Jordanhill Jag Posted October 6, 2023 Report Share Posted October 6, 2023 3 hours ago, javeajag said: Not really…..my main point is the lack of fan involvement in strategic decisions affecting the club ……we have given three guys a veto over key decisions in the club so some fans are more equal than others and why was the chairman sacked exactly ? Not being an expert in the Type of Shares and the associated Rights etc etc Can you explain how the Three Investors have "a Veto over Key Decisions" Genuine Question 😉 as its a pretty important clause- ref who is making future Club Decisions ? Quote Link to comment Share on other sites More sharing options...
Lambies Lost Doo Posted October 6, 2023 Report Share Posted October 6, 2023 OK for me this is how I see it. Alistair Creevy has left board due to differences which is a real shame as he is a fan, put £ in club and was working for the club with an impressive professional background. There was an impasse so was sacked/voted off the board. We have new investment! By Thistle fans! As a result they get some shares. Fans still own and control the club. Any email from PTFC Trust immediately gets fans angry due to the past BUT it's just a name as now The Jags Foundation are the majority vote in that organisation. It's a shame that successful people cannot agree on areas and the board cannot stick together as they are all real fans with skin in the game. TJF are putting in a lot of work in the background and we all should stick together for long term success. 1 Quote Link to comment Share on other sites More sharing options...
javeajag Posted October 6, 2023 Author Report Share Posted October 6, 2023 29 minutes ago, Jordanhill Jag said: Not being an expert in the Type of Shares and the associated Rights etc etc Can you explain how the Three Investors have "a Veto over Key Decisions" Genuine Question 😉 as its a pretty important clause- ref who is making future Club Decisions ? As the fans shareholding goes below 75% then the 3 guys with 10% of the shares can block any resolution that requires a 75% threshold ( there may also some thing more specific in the agreement that’s not been disclosed ) the statement yesterday explicitly referenced their veto Quote Link to comment Share on other sites More sharing options...
Jordanhill Jag Posted October 6, 2023 Report Share Posted October 6, 2023 6 minutes ago, javeajag said: As the fans shareholding goes below 75% then the 3 guys with 10% of the shares can block any resolution that requires a 75% threshold ( there may also some thing more specific in the agreement that’s not been disclosed ) the statement yesterday explicitly referenced their veto Ok - thanks for clarifying Quote Link to comment Share on other sites More sharing options...
javeajag Posted October 6, 2023 Author Report Share Posted October 6, 2023 1 hour ago, Lambies Lost Doo said: OK for me this is how I see it. Alistair Creevy has left board due to differences which is a real shame as he is a fan, put £ in club and was working for the club with an impressive professional background. There was an impasse so was sacked/voted off the board. We have new investment! By Thistle fans! As a result they get some shares. Fans still own and control the club. Any email from PTFC Trust immediately gets fans angry due to the past BUT it's just a name as now The Jags Foundation are the majority vote in that organisation. It's a shame that successful people cannot agree on areas and the board cannot stick together as they are all real fans with skin in the game. TJF are putting in a lot of work in the background and we all should stick together for long term success. I think the main point here is that we have changed the strategic direction of the club and the fans in a fan owned club were not consulted . the board statement today acknowledges this. the current board are thistle fans and are suing each other …. Quote Link to comment Share on other sites More sharing options...
Jimbo Posted October 6, 2023 Report Share Posted October 6, 2023 19 minutes ago, javeajag said: I think the main point here is that we have changed the strategic direction of the club and the fans in a fan owned club were not consulted . the board statement today acknowledges this. the current board are thistle fans and are suing each other …. Perhaps I missed something but in what way has the strategic direction of the club changed? Quote Link to comment Share on other sites More sharing options...
javeajag Posted October 6, 2023 Author Report Share Posted October 6, 2023 50 minutes ago, Jimbo said: Perhaps I missed something but in what way has the strategic direction of the club changed? This agreement means 1. diluting the fan shareholding below 75% which means basically you can do what you want 2. as a result the new investors can basically block certain things from happening 3. The new investors get seats on the board 4.we have indicated we are moving towards the German model where the fans own 51% of the club and others 49% whether you think this is good or bad it is unacceptable that such significant changes have been agreed in a fan owned club with no consultation with the ultimate owners … the fans 1 Quote Link to comment Share on other sites More sharing options...
