| Swans Trust AGM Minutes and Accounts on 17:22 - Dec 2 with 2074 views | Nookiejack |
Just a quick question on the Trust's bank balances.
From the accounts - the Trust appear to have 3 of them with circa £85k each.
I am not sure about the rules with regards to Friendly societies - but understand that the Govt has changed the rules about only now guaranteeing deposits of £75k - for personal customers.
Do we know whether the change in the Govt rules will have an impact on the Trust's accounts - as assume if they did would need to open up another account and reallocate them over say 4 accounts - to keep all balances below £75k threshold? |  | |  |
| Swans Trust AGM Minutes and Accounts on 17:34 - Dec 2 with 2064 views | Nookiejack |
The Trust appears to have spent £6,918 on legal and due diligence costs - with regards to the approach made by the American investors to purchase shares in SCFC.
This on the face of it appears to be very reasonable given the issues involved and in some ways you worry that the Trust did not spend enough or had perhaps lower quality advice - than I am sure the Other Swansea City Shareholders and Americans would be paying/seeking?
Is this because a number of our legal professionals on the Trust Board were actually working for free on this - hence kept the costs down?
I ask this in the context that robust due diligence and legal advice for a matter like this - most likely to have taken a substantial number of man days - hence would expect the costs to have been a lot greater than £6,918? | | | |
| Swans Trust AGM Minutes and Accounts on 17:46 - Dec 2 with 2046 views | Nookiejack |
In respect of the Trust's objective to achieve a 25% holding.
Given:-
(1) the Trust does have £800k in the bank; and
(2) the club is not having to date a great season - with a risk of relegation.
Would it be worth making an offer to the Other Shareholders to increase the Trust's shareholding by a certain % for the £800k.
The Trust may find that at least one shareholder might be interested with regards to this - especially if started to panic about relegation.
I assume pre-emption rights are in place so if that one shareholder did decide to sell a certain % - would have to be offered to all other shareholders first (including the Trust) on basis of current % holdings? However given current PL position - other shareholders may not want to take up their pre-emption rights?
Of course if the club was relegated - the Trust may be able to pick up a greeter % next season - for the £800k.
Also is it only worth the Trust increasing its stake by 4% to 25% and £800k not likely to be able to acquire 1% - given each 1 stake likely to be a minimum £1m (on basis we are not relegated)? | | | |
| Swans Trust AGM Minutes and Accounts on 18:46 - Dec 2 with 2006 views | Phil_S |
| Swans Trust AGM Minutes and Accounts on 17:22 - Dec 2 by Nookiejack |
Just a quick question on the Trust's bank balances.
From the accounts - the Trust appear to have 3 of them with circa £85k each.
I am not sure about the rules with regards to Friendly societies - but understand that the Govt has changed the rules about only now guaranteeing deposits of £75k - for personal customers.
Do we know whether the change in the Govt rules will have an impact on the Trust's accounts - as assume if they did would need to open up another account and reallocate them over say 4 accounts - to keep all balances below £75k threshold? |
The difficulty believe it or not is finding banks/building societies that will take our money given the set up - they just aren't keen on money from our kind of organisation
Stu Mac will be able to tell you more on where he has tried |  | | |
| Swans Trust AGM Minutes and Accounts on 18:49 - Dec 2 with 1996 views | Phil_S |
| Swans Trust AGM Minutes and Accounts on 17:34 - Dec 2 by Nookiejack |
The Trust appears to have spent £6,918 on legal and due diligence costs - with regards to the approach made by the American investors to purchase shares in SCFC.
This on the face of it appears to be very reasonable given the issues involved and in some ways you worry that the Trust did not spend enough or had perhaps lower quality advice - than I am sure the Other Swansea City Shareholders and Americans would be paying/seeking?
Is this because a number of our legal professionals on the Trust Board were actually working for free on this - hence kept the costs down?
I ask this in the context that robust due diligence and legal advice for a matter like this - most likely to have taken a substantial number of man days - hence would expect the costs to have been a lot greater than £6,918? |
A largeish percentage of the legal costs were due to counsel costs where we sought full advice on where we stood using our model rules and what rights we had
We have legal representation from David Little who, despite what Shaky loved us all to believe, is more than qualified to act on our behalf and worked on a vastly reduced rate to his normal charges
We also had a lot of advice from Richard Major, a partner at PWC who specialises in these kind of things and is a Trust member. He offered his services FOC which helped us massively
So you are right in that our costs were reduced because of this but we did more than sufficient due diligence, we believe probably more than any shareholder | | | |
| Swans Trust AGM Minutes and Accounts on 18:52 - Dec 2 with 1987 views | Phil_S |
| Swans Trust AGM Minutes and Accounts on 17:46 - Dec 2 by Nookiejack |
In respect of the Trust's objective to achieve a 25% holding.
Given:-
(1) the Trust does have £800k in the bank; and
(2) the club is not having to date a great season - with a risk of relegation.
Would it be worth making an offer to the Other Shareholders to increase the Trust's shareholding by a certain % for the £800k.
