the club come the time.

 

The time was Friday past.

[forlanssister 3,114]

Thx FS.

 

So the likely scenario will be 'as is' with a bit

more drip feed of cash but the opportunity to drive Ashley down and have a clean buy out (assuming we could solve the legacy issue) is lost. Ashley will provide funds for his share increase as it feeds the cash flow and keeps the club operating as the goose that lays the golden egg from his perspective.

 

As King said 'there is no silver bullet'.

 

We could do with a morale booster in our games this week!

 

My understanding is that short term wise we have enough cash to see out the season.

 

The Ashley situation is outwith our control and the direction will be driven by the various court cases.

 

Think the bog standard rights issue will be the way forward though there are other options available but these are smaller and may have disadvantages as well as advantages.

[pete 2,499]

My understanding is that short term wise we have enough cash to see out the season.

 

The Ashley situation is outwith our control and the direction will be driven by the various court cases.

 

Think the bog standard rights issue will be the way forward though there are other options available but these are smaller and may have disadvantages as well as advantages.

 

Do you not see digging in for a year and trying to get another 1% shares to push Res 11 through as an option.

If we have enough to the end of the season, with the new season tickets we should be okay until the next AGM.

[the gunslinger 3,366]

Do you not see digging in for a year and trying to get another 1% shares to push Res 11 through as an option.

If we have enough to the end of the season, with the new season tickets we should be okay until the next AGM.

You'd be writing of another season by doing that.