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    Comment on Bad Money? by easyJambo.

    Statement tonight from the Hibs fans group HSL following a meeting with Ron Gordon. It appears to me that HSL has been left in limbo, with no opportunity to buy more shares and uncertainty on how future donations will be used.

    ——————

    As promised, I am writing today to provide an update following the recent acquisition of the majority shareholding in our Club by Bydand Sports LLC (Mr Ron Gordon).

    Following on from our earlier note, Members of the Hibernian Supporters Board met Mr Gordon on Monday, which was our earliest opportunity to meet, to welcome his investment in the Club and to hear his plans for the future development of Hibernian. This meeting was very cordial and helpful to both Hibernian Supporters and the new principal shareholder and enabled both parties to understand the history of Hibernian Supporters Ltd, its aims and intentions. Mr Gordon was very positive about the contribution that we have made since our inception and saw that as the single biggest minority shareholding in the Club, we have a role going forward. He reiterated his intention to work positively with fellow shareholders and stakeholders.

    Members, and continuing contributors to Hibernian Supporters, will be comforted to know that it purchased shares that were available to buy immediately prior to the transaction between H F C Holdings and Mr Gordon as per our subscription agreement, however, that following the transaction no more shares are available to purchase directly from the Club. Money that has been collected since this time is held within our bank account and has not been transferred to the Club.

    The full Board of Hibernian Supporters will meet on Monday, 15th July 2019 to discuss the way ahead and we have agreed to continue our dialogue with Ron and the Club and we anticipate meeting again next week.

    Hibernian Supporters has made an important contribution to Hibernian over the last 4 years and can continue to do so to ensure the Club continues its progress and competes at the highest level in football. It has endured negativity, however, it has been clear in its intent to support the Club despite this, and will intend to do so moving forward. 

    The Club has a new owner who has passion, ambition and a vision for Hibernian’s development in the future. He met with members of Hibernian Supporters Association on Wednesday evening and he talked about his 90 day and 6-month plans that are being developed currently. 

    Whilst the Board of Hibernian Supporters understand that supporters want clarity instantly, it is important that we carefully consider what we have been told in our meetings with the new owner, take account of what all our members views are and develop our plans properly. The first steps in this process have happened and will continue with our Board meeting on Monday and with the continued discussions with Ron.

    It is understandable that change brings with it uncertainty but we should not allow rumour and speculation to fill the temporary void created. One of the things we believe as your Directors we have enjoyed over the past few years is your trust. We have worked hard to earn this and we will continue to progress in accordance with our objectives and our Articles. Can I please once again ask for your patience.

    Can I leave you with some simple facts which we believe is positive news for Hibernian Supporters.

    Since the announcement last week Hibernian Supporters have increased our Membership, increased our shareholding in the Club as a result of share donations and indeed only today received further pledges of over 250,000 shares in the Club from private shareholders. Can we also help some of our fellow Members and supporters who have been forensically examining shareholdings by confirming that we have received a number of share donations over the years and this will help to explain the very minor discrepancies in calculations that are drawn only from public information.

    James Adie
    Chairman

    easyJambo Also Commented

    Bad Money?
    John Clark 15th July 2019 at 20:46

    BL-2018-002250 DESMOND v Whyte and another "

    Please someone tell me that these are not Dermot Desmond , majority shareholder and Board member of Celtic ,  and Craig Whyte last owner of the original Rangers Football Club of 1872?

    That really would be a coincidence!

    ==========================

    RES 12 finally sees some real action 

    If only. blushsurpriseangel


    Bad Money?
    It was remiss of me to forget to keep an eye on the latest BDO Report to Ceditors for RFC 2012 plc (IL). The document was published just over a month ago, and covers the period up to the end of April 2019.

    https://www.bdo.co.uk/getmedia/4d6c085d-c01f-4e05-a430-acdf44f4995c/Report-to-Creditors-10-June-2019.pdf.aspx

    There isn't much new information to be had. BDO continue to rack up their own and their lawyers fees, although no further dividends have been paid to creditors.

    However, there is an update on the litigation with HJL on behalf of Wavetower (TRFCG) which may be of interest to JC and others.

    The previous reports dated 5 December 2017, 8 June 2018 and 7 December 2018 set out the circumstances under which various claims have been submitted by Wavetower, and how on each occasion these had been rejected by the Joint Liquidators, most recently a revised claim of £2.8m. In September 2018, HJL had intimated that Wavetower would seek to increase its claim to £18m and consider appointing receivers over the Company. The Joint Liquidators took steps to avoid such an eventuality and obtained an interim interdict in favour of the Company which precluded Wavetower from making a receivership appointment.

    This matter remained a focus of the Joint Liquidators’ attention during the course of the period, and it has continued to progress in accordance with the Court procedure.

    