The Trust may find that at least one shareholder might be interested with regards to this - especially if started to panic about relegation.
I assume pre-emption rights are in place so if that one shareholder did decide to sell a certain % - would have to be offered to all other shareholders first (including the Trust) on basis of current % holdings? However given current PL position - other shareholders may not want to take up their pre-emption rights?
Of course if the club was relegated - the Trust may be able to pick up a greeter % next season - for the £800k.
Also is it only worth the Trust increasing its stake by 4% to 25% and £800k not likely to be able to acquire 1% - given each 1 stake likely to be a minimum £1m (on basis we are not relegated)? |
Have a read of the Chairman's address - we made a couple of offers but none of the shareholders have a desire to sell on this or other basis
Our last offer was never responded to either
There are pre-emption rights in place at the moment
Reference is also in our newsletter to this too
Its a great thought and one I agree with but its clear at the moment nobody has a desire to sell to us (re-iterated by LD and HJ at the August forum) | | | |
| Swans Trust AGM Minutes and Accounts on 18:55 - Dec 2 with 1978 views | Darran |
Very interesting Phil you're doing splendid work keep it up. |  |
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| Swans Trust AGM Minutes and Accounts on 19:02 - Dec 2 with 1960 views | Nookiejack |
| Swans Trust AGM Minutes and Accounts on 18:52 - Dec 2 by Phil_S |
Have a read of the Chairman's address - we made a couple of offers but none of the shareholders have a desire to sell on this or other basis
Our last offer was never responded to either
There are pre-emption rights in place at the moment
Reference is also in our newsletter to this too
Its a great thought and one I agree with but its clear at the moment nobody has a desire to sell to us (re-iterated by LD and HJ at the August forum) |
Thank your Phil - for your responses to the questions I raised above.
Yes fantastic legal work/due diligence provided to the Trust by Dai Little and Richard Major - with regards to the approach made by the American investors to purchase shares in SCFC.
Also realising how much time and effort yourself and the rest of Trust Board give free of charge - with regards to running of the Trust. | | | |
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| Swans Trust AGM Minutes and Accounts on 19:26 - Dec 2 with 1922 views | Phil_S |
| Swans Trust AGM Minutes and Accounts on 19:02 - Dec 2 by Nookiejack |
Thank your Phil - for your responses to the questions I raised above.
Yes fantastic legal work/due diligence provided to the Trust by Dai Little and Richard Major - with regards to the approach made by the American investors to purchase shares in SCFC.
Also realising how much time and effort yourself and the rest of Trust Board give free of charge - with regards to running of the Trust. |
Every single one of the board (Trust board) do it because of the desire and passion for the club and not what some would believe that it feathers a nest
In fact tonight I should be at a meeting looking at our ongoing strategy and plans for the next 3 years and beyond but sadly sat in a hotel room in Glasgow but others are flying the flag in my absence | | | |
| Swans Trust AGM Minutes and Accounts on 19:41 - Dec 2 with 1893 views | exiledclaseboy |
| Swans Trust AGM Minutes and Accounts on 18:49 - Dec 2 by Phil_S |
A largeish percentage of the legal costs were due to counsel costs where we sought full advice on where we stood using our model rules and what rights we had
We have legal representation from David Little who, despite what Shaky loved us all to believe, is more than qualified to act on our behalf and worked on a vastly reduced rate to his normal charges
We also had a lot of advice from Richard Major, a partner at PWC who specialises in these kind of things and is a Trust member. He offered his services FOC which helped us massively
So you are right in that our costs were reduced because of this but we did more than sufficient due diligence, we believe probably more than any shareholder |
Not sure about that Major chappie. Bit Tory.  |  |
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| Swans Trust AGM Minutes and Accounts on 20:49 - Dec 2 with 1835 views | Phil_S |
| Swans Trust AGM Minutes and Accounts on 19:41 - Dec 2 by exiledclaseboy |
Not sure about that Major chappie. Bit Tory. |
Now you've done it...  | | | |
| Swans Trust AGM Minutes and Accounts on 07:35 - Dec 3 with 1724 views | jackonicko |
I take exception to that accusation.
A bit? |  | | |
| Swans Trust AGM Minutes and Accounts on 08:07 - Dec 3 with 1708 views | Dr_Winston |
Everyone I know who's ever worked for PwC is a bit Tory too. |  |
| Pain or damage don't end the world. Or despair, or f*cking beatings. The world ends when you're dead. Until then, you got more punishment in store. Stand it like a man... and give some back. |
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| Swans Trust AGM Minutes and Accounts on 08:13 - Dec 3 with 1701 views | Clinton |
| Swans Trust AGM Minutes and Accounts on 18:55 - Dec 2 by Darran |
Very interesting Phil you're doing splendid work keep it up. |
Seconded.
Thanks to everyone on the Trust Board. |  |
| If you can fill the unforgiving minute.
