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Thread: Statement from the Club

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    Statement from the Club

    STATEMENT FROM LEEANN

    By: Hibernian Media on 21 Jan, 2015 17:27

    When Hibernian approached me to take on the job as Chief Executive in the spring of last year, a whole number of things really excited me about the prospect. Truth be told, I did not take the prospect of leaving Motherwell lightly. Id been there for over six years and had and still have real affection for them. Id had chances to do other things and had always resisted but when Hibernian came calling, it was hard not to listen.

    Hibernian is a big, Capital city Club with a large and passionate supporter base. I knew that the supporters would come out to support their team, but what they needed and wanted was to see some sporting change. I was (and still am) confident that I could deliver on that front.

    The infrastructure of the Club was in place. What do I mean by that? Pretty straightforward - I knew I would not be worrying about the need to create additional cash to build or rebuild a stadium. The same can be said of the training ground. These are major pieces of capital investment for any Club and they had already been achieved at Hibernian. This would leave me essentially free to concentrate on the major task of sporting change, and driving income to fund our aspirations for the Club.

    The Club was already in the process of talking to the Bank to reduce its debt. I knew if we were successful in achieving this, and freeing ourselves from the burden of Bank debt, then it would put us in a strong position for the future. Other clubs had previously done this notably by accessing, as we eventually did, external funding, or unfortunately by entering a crisis period which eventually ends in administration.

    The board of Hibernian had already started on a programme of change. Change in the way the whole Club was to be run, change that included the possibility of widening ownership and a fundamental change in the approach to football and football planning. All of this really appealed to me. All major positives which I knew would help me to deliver the larger Club plan

    That was then. Moving on a few months, Im now in post and happily at the forefront of the Club and driving through the changes we spoke about in the Spring.

    Ive not been disappointed. The supporters have been fantastic and the infrastructure the Club has in place is even better than I had realised.

    Weve started to deliver on the football plan. The changes made are now starting to bear fruit with a much more exciting product on the pitch. And we are determined we will get better. I noted above that I dont need to build bricks and mortar. Im not being flippant here or trying to demoralise others that have that task in front of them. Its just a fact. We dont have to spend on that. Instead we are building our future with supporters, with the people working at the Club, the first team and academy players and everyone else needed to make the Club work.

    Weve also managed, through the support and importantly the funding of the holding company, to get a deal with the Bank that has seen us massively reduce our overall debt, and be bank debt free and thats nothing but good news. Simply put, we could not have achieved this on our own, we did not have the money to do it. Ive been asked repeatedly to release the detail of the deal. The deal is commercially confidential, which is completely normal in transactions such as these. Suffice to say, if it was not in the best interest of the Club i.e. significantly reducing what we owe, removing the bank entirely, removing scheduled large single repayments and releasing bank security on the stadium, we wouldnt have done it. We are fiscally bound to work in the best interests of the football Club.

    So good news the removal of bank debt was absolutely pivotal in taking the next steps.

    Weve engaged in a massive consultation exercise with supporters, listened to what was being said, and used that to help shape our plan for the future. That plan is quite simple - to give supporters the opportunity to own up to 51%, a controlling interest. We also heard the desire for greater supporter representation, and we will announce the new Non-executive Directors elected by fans in the very near future. Good news again.

    Changes to legislation meant the practicalities of achieving wider supporter ownership were not as straightforward as they used to be, but we believe weve come up with a variety of ways for supporters to get involved once again, good news.

    Shareholders can buy new shares in a straightforward way; supporters on our database who are not shareholders have been sent information on the process they can go through to buy their shares directly; and for those who are not concerned about buying directly, and so owning a share certificate, they can donate to broadening supporter ownership through a vehicle established to buy and hold shares on behalf of supporters, Hibernian Supporters Ltd.

    We have initiated a set of circumstances whereby our Club can grow, and grow at pace. It is now down to the support at large to determine how quickly this happens.

    We are fully committed to supporter ownership and involvement and if that means we eventually achieve the 51% we all want to, then terrific. If not it will still mean that supporters have an increased involvement and greater ownership, and have had the opportunity to get involved and the ability to take control we cant do any more than open the door and to make the whole proposition as affordable as possible.

