That's why it was so important to back HSL, and why we all should rue the Ponzi pish, and all the needless smoke over Kenny Mac and Jackie Mac.
Well that has convinced me.That's why it was so important to back HSL, and why we all should rue the Ponzi pish, and all the needless smoke over Kenny Mac and Jackie Mac.
If we lose ER 10 years down the line, I hope the shit-stirrers will be happy.
But what about the 12.5% nominee shares, now diluted to 10%. What are they? Is it a genuine transparent fan or fans, or was the amount available to fans 38.5% not 51%?It was a straightforward proposition. Collect money from fans to buy shares in the club, with all proceeds going to the playing budget. I think it only failed in reaching its uptake because of all of the critics playing amateur politics and refusing to accept this, despite all of the evidence.
Talk about looking a gift horse in the mouth.
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There was enough available for HSL to get a blocking share of 25.1% and representation on the board. STF was willing to dilute his shareholding (HFC Holdings) to 49%.But what about the 12.5% nominee shares, now diluted to 10%. What are they? Is it a genuine transparent fan or fans, or was the amount available to fans 38.5% not 51%?
I think there’s a whole host of questions need answered now, and whilst I’m not going to pull my HSL support I’m a bit uneasy about the future when I wasn’t before.
It may have been, but I'm confident that there would still have been the nay sayers who would have rubbished it as a 'blackmail' or 'threats' from STF and Rodders.And fans were continuing to contribute, if they had known that the binding deal wasn’t binding they might have contributed quicker.
With hindsight, it might have been better to give HSL 25% of shares with a clawback arrangement for shortfall in funding after 2 years etc. I think the take up would have been higher.
Could it be Farmer? There's no way of knowing I suppose, but it's a worry that we're effectively at the mercy of people unknown.
Could be, yes, the only comfort I have for certain is the transactions would have to have been approved by the hibs board or Rod Petrie.Could it be Farmer? There's no way of knowing I suppose, but it's a worry that we're effectively at the mercy of people unknown.
There was another issue after this one where there was no requirement for IFA signature (maybe it wasn't technically a separate issue but there were definitely different terms).I’m confuzed as to how companies could be on the database!
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FAQs for those buying shares directly.
Q. How do I buy shares?
A. Shareholders have already received an Information Memorandum which contains an application form. Supporters should use the back of the letter they receive to request an Information Memorandum. Completed application forms together with a cheque in payment should be sent to the Ticket Office for the attention of the Share Manager.
Q. When does the share issue start?
A. Applications are being accepted from 2 February 2015
Q. When do applications close?
A. The closing date is 31 August 2015 which is also the date on which the summer transfer window closes. The directors can change the closing date if circumstances dictate that would be in the best interests of the Club
Q. Is the offer for supporters the same as the offer to existing shareholders?
A. Yes, the offer is identical but the process is slightly different. Shareholders have already received an Information Memorandum which contains an application form.Supporters should use the back of the letter they receive to request an Information Memorandum. The letter needs to be counter-signed by an IFA
Q. Will I get a share certificate in my name?
A. Yes. Everyone who buys shares direct from the Club will receive a share certificate in their own name. If you contribute to Hibernian Supporters Limited you will not own shares directly in the Club and you will not receive a share certificate, but you will receive an equivalent, a membership certificate
Q. Is there a minimum level for the share issue below which it will not proceed?
A. No, there is no minimum level for the offer. It will be dealt with on a first come first served basis and every valid application will receive shares as long as there are shares available until the limit of 62.5m shares and £2.5m in subscriptions is reached or the share offer is closed.
Price and Payment:
Q. What is the share price and what is the minimum and maximum number of shares that can be applied for?
A. There are 11 price points beginning at £200.
Q. Are there any other charges to be incurred whilst purchasing these shares?
A. No, all administration costs will be paid for by the club. If you need to use the services of an IFA they may ask you to pay a fee for their time and advice
Q. Can I pay by credit card?
A. Yes.Either do that in person at the Ticket Office or send in your Application Form and tick the third option in Box 4 to request a call back from the Ticket Office to pay by credit card over the phone.
