Jags Trust Posted July 11, 2019 Report Share Posted July 11, 2019 (edited) The Jags Trust statement is in two forms, this relatively brief precis and the full document (available here) which explains the Trust Board’s support of moves to change the composition of the Board of PTFC Ltd. The Trust had sought a meeting with the Club Board, and that had been agreed in principle, though the CEO had been at pains to point out that the Club has no shares (a matter about which we had long been concerned). that if we wanted information, the Club could not provide it and we should, as had already been our intention, speak with those associated with the potential change of ownership. Subsequently, representatives of shareholders engaged with The Trust over several days and we discussed matters associated with the current and future operation of our Club. The Trust had been aware of the apparent weakening of the infrastructure of PTFC Ltd, particularly in respect of financial controls and had significant concerns over this. Further, it was unclear what recent additions to the Board brought to the table, and confidence was dwindling over issues of presentation and substance at the highest level. At this stage it must be stressed that utterly exempt from any criticism is Colin Weir whose massive contribution to Partick Thistle was, is and should always be respected. The Jags Trust had researched the bona fides of those identified in a potential change of ownership and produced a substantial document which explored: · the business and commercial background of Messrs Chien Lee and Conway · the business model they were applying to their growing football portfolio · the Billy Beane/Moneyball philosophy · the fundamental question of “Why Thistle?” · the threats to and opportunities for our Club. The full statement summarises the findings/conclusions based on this research. Reasons of confidentiality, commercial sensitivity and time pressures rendered it impossible to consult with the membership and thus The Board of the Trust was faced with the options of either taking an informed decision on what we felt was in the best interests of our Club, or of sitting on the side-lines doing nothing. We felt that to abrogate our responsibilities and do nothing would be to betray the spirit of “Save The Jags” from which The Trust had been formed! Some will, inevitably, disagree with our interpretation, our conclusions and our actions. None should question our motivation. Ultimately, the Board of the Trust backed moves to alter the composition of the Board of PTFC Ltd by removing Ms Low and Messrs Smillie and Robertson, the return to the Board of Messrs Beattie, Springford, Gilfillan and the appointment of David Kelly who, until earlier this year, had been Financial Controller at the Club. The Jags Trust’s shares cannot be traded, and we will have no locus in transactions between individual shareholders and parties behind any potential change of ownership – but we have a voice which will be heard![1] There are no guarantees in sport, and nothing is without some risk, but the potential change of ownership appears to offer, at the very worst, nothing which could be regarded as inferior to what we already faced in the season ahead. In essence, the proposals appear to offer hope where there was very little and potential for progress at a rate which could not otherwise be envisaged. Should time permit it, we would urge you to read the full statement [1] To make that “voice”, your voice, join The Jags Trust! Link to full statement here Edited July 11, 2019 by Jags Trust 2 Quote Link to comment Share on other sites More sharing options...
jaggymct Posted July 11, 2019 Report Share Posted July 11, 2019 I don't seem to be able to download the PDF of the statement, can anyone else ? Quote Link to comment Share on other sites More sharing options...
delurker Posted July 11, 2019 Report Share Posted July 11, 2019 5 minutes ago, jaggymct said: I don't seem to be able to download the PDF of the statement, can anyone else ? Nope, disnae work. Quote Link to comment Share on other sites More sharing options...
Jags Trust Posted July 11, 2019 Author Report Share Posted July 11, 2019 Can you try to download now please? Quote Link to comment Share on other sites More sharing options...
AlwaysOutnumbered... Posted July 11, 2019 Report Share Posted July 11, 2019 Sorry, there is a problem This attachment is not available. It may have been removed or the person who shared it may not have permission to share it to this location. Error code: 2C171/1 Quote Link to comment Share on other sites More sharing options...
delurker Posted July 11, 2019 Report Share Posted July 11, 2019 2 minutes ago, Jags Trust said: Can you try to download now please? Still getting: 'This attachment is not available. It may have been removed or the person who shared it may not have permission to share it to this location.' Quote Link to comment Share on other sites More sharing options...
jaggymct Posted July 11, 2019 Report Share Posted July 11, 2019 Quote Link to comment Share on other sites More sharing options...
CCjag Posted July 11, 2019 Report Share Posted July 11, 2019 (edited) Can't get it to work on remote either. Edited July 11, 2019 by CCjag 1 Quote Link to comment Share on other sites More sharing options...
partickthedog Posted July 11, 2019 Report Share Posted July 11, 2019 Same error/problem message for me as well. Quote Link to comment Share on other sites More sharing options...
Jags Trust Posted July 11, 2019 Author Report Share Posted July 11, 2019 Link to full statement here , hopefully. 2 Quote Link to comment Share on other sites More sharing options...
eljaggo Posted July 11, 2019 Report Share Posted July 11, 2019 A good statement from the Trust, and a good response from them to the situation as it stands. However for heavens sake, with Low gone, now is the time for the two fans' trusts to meet and to agree a common strategy towards any changes proposed. The trusts are in a very powerful position, but the only way they can exercise it is to act as one. Time for action. Don't delay! 1 1 Quote Link to comment Share on other sites More sharing options...
delurker Posted July 11, 2019 Report Share Posted July 11, 2019 1 minute ago, Jags Trust said: Link to full statement here , hopefully. Yep, works now, thanks. Quote Link to comment Share on other sites More sharing options...
javeajag Posted July 11, 2019 Report Share Posted July 11, 2019 Sensible statement .... welcome change ! Quote Link to comment Share on other sites More sharing options...