    I understand that supporters felt deeply hurt, angry and upset that the Club was relegated. I get that, I honestly do. I understand that relegation, following on from a few years of poor on pitch performance, has damaged the relationship between Club and supporters. But at some stage we need to stop looking back, we have already started the hard work to get better and we will keep on this path.

    Much of what we do comes down to the result on a Saturday and the performance on the pitch. It is all about football at the end of the day and my job here is not only to deliver a sound football and Club plan, but to feed football and that means all the associated costs.

    Weve had questions about the money that widening ownership will raise. . Assertions are being made that there is some uncertainty about will happen to the money the process generates.

    So, for the record: The Club has said from the outset that funds raised through supporters buying shares in the Club will not be paid to any existing shareholders, including the Holding Company. Instead, the monies will benefit the Club actually strengthening the Club as supporters are seeking to buy a controlling interest.

    We are a Club that pays our bills, we meet our obligations from our revenues. A huge part of that is feeding the football operation and the people that make it work players and all. We had a mortgage to the Bank for the last 16 years and up until very recently weve been repaying that mortgage, but as you know, the bank is now out of the picture and we have a new mortgage with the Holding Company that is better and more affordable, and that allows us to plan cash flow with more certainty. That means with your support, importantly Ill say that again, with the support of the fan base at large, we can deliver our football plan and grow the Club.

    Paying our debts is the right thing to do restructuring and refinancing was the smart thing to do.

    To summarise, thanks to the support of the holding company we now have a total debt of 5m as opposed to 9.3m and are free of bank debt. We dont have large payments just a few years away on the horizon and we feel confident about the future ahead.

    The net result of buying out bank debt is that we have significantly less debt and the bank has released its securities on Easter Road and the training centre, and we are now able to widen ownership of the Club and all of its assets as I said earlier, all good, positive news.

    It is really important to remember that the cash raised by the sale of shares to supporters will be new money, money we never had and could not therefore use and it goes straight into the Club. That is why we have said that this money will help fund the Clubs sporting ambition helping bring improvements to our football performance from first team level down in the short, medium and long-term.

    We are in this together now, we really are and if you come out and support us to the level that we know you can, whether that support is purely coming to games, or buying season tickets, getting involved in our community work or indeed buying shares directly or by donating to HSL then you will be contributing to the success we all crave.

    Finally to reiterate a point Ive made repeatedly above and previously in press, the Club has no plans for significant expenditure on infrastructure - our focus is on improving performances on the pitch. Youll be helping us to fund

    More...

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    In Leeanne I trust ....

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    It is really important to remember that the cash raised by the sale of shares to supporters will be new money, money we never had and could not therefore use and it goes straight into the Club. *That is why we have said that this money will help fund the Clubs sporting ambition helping bring improvements to our football performance from first team level down in the short, medium and long-term


    This is differently worded now eh?
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    "we are a club that pays our debts" . Well said LD . Unlike certain others who see fit to FLEECE companies, including HMRC and CHARITIES, and carry on as if all is hunky dory !!!!

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    Quote Originally Posted by Hammi View Post
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    It is really important to remember that the case raised by the sale of shares to supporters will be new money, money we never had and could not therefore use and it goes straight into the Club. *That is why we have said that this money will help fund the Clubs sporting ambition helping bring improvements to our football performance from first team level down in the short, medium and long-termThis is differently worded now eh?
    Also this: So, for the record: The Club has said from the outset that funds raised through supporters buying shares in the Club will not be paid to any existing shareholders, including the Holding Company. Does this include putting money into HSL as technically supporters are not buying shares in the club. Is it another spin on words and what HOH is saying is correct about dosh from HSL being used to pay off the debt. Something to think about.

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    Well , I've read it 3 times and I'm still not 100 % sure what they are trying to say. Apart from the usual " we are great, you are great, gies more money"
    Let's see the club make a bifg move first. Trust works both way. Buy sparky, get heads rollin for the Fenlon and butcher fiascos. The fans will follow, I'm sure. Talk is cheap. All we have really done is beat a very poor sevco side twice. Yes their is progress, yes it's better to watch. Convinced we have rid our club at last of the poison which seeps thru it? I'm not so sure.
    I live in hope as we all do, but talk is cheap and plentiful. It's one thing getting a boner about paying our debts, it's another thing all together acting like a capital club with a proud tradition, and fans as loyal as any other in the country.