With sixty seconds' worth of distance run,
Yours is the Earth and everything that's in it,
And - which is more - you'll be a Man, my son! |
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| Swans Trust AGM Minutes and Accounts on 08:27 - Dec 3 with 1687 views | Phil_S |
| Swans Trust AGM Minutes and Accounts on 08:13 - Dec 3 by Clinton |
Seconded.
Thanks to everyone on the Trust Board. |
Thanks folks, we're not perfect but we do what we believe to be right where we can | | | |
| Swans Trust AGM Minutes and Accounts on 09:29 - Dec 3 with 1668 views | Loyal |
| Swans Trust AGM Minutes and Accounts on 08:27 - Dec 3 by Phil_S |
Thanks folks, we're not perfect but we do what we believe to be right where we can |
Are you still the size of a small town ? |  |
| Nolan sympathiser, clout expert, personal friend of Leigh Dineen, advocate and enforcer of porridge swallows.
The official inventor of the tit w@nk. | | Poll: | Who should be Swansea number 1 |
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| Swans Trust AGM Minutes and Accounts on 11:51 - Dec 3 with 1621 views | Phil_S |
| Swans Trust AGM Minutes and Accounts on 09:29 - Dec 3 by Loyal |
Are you still the size of a small town ? |
What a strange question, depends on how big you think a small town is | | | |
| Swans Trust AGM Minutes and Accounts on 16:58 - Dec 3 with 1539 views | Loyal |
| Swans Trust AGM Minutes and Accounts on 11:51 - Dec 3 by Phil_S |
What a strange question, depends on how big you think a small town is |
Last time I saw you, mind it was two years ago you had fine child bearing hips. | |
| Nolan sympathiser, clout expert, personal friend of Leigh Dineen, advocate and enforcer of porridge swallows.
The official inventor of the tit w@nk. | | Poll: | Who should be Swansea number 1 |
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| Swans Trust AGM Minutes and Accounts on 22:20 - Dec 3 with 1467 views | Phil_S |
| Swans Trust AGM Minutes and Accounts on 16:58 - Dec 3 by Loyal |
Last time I saw you, mind it was two years ago you had fine child bearing hips. |
I'm not the smallest | | | |
| Swans Trust AGM Minutes and Accounts on 12:04 - Dec 5 with 1348 views | Darran |
Phil is it true that the Trust's strategy is to block new investment in the club as far as the American investors goes? | |
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| Swans Trust AGM Minutes and Accounts on 12:11 - Dec 5 with 1341 views | Darran |
| Swans Trust AGM Minutes and Accounts on 12:04 - Dec 5 by Darran |
Phil is it true that the Trust's strategy is to block new investment in the club as far as the American investors goes? |
Oh and if you wonder about the question SOTB was telling all his friends on t'other site that that I'd your strategy. | |
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| Swans Trust AGM Minutes and Accounts on 12:13 - Dec 5 with 1337 views | Phil_S |
| Swans Trust AGM Minutes and Accounts on 12:04 - Dec 5 by Darran |
Phil is it true that the Trust's strategy is to block new investment in the club as far as the American investors goes? |
SOTB?? A very strange question and a very strange statement but of course, as you would expect, it is total bollox
We (The Trust) would like more shares in the club but given none of our fan shareholders want to sell any (to us) then it isn't happening at the moment but not quite sure how that equates to blocking new investment as a strategy
Some very strange people out there making wild accusations with no substance | | | |
| Swans Trust AGM Minutes and Accounts on 12:16 - Dec 5 with 1331 views | Darran |
| Swans Trust AGM Minutes and Accounts on 12:13 - Dec 5 by Phil_S |
SOTB?? A very strange question and a very strange statement but of course, as you would expect, it is total bollox
We (The Trust) would like more shares in the club but given none of our fan shareholders want to sell any (to us) then it isn't happening at the moment but not quite sure how that equates to blocking new investment as a strategy
Some very strange people out there making wild accusations with no substance |
Some people are just very bitter Philip but I don't need to tell you that.
Thank you for the answer. | |
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| Swans Trust AGM Minutes and Accounts on 12:19 - Dec 5 with 1325 views | Phil_S |
| Swans Trust AGM Minutes and Accounts on 12:16 - Dec 5 by Darran |
Some people are just very bitter Philip but I don't need to tell you that.
Thank you for the answer. |
You're welcome it is interesting to see how minds work but at no point have the Trust ever suggested that we have a strategy to block new investment nor do we actually believe as a 21% shareholder we could block it
However as the last lot pointed out to us in discussions they needed us onside as they know how powerful the jack Army is when they are against things | | | |
| Swans Trust AGM Minutes and Accounts on 12:21 - Dec 5 with 1320 views | Joe_bradshaw |
| Swans Trust AGM Minutes and Accounts on 12:19 - Dec 5 by Phil_S |
You're welcome it is interesting to see how minds work but at no point have the Trust ever suggested that we have a strategy to block new investment nor do we actually believe as a 21% shareholder we could block it
However as the last lot pointed out to us in discussions they needed us onside as they know how powerful the jack Army is when they are against things |
Don't tell Cameron that Phil.
He'll send us all to Syria. |  |
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