Woodstock Jag Posted July 11, 2019 Report Share Posted July 11, 2019 Am I the only one who thinks this is an incoherent ramble? 2 Quote Link to comment Share on other sites More sharing options...
eljaggo Posted July 11, 2019 Report Share Posted July 11, 2019 Does anyone know if there have been any discussions between the (new) Board and the PTFC Trust? Quote Link to comment Share on other sites More sharing options...
javeajag Posted July 11, 2019 Report Share Posted July 11, 2019 2 minutes ago, eljaggo said: Does anyone know if there have been any discussions between the (new) Board and the PTFC Trust? I think you can infer from the trusts statement they have been speaking to someone involved Quote Link to comment Share on other sites More sharing options...
delurker Posted July 11, 2019 Report Share Posted July 11, 2019 1 minute ago, javeajag said: I think you can infer from the trusts statement they have been speaking to someone involved And in the attached doc, they confirm that. Quote Link to comment Share on other sites More sharing options...
delurker Posted July 11, 2019 Report Share Posted July 11, 2019 7 minutes ago, Woodstock Jag said: Am I the only one who thinks this is an incoherent ramble? Clearly thrown together in a rush, but hard to avoid that given the time pressures. 1 Quote Link to comment Share on other sites More sharing options...
delurker Posted July 11, 2019 Report Share Posted July 11, 2019 19 minutes ago, Jags Trust said: Link to full statement here , hopefully. Thanks; a welcome statement and some hard info. I have some reservations about this takeover but can now see the Trust's reasoning. Quote Link to comment Share on other sites More sharing options...
ARu-Strathbungo Posted July 11, 2019 Report Share Posted July 11, 2019 50 minutes ago, Jags Trust said: The Jags Trust statement is in two forms, this relatively brief precis and the full document (link below) which explains the Trust Board’s support of moves to change the composition of the Board of PTFC Ltd. The Trust had sought a meeting with the Club Board, and that had been agreed in principle, though the CEO had been at pains to point out that the Club has no shares (a matter about which we had long been concerned). that if we wanted information, the Club could not provide it and we should, as had already been our intention, speak with those associated with the potential change of ownership. Subsequently, representatives of shareholders engaged with The Trust over several days and we discussed matters associated with the current and future operation of our Club. The Trust had been aware of the apparent weakening of the infrastructure of PTFC Ltd, particularly in respect of financial controls and had significant concerns over this. Further, it was unclear what recent additions to the Board brought to the table, and confidence was dwindling over issues of presentation and substance at the highest level. At this stage it must be stressed that utterly exempt from any criticism is Colin Weir whose massive contribution to Partick Thistle was, is and should always be respected. The Jags Trust had researched the bona fides of those identified in a potential change of ownership and produced a substantial document which explored: · the business and commercial background of Messrs Chien Lee and Conway · the business model they were applying to their growing football portfolio · the Billy Beane/Moneyball philosophy · the fundamental question of “Why Thistle?” · the threats to and opportunities for our Club. The full statement summarises the findings/conclusions based on this research. Reasons of confidentiality, commercial sensitivity and time pressures rendered it impossible to consult with the membership and thus The Board of the Trust was faced with the options of either taking an informed decision on what we felt was in the best interests of our Club, or of sitting on the side-lines doing nothing. We felt that to abrogate our responsibilities and do nothing would be to betray the spirit of “Save The Jags” from which The Trust had been formed! Some will, inevitably, disagree with our interpretation, our conclusions and our actions. None should question our motivation. Ultimately, the Board of the Trust backed moves to alter the composition of the Board of PTFC Ltd by removing Ms Low and Messrs Smillie and Robertson, the return to the Board of Messrs Beattie, Springford, Gilfillan and the appointment of David Kelly who, until earlier this year, had been Financial Controller at the Club. The Jags Trust’s shares cannot be traded, and we will have no locus in transactions between individual shareholders and parties behind any potential change of ownership – but we have a voice which will be heard![1] There are no guarantees in sport, and nothing is without some risk, but the potential change of ownership appears to offer, at the very worst, nothing which could be regarded as inferior to what we already faced in the season ahead. In essence, the proposals appear to offer hope where there was very little and potential for progress at a rate which could not otherwise be envisaged. Should time permit it, we would urge you to read the full statement [1] [1] To make that “voice”, your voice, join The Jags Trust! Link to full statement here This is welcome attempt at a clarification of a highly complex situation. Thanks for posting this. Please note your 'join the Jags Trust' link still does not work. Suffers from the same linkage problems it had last year [Checkout is closed This store isn't set up to process payments] Quote Link to comment Share on other sites More sharing options...
eljaggo Posted July 11, 2019 Report Share Posted July 11, 2019 29 minutes ago, javeajag said: I think you can infer from the trusts statement they have been speaking to someone involved The statement is from the Jags Trust not the PTFC Trust. Quote Link to comment Share on other sites More sharing options...
jaf Posted July 11, 2019 Report Share Posted July 11, 2019 (edited) Well done to all involved. A pleasing development, and good to be informed by such an information filled document. Edited July 11, 2019 by jaf Quote Link to comment Share on other sites More sharing options...
sandy Posted July 13, 2019 Report Share Posted July 13, 2019 Will never be convinced by the JT, but bringing DB back has been a really good move. Quote Link to comment Share on other sites More sharing options...
Auld Jag Posted July 13, 2019 Report Share Posted July 13, 2019 18 minutes ago, sandy said: Will never be convinced by the JT, but bringing DB back has been a really good move. Good to have you back as well Sandy. Quote Link to comment Share on other sites More sharing options...
sandy Posted July 13, 2019 Report Share Posted July 13, 2019 33 minutes ago, Auld Jag said: Good to have you back as well Sandy. Cheers AJ. Aye, the self-imposed exile was cut short by the events of the last few hours Time for a fresh start off & on the park Quote Link to comment Share on other sites More sharing options...
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