    Time to show your intent hibs, and stop spouting pesh.
    Last edited by tayside hibee; 21-01-15 at 21:13.

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    The supporters have no faith in our absent owner and part time chairman.

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    I read it as a clear and frank position and I'm glad she has done that today, greatly appreciated. Next chapter.

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    Think this was a necessary step from the club and Leeann Dempster. I think supporters have to realise that this is the offer on the table, the only opportunity for us as fans to make a real and serious impact on the club. I'll be interested to read the letter regarding the option to actually own shares in the club.

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    Quote Originally Posted by Power View Post
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    I read it as a clear and frank position and I'm glad she has done that today, greatly appreciated. Next chapter.
    Which is what exactly?

    All I see is, we have a great foundation (something we already know) and in order for us to move forward we need more money, but in return you get pretty much nothing and a few cryptic clues as to where the money will actually go.
    Illegitimi non carborundum.

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    Quote Originally Posted by Daniel1875 View Post
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    Think this was a necessary step from the club and Leeann Dempster. I think supporters have to realise that this is the offer on the table, the only opportunity for us as fans to make a real and serious impact on the club. I'll be interested to read the letter regarding the option to actually own shares in the club.
    They are basically saying we need to buy into this HSL or we wont function as a club.

    Stop treating us like idiots then and we might.

    Its some read like and dont think ive even read the whole thing.

    Mr Forsyth must have some overtime bill.

    Again costing hibs money


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    Still waiting on a letter from Hibs. Know what is in it as everyone else in the household has been sent theirs...just not the mug who buys all the STs
    Hibs are standing on the brink of history...

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    Quote Originally Posted by SKII View Post
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    Still waiting on a letter from Hibs. Know what is in it as everyone else in the household has been sent theirs...just not the mug who buys all the STs
    No letter sent to this season ticket holder either...

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    Quote Originally Posted by Smurf View Post
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    No letter sent to this season ticket holder either...
    Nor me. Hibs.net creaming themselves over LD's statement. Quelle surprise.

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    Quote Originally Posted by SKII View Post
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    Still waiting on a letter from Hibs. Know what is in it as everyone else in the household has been sent theirs...just not the mug who buys all the STs
    This current shareholder of some 25 years is still awaiting his copy of the annual report for the year just 7 days before the AGM. Phoned the club on Monday about it and they said they would send it out...still waiting
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    Quote Originally Posted by Smurf View Post
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    No letter sent to this season ticket holder either...
    I got one. I've never been a season ticket holder. I've bought online from the club store (when there was stuff worth buying). I am special obviously
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    I await HOH latest tacky flyer with random accusations.
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    Quote Originally Posted by Hammi View Post
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    Which is what exactly?

    All I see is, we have a great foundation (something we already know) and in order for us to move forward we need more money, but in return you get pretty much nothing and a few cryptic clues as to where the money will actually go.
    She states where it isn't going and additionally "It is really important to remember that the cash raised by the sale of shares to supporters will be new money, money we never had and could not therefore use and it goes straight into the Club. That is why we have said that this money will help fund the Clubs sporting ambition helping bring improvements to our football performance from first team level down in the short, medium and long-term."

    I'm happy to trust that statement. There is a limited number of ways of 'investing in improvements in football performances' other than provisoning budget to the right calibre of player(s) for the team.

    I believe Hibs demonstrated sound sporting ambition getting El Alagui, Malonga, Gray, Allan and Fontaine in. Dje Dje could be another. All players that shouldn't be playing in this league, zero transfer fees or no.

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    Quote Originally Posted by Power View Post
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    She states where it isn't going and additionally "It is really important to remember that the cash raised by the sale of shares to supporters will be new money, money we never had and could not therefore use and it goes straight into the Club. That is why we have said that this money will help fund the Clubs sporting ambition helping bring improvements to our football performance from first team level down in the short, medium and long-term."