Q. Can I buy shares by paying by instalments?
A. No.The minimum purchase is £200 and you can buy shares as often as you want while the share issue is open. Please contact the Share Manager every time you need an application form. They will have to check the details of your first purchase before issuing a second application form.If you want to pay by direct debit or contribute on a regular basis you could consider becoming a member of Hibernian Supporters Limited see www.hiberniansupporters.co.uk for details
Q. How long does the process take?
A. Applications will be dealt with and processed on a first come first served basis. It might take up to four weeks from receipt of your application form to allow time for your payment to clear and then the allotment of shares and sending out your share certificate
Q. Why do I need IFA approval? Would an appropriateness test not have sufficed?
A. You do not need IFA approval if you are already a shareholder.If you are a new shareholder you need an IFA to countersign your application form to receive an Information Memorandum. The shares cannot be traded on any stock exchange so the IFA checks to ensure that you understand the shares cannot be traded or easily turned into cash in the future and that you are not over committing your resources by acquiring shares. Self-certification or the ‘appropriateness test’ does not satisfy the process put in place to comply with the Financial Services and Markets Act 2000 and the Financial Control Authority regulations
Process and Eligibility:
Q. Why do I have to use an IFA?
A. If you are not an existing shareholder you need an IFA to countersign the form on the back of the letter sent to you so that you can receive an Information Memorandum. The shares cannot be traded on any stock exchange so the IFA checks to ensure that you understand the shares cannot be easily turned into cash in the future and that you are not over committing your resources by acquiring shares. This procedure is required to comply with the Financial Services and Markets Act 2000 and the Financial Control Authority regulations
Q. I am not on the database, can I purchase shares?
A. If you have bought a ticket in the last three years to watch Hibernian play you will be on our database. We are sorry, if you are not already on our database or you are under 18 or you live abroad then you are not eligible to buy shares.
Q. I’m an overseas supporter, can I buy shares?
A. We’re sorry, but to comply with the financial services legislation the share issue is only open to supporters resident in the UK. However, you can contribute to collective ownership via Hibernian Supporters Limited www.hiberniansupporters.co.uk
Q. I have not received anything from the Club, how do I apply?
A. The Club is writing out to supporter and there is an application form on the back of the letter. If you think you are eligible to apply but you have not received a letter by Friday 6 February then contact the Club by email on firstname.lastname@example.org
Q. Can companies take part in the share issue and if so do they need any type of authorisation to purchase the shares?
A. Yes, companies can buy shares. Box 2 of the application form should be signed by a director or by an authorised signatory of the company and the company name should be included on Box 3. The name in Box 3 is the name in which the shares will be registered.
Q. Can I transfer some of my existing shares to a friend so that he can then apply for shares as a shareholder and not have to use an IFA?
A. No.The offer to shareholders is only open to shareholders who were on the share register at 9 January 2015. If you join the register after that date you are not eligible to apply through the offer to shareholders but you can apply through the offer to supporters.
Q. If I buy 5,000 shares now, can I buy more at a later date?
A. Yes, you can make a number of separate purchases when it suits you.When you want to make a second or third purchase, please contact the Share Manager for another application form. They will have to check the details of your first purchase before issuing another form.
Q. The offer is restricted to 18 and over. Can I buy shares for my children and grandchildren, or as a gift for someone else?
A. Yes. Buy the total number of shares you need in your own name.You will have to own them for six months. Thereafter contact the Club to arrange for them to be transferred into the name of your children and grandchildren.
Q. Will the Club pay a dividend?
A. No, the Club policy is not to pay dividends
Q. What benefits do I get from owning shares – is there priority on match tickets or money off in the shop?
A. No.This is a straight share issue. You have the opportunity to own shares in the Club and thereby help protect the ownership of Easter Road Stadium and the Training Centre by the Club. You can attend the Annual General Meeting and vote on resolutions put to shareholders
Q. Do I have to buy shares through Hibernian Supporters Limited?
A. No, you can buy shares direct from the Club if you are already a shareholder or if you are a supporter who has bought a ticket to watch Hibernian play in the last five years. You must also be resident in the UK and 18 or over.
Q. If I buy shares directly can I also contribute to HSL?
A. Yes, there is nothing to stop you doing both.
Right. I'm 18 pounds short. I've paid the full membership but never got any acknowdgement of the paperwork you had to send in after 225 quid. The payments stopped at that point but I never got round to setting up a new payment due to the lack of communication after submitting the forms. It felt like the administration of the organisation was not as it could be.£243. It's 8.33 to the pound (£225 equals 1875 francks which is the level for membership
I didn't think of that, I forgot there was an option to stop payments when you achieved full membership. Arguably this is a clever move to get lapsed contributors who are sat on £225 to start paying in again but I reckon it'll piss a lot of people off. Especially when HSL are no longer acquiring new shares.Right. I'm 18 pounds short. I've paid the full membership but never got any acknowdgement of the paperwork you had to send in after 225 quid. The payments stopped at that point but I never got round to setting up a new payment due to the lack of communication after submitting the forms. It felt like the administration of the organisation was not as it could be.