Jimbo Posted October 6, 2023 Report Share Posted October 6, 2023 21 minutes ago, javeajag said: This agreement means 1. diluting the fan shareholding below 75% which means basically you can do what you want 2. as a result the new investors can basically block certain things from happening 3. The new investors get seats on the board 4.we have indicated we are moving towards the German model where the fans own 51% of the club and others 49% whether you think this is good or bad it is unacceptable that such significant changes have been agreed in a fan owned club with no consultation with the ultimate owners … the fans Last post from me on this. I can understand why some supporters are frustrated given that this development was somewhat of a surprise. But...... There's no evidence that the direction of travel has changed. Different drivers perhaps? We have entrusted TJF board to act on our behalf. It's my view that every action taken over the last 18 months or so has been in the club's & fans' best interests. I see no reason to doubt them now. Quote Link to comment Share on other sites More sharing options...
Dick Dastardly Posted October 6, 2023 Report Share Posted October 6, 2023 39 minutes ago, javeajag said: This agreement means 1. diluting the fan shareholding below 75% which means basically you can do what you want 2. as a result the new investors can basically block certain things from happening 3. The new investors get seats on the board 4.we have indicated we are moving towards the German model where the fans own 51% of the club and others 49% whether you think this is good or bad it is unacceptable that such significant changes have been agreed in a fan owned club with no consultation with the ultimate owners … the fans Are the 3 trusts not representing the fans ? As they all have seats on the board, they would have been consulted and agreed as representatives of the fans. Perhaps TJF and the other 2 who's names escape me should have consulted their members, but I really don't think it is the board's responsibility to contact each and every member of each body. Quote Link to comment Share on other sites More sharing options...
Jordanhill Jag Posted October 6, 2023 Report Share Posted October 6, 2023 10 minutes ago, Jimbo said: Last post from me on this. I can understand why some supporters are frustrated given that this development was somewhat of a surprise. But...... There's no evidence that the direction of travel has changed. Different drivers perhaps? We have entrusted TJF board to act on our behalf. It's my view that every action taken over the last 18 months or so has been in the club's & fans' best interests. I see no reason to doubt them now. It could be argued that the “ German Model” of 51% is something that has never been discussed previously ( that Im aware of ) there was lots and lots of discussion on Ownership Models but not the Proposed Model - so if true- its a change in direction Quote Link to comment Share on other sites More sharing options...
javeajag Posted October 6, 2023 Author Report Share Posted October 6, 2023 3 minutes ago, Dick Dastardly said: Are the 3 trusts not representing the fans ? As they all have seats on the board, they would have been consulted and agreed as representatives of the fans. Perhaps TJF and the other 2 who's names escape me should have consulted their members, but I really don't think it is the board's responsibility to contact each and every member of each body. The model of fan ownership proposed by TJF was not elect a board for two years and they can make every decision…. in fact it was quite the opposite. whether you agree with it or not these changes are significant and should have been consulted on….if not this then basically nothing. the board statement today acknowledges a failure to consult. Quote Link to comment Share on other sites More sharing options...
javeajag Posted October 6, 2023 Author Report Share Posted October 6, 2023 Just now, Jordanhill Jag said: It could be argued that the “ German Model” of 51% is something that has never been discussed previously ( that Im aware of ) there was lots and lots of discussion on Ownership Models but not the Proposed Model - so if true- its a change in direction Absolutely correct. Quote Link to comment Share on other sites More sharing options...
javeajag Posted October 6, 2023 Author Report Share Posted October 6, 2023 Quite the statement from the sacked chairman. Quote Link to comment Share on other sites More sharing options...