    I'm happy to trust that statement. There is a limited number of ways of 'investing in improvements in football performances' other than provisoning budget to the right calibre of player(s) for the team.

    I believe Hibs demonstrated sound sporting ambition getting El Alagui, Malonga, Gray, Allan and Fontaine in. Dje Dje could be another. All players that shouldn't be playing in this league, zero transfer fees or no.
    Agree with this 100%.
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    Quote Originally Posted by Lexo View Post
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    Agree with this 100%.
    I agree 110%
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    Quote Originally Posted by Power View Post
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    She states where it isn't going and additionally "It is really important to remember that the cash raised by the sale of shares to supporters will be new money, money we never had and could not therefore use and it goes straight into the Club. That is why we have said that this money will help fund the Clubs sporting ambition helping bring improvements to our football performance from first team level down in the short, medium and long-term."I'm happy to trust that statement. There is a limited number of ways of 'investing in improvements in football performances' other than provisoning budget to the right calibre of player(s) for the team.I believe Hibs demonstrated sound sporting ambition getting El Alagui, Malonga, Gray, Allan and Fontaine in. Dje Dje could be another. All players that shouldn't be playing in this league, zero transfer fees or no.
    Does this include the money received through HSL? I think it needs clarified.

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    Quote Originally Posted by Wannabehibee View Post
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    Does this include the money received through HSL? I think it needs clarified.
    The monies raised through HSL is buying shares also, different acquisition timescales than doing so direct. All shares monies going to the club as new revenue to pursue football success.

    Rod Petrie outlined it in his letter.

    "You can contribute towards Hibernian Supporters Limited, a new company which has been set up to use the money it raises from supporters to buy shares in the club. Alternatively, if you wish to buy shares in your own name, you must follow the procedures put in place by the club to comply with financial services legislation."

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    Quote Originally Posted by Power View Post
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    She states where it isn't going and additionally "It is really important to remember that the cash raised by the sale of shares to supporters will be new money, money we never had and could not therefore use and it goes straight into the Club. That is why we have said that this money will help fund the Clubs sporting ambition helping bring improvements to our football performance from first team level down in the short, medium and long-term."

    I'm happy to trust that statement. There is a limited number of ways of 'investing in improvements in football performances' other than provisoning budget to the right calibre of player(s) for the team.

    I believe Hibs demonstrated sound sporting ambition getting El Alagui, Malonga, Gray, Allan and Fontaine in. Dje Dje could be another. All players that shouldn't be playing in this league, zero transfer fees or no.



    Our league position, however screams out mediocre. Let's not kid ourselves on here. Some performances have been dire.

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    Quote Originally Posted by SKII View Post
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    Still waiting on a letter from Hibs. Know what is in it as everyone else in the household has been sent theirs...just not the mug who buys all the STs
    Me neither, but my son...who is on database, but never buys online got one already. I am sure it will come, but yeh the only one recognisable buying tickets is last again.


    As to the letter, she does repeat herself a lot. But then I did say I would put money into a supporters fund if it was a buy out so I need to consider this. It seems clear some money may have to go towards the debt...but that I suppose depends on how much we bring through the gate/sponsorships etc. One way or another things have to be paid for if we want a team so its a bit of a quandry, but yes I do get fed up of those who have the office and bars and restuarant while we freeze our bots outside pouring money in. Sometimes I don't feel like family.


    rant over, you get what you pay for blah blah

  26. #26
    Radge Private Member


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    Quote Originally Posted by tayside hibee View Post
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    [/B]

    Our league position, however screams out mediocre. Let's not kid ourselves on here. Some performances have been dire.
    If only Hibs could remove August and September away added with a bit of luck thrown in aye.

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    Quite a bit past it radge






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    Quote Originally Posted by Power View Post
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    I read it as a clear and frank position and I'm glad she has done that today, greatly appreciated. Next chapter.
    It seems pretty clear, and a definite rebuttal of what was allegedly said previously by McAskill and indeed Ms Dempster herself.

    I'm happy to accept it as being an honest statement of fact.




    I still would like to have seen Rodders signature on a statement though, preferably a letter of resignation: and McAskill is as good a choice as leader as Butcher was as manager.

  28. #28
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    Donating (which is in effect what your doing imho) into HSL gets you nought, they would be as well sticking 225 onto a ST


    Hibs are standing on the brink of history...
    They've only gone and done it..
    They've only gone and won The Scottish Cup.




    Bounce Hibs Ladies Player Sponsorship

  29. #29
    get off yer bum an sing radge


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    Quote Originally Posted by JFTB View Post
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    Donating (which is in effect what your doing imho) into HSL gets you nought, they would be as well sticking 225 onto a ST

    True Jamie, but buying shares for the kinda money they want from us would amount to a certificate maybe, not much more. The Crew at the PBS have a bit of a march on us with their income from fans, but they have more debt and bigger repair bills and less long term plan. The only we can move forward is with cash, so we have a straight choice. It is up to individuals, but one thing we all wants is a Hibs around for our kids/grandkids and this is one way of helping it be a decent team. But as other's have also said there is opportunity to buy shares in your own name and you would prob get the same voting rights...maybe more

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    Quote Originally Posted by Davy View Post
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    True Jamie, but buying shares for the kinda money they want from us would amount to a certificate maybe, not much more.
    You get a certificate saying your a member of HSL, you dont get a Hibernian FC share certificate

    Supporters who make contributions will not own shares directly but will own Hibernian Supporters Limited which in turn will own the shares in the Club.
    Home - hiberniansupporters


    Hibs are standing on the brink of history...
    They've only gone and done it..
    They've only gone and won The Scottish Cup.




    Bounce Hibs Ladies Player Sponsorship

  31. #31
    get off yer bum an sing radge


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    Quote Originally Posted by JFTB View Post
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    You get a certificate saying your a member of HSL, you dont get a Hibernian FC share certificate
    yeh, what I was saying the best we would ever get is a certificate anyway..so to be honest it matters little to me who it is from, not like we will make money outa it I can live without a certificate, i still got the useless east stand one lol

  32. #32
    Quite a bit past it radge






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    Quote Originally Posted by JFTB View Post
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    Donating (which is in effect what your doing imho) into HSL gets you nought, they would be as well sticking 225 onto a ST
    Eh!?

    No thanks - if folk WANT to buy shares fair enough - but let's not make it compulsory for ST holders.


  33. #33
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    my 2 bobs worth

    am no convinced by the statement, seems a crafted corporate waffle tae appease folk

  34. #34
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    Quote Originally Posted by Power View Post
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    The monies raised through HSL is buying shares also, different acquisition timescales than doing so direct. All shares monies going to the club as new revenue to pursue football success.Rod Petrie outlined it in his letter."You can contribute towards Hibernian Supporters Limited, a new company which has been set up to use the money it raises from supporters to buy shares in the club. Alternatively, if you wish to buy shares in your own name, you must follow the procedures put in place by the club to comply with financial services legislation."
    . I get where you're coming from but I'm coming from the side of caution and the fact that Petrie is a sleekit $#@! and a play on words is right up his street. "Shares purchased by supporters". HSL is a company, not a supporter, and I wouldn't put it past them to use a portion of the money that comes from said company to pay off the debt. If you're happy with that, then fair enough. If Iwas able to go to the AGM, i'd be asking for clarification.

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    Quote Originally Posted by JFTB View Post
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    Donating (which is in effect what your doing imho) into HSL gets you nought, they would be as well sticking 225 onto a ST
    They'll probably try and do that as well.

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    Quote Originally Posted by Wannabehibee View Post
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    . I get where you're coming from but I'm coming from the side of caution and the fact that Petrie is a sleekit $#@! and a play on words is right up his street. "Shares purchased by supporters". HSL is a company, not a supporter, and I wouldn't put it past them to use a portion of the money that comes from said company to pay off the debt. If you're happy with that, then fair enough. If Iwas able to go to the AGM, i'd be asking for clarification.
    HSL does stand for Hibernian Supporters Limited.I'm not so sure even Petrie would attempt that one.

  37. #37
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    Quote Originally Posted by southfieldhibby View Post
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    HSL does stand for Hibernian Supporters Limited.I'm not so sure even Petrie would attempt that one.
    anybody that has the bawz to ask the Huns, "just return the leagues and the cups", has the bawz to try anything

  38. #38
    Heavenly Radge and all round bampot! LunaCWsauzee's Avatar
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    I appreciate the moves the club are making especially with the debt situation and the moves towards fan ownership. We've also improved vastly in the transfer market (however I'd like to see reduced use of the loan market, this for me is hurting the "culture" of the club).

    I just can't shake off the negativity knowing Petrie and Farmer are still there. After the Butcher fiasco and relagation, Petrie especially had to go.

  39. #39
    Quite a bit past it radge






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    Quote Originally Posted by Gunnerhibby View Post
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    anybody that has the bawz to ask the Huns, "just return the leagues and the cups", has the bawz to try anything
    I must admit I warmed to Rodders when I heard Charlie whining about him - and telling the Huns to hand back the titles was a belter!




    The warm feeling soon went away though.
    Thankfully.









    (Usually when I get a warm feeling I check my incontinence pants for leaks.)

  40. #40
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    Quote Originally Posted by JFTB View Post
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    Donating (which is in effect what your doing imho) into HSL gets you nought, they would be as well sticking 225 onto a ST
    Not really as Season Ticket is liable to VAT, donations should not be as far as I am aware. Stand to be corrected though.

  41. #41
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    Quote Originally Posted by southfieldhibby View Post
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    HSL does stand for Hibernian Supporters Limited.I'm not so sure even Petrie would attempt that one.
    It may stand for Hibernian Supporters Limited but the name rings hollow with Dempster & MacAskill on the board.
    I'm actually very surprised there hasn't been more said about that fact. It seems to be the case that Farmer & Petrie get a bit money in to cover some of their costly mistakes over the last few years, get to decide who is on the board representing these new shareholders and are still in charge of the club. Shares/no shares Petrie should have resigned when Hibs were relegated. The fact that he didn't resign tells me that he has no respect for Hibs. The fact that he then wants fans to stick 2.5 million in and still be in charge shows that he has nothing but contempt for the fans of this club.
    This shyster being told to $#@! off could have been a clarion call for Hibbys to invest in our club. Unfortunately I think it will divide the fans even more.

  42. #42
    Scottish no british, ya radge


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    Quote Originally Posted by Bill Oddies Beard View Post
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    It may stand for Hibernian Supporters Limited but the name rings hollow with Dempster & MacAskill on the board.
    I'm actually very surprised there hasn't been more said about that fact. It seems to be the case that Farmer & Petrie get a bit money in to cover some of their costly mistakes over the last few years, get to decide who is on the board representing these new shareholders and are still in charge of the club. Shares/no shares Petrie should have resigned when Hibs were relegated. The fact that he didn't resign tells me that he has no respect for Hibs. The fact that he then wants fans to stick 2.5 million in and still be in charge shows that he has nothing but contempt for the fans of this club.
    This shyster being told to $#@! off could have been a clarion call for Hibbys to invest in our club. Unfortunately I think it will divide the fans even more.
    Correct, still one of the biggest causes of division between the club and it's fans and it's the one thing Farmer does nothing about. There winnae be another penny from me in any way until that **** is out of Easter Road.

  43. #43
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    Hibernian FC Statement by David Low


    Since Hibernian FC (Hibernian or the club) published its report and accounts for the year to 31 July 2014 and announced its intention to issue new shares I have been approached by a large number of shareholders and supporters and asked to increase the offer my group made last year and to offer to buy all of the new shares Hibernian is proposing to issue.

    I have considered the financial statements to 31 July 2014 and reviewed the Information Memorandum provided by the Board and my valuation of the clubs shares has not changed.

    It remains my view that Hibernians assets remain overvalued at pre-recession and banking crisis levels. The bank debt has now been replaced by a new large debt to the controlling shareholder and these facts together with the poor financial performance of the business over many years mean Hibernians shares continue to have a negligible economic value. Consequently, my group will not be making a new offer, subscribing for new shares or making a donation.