jaggymct Posted October 6, 2023 Report Share Posted October 6, 2023 2 minutes ago, javeajag said: Quite the statement from the sacked chairman. where is it ? Quote Link to comment Share on other sites More sharing options...
javeajag Posted October 6, 2023 Author Report Share Posted October 6, 2023 Just now, jaggymct said: where is it ? On Facebook …..it’s long Quote Link to comment Share on other sites More sharing options...
javeajag Posted October 6, 2023 Author Report Share Posted October 6, 2023 Quote Link to comment Share on other sites More sharing options...
javeajag Posted October 6, 2023 Author Report Share Posted October 6, 2023 4 hours ago, Jordanhill Jag said: Ok - thanks for clarifying I should have added they are getting new preference shares which mean if we have £2m plus free cash in the bank ( say on a player transfer ) they can get their money back before anyone else. 1 Quote Link to comment Share on other sites More sharing options...
elevenone Posted October 6, 2023 Report Share Posted October 6, 2023 Why is it never straightforward with Thistle? 😒 3 Quote Link to comment Share on other sites More sharing options...
laukat Posted October 6, 2023 Report Share Posted October 6, 2023 I think Creevy's statement has a ring of truth to it. Whenever I see Richard Beastall's name mentioned I start to worry. Feels like some on the Thistle Board are operating like JR Ewing in Dallas whilst the TJF guys are trying to stick to the rulebook. For better or worse we are now very much in the hands of Douglas McCrea. I for one welcome our new Financial Services overlord. Quote Link to comment Share on other sites More sharing options...
Lenziejag Posted October 6, 2023 Report Share Posted October 6, 2023 4 minutes ago, laukat said: I think Creevy's statement has a ring of truth to it. Whenever I see Richard Beastall's name mentioned I start to worry. Feels like some on the Thistle Board are operating like JR Ewing in Dallas whilst the TJF guys are trying to stick to the rulebook. For better or worse we are now very much in the hands of Douglas McCrea. I for one welcome our new Financial Services overlord. Is he the new chairman Quote Link to comment Share on other sites More sharing options...
Woodstock Jag Posted October 6, 2023 Report Share Posted October 6, 2023 1 hour ago, javeajag said: I should have added they are getting new preference shares which mean if we have £2m plus free cash in the bank ( say on a player transfer ) they can get their money back before anyone else. Worth noting that: (a) we have never had £2 million cash in the bank (b) redemption reduces the preference shareholding, increasing the fan owned shareholding back towards what it was before Quote Link to comment Share on other sites More sharing options...
Yellow & Redneck Posted October 6, 2023 Report Share Posted October 6, 2023 The absolute lot of you should hang your heads in shame. There are no clean hands here. Trust or Foundation, I wouldn't trust you to run a Bowling Club. 1 Quote Link to comment Share on other sites More sharing options...
javeajag Posted October 6, 2023 Author Report Share Posted October 6, 2023 4 minutes ago, Woodstock Jag said: Worth noting that: (a) we have never had £2 million cash in the bank (b) redemption reduces the preference shareholding, increasing the fan owned shareholding back towards what it was before You are correct …. are we changing our name to Dougie Thistle or Partick McCrae ? Quote Link to comment Share on other sites More sharing options...
Lambies Lost Doo Posted October 6, 2023 Report Share Posted October 6, 2023 26 minutes ago, laukat said: For better or worse we are now very much in the hands of Douglas McCrea. I for one welcome our new Financial Services overlord. I genuinely lol'd af the last sentence. At least we know him and his brother (Just Employment Law) are massive fans with good business heads and have financially backed us for years and years Quote Link to comment Share on other sites More sharing options...
erty13 Posted October 6, 2023 Report Share Posted October 6, 2023 Reading the statement, from the former chairman it, does not feel like fan ownership. Change the model, no consultation Individuals having too much power. Quote Link to comment Share on other sites More sharing options...
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