    If the controlling shareholder wishes to value its investment at 7.5m that is its prerogative and its decision has to be both respected and accepted as does my own valuation.

    However, what is less acceptable is the Boards deliberate decision to avoid providing thousands of existing and prospective shareholders and donors with any up to date financial information to help them make their own decision on the merits of an investment or a donation. It is not unreasonable to want to know what you are being asked to invest in or donate to. It is still not too late for the Board to provide that information as the share offer will remain open until 31 August 2015 (or such other date as the Board may decide).

    The Board really should address the following issues:-

    1.No financial information has been provided in respect of current trading. This is particularly relevant given the published accounts relate to when the club was in the Premier League. Given the club has subsequently been relegated the Board should immediately release a current trading update and publish six month figures to 31 January 2015 as soon as is practical. There are thousands of existing and prospective shareholders and donors who would like to know how the clubs doing.

    2.The published accounts to 31 July 2014 casually announced the outsourcing of the clubs retail operation. Why was the business outsourced, who was it outsourced to and on what terms was it outsourced? There are thousands of existing and prospective shareholders and donors who would like to know.

    3. The published accounts provide detailed information on the clubs loan arrangements with its bank. No information was been provided in respect of the new loan arrangements with the new lender. Who, exactly, is the loan is with, what are the loan terms and who now has security over the clubs assets. There are thousands of existing and prospective shareholders and donors who would like to know.

    4.The clubs existing Articles of Association enable the Board to restrict and control who owns shares in the future. It is not unusual for shareholders personal circumstances to change thereby necessitating a sale of shares. There are thousands of existing and prospective shareholders and donors who would like to know why the Board has not referred to or addressed this matter.

    It would be both constructive and helpful to all if these matters were addressed posthaste.

    In my opinion, the most likely outcome of the share issue is that supporters will end up with a minority shareholding in the club. My groups offer involved donating 25% of the issued shares to a supporters charitable body and I invite the controlling shareholder to now consider doing the same.

    For the avoidance of doubt, these are my personal views and any supporter considering investing in Hibernian shares should seek the advice of a financial advisor authorised by the FCA.

    Pax Vobiscum et Serva Fidem

    David Low

    22 January 2015


    Hibernian FC Statement by David Low | SporteBooks

  44. #44
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    In my humble opinion, David Low can jog the $#@! along.

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    Quote Originally Posted by southfieldhibby View Post
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    In my humble opinion, David Low can jog the $#@! along.
    He mentioned before that it wasn't too late for us to groundshare with the Gunts,I asked him today for his view on us sharing but he hasn't replied.
    It's a Red line for me so he can bolt!
    There's no other way
    There's no other way
    All that you can do
    Is watch them play

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    Quote Originally Posted by Desperate Dan View Post
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    Correct, still one of the biggest causes of division between the club and it's fans and it's the one thing Farmer does nothing about. There winnae be another penny from me in any way until that **** is out of Easter Road.

    Agreed, Petrie has been poison for the club.

  47. #47
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    Something David low said reminded me of something: we lost around 2m in our last great adventure. Coincidence or what?


    Sent from my iPad using Tapatalk

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    Quote Originally Posted by Power View Post
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    If only Hibs could remove August and September away added with a bit of luck thrown in aye.
    Or, the board had acted decisively when we were relegated by either sacking or backing butcher on the Monday. That delay IMHO could have been the single biggest reason in our appalling start.


    Sent from my iPad using Tapatalk

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    Quote Originally Posted by Purple & Green View Post
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    Or, the board had acted decisively when we were relegated by either sacking or backing butcher on the Monday. That delay IMHO could have been the single biggest reason in our appalling start.


    Sent from my iPad using Tapatalk
    Backing the butcher would have been an absolute nightmare judging by the time he spent here. Thank Heaven for small mercies!
    Space to let

  50. #50
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    Quote Originally Posted by Purple & Green View Post
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    Or, the board had acted decisively when we were relegated by either sacking or backing butcher on the Monday. That delay IMHO could have been the single biggest reason in our appalling start.


    Sent from my iPad using Tapatalk
    Great point. I'm inclined to believe the delay was because Petrie wanted him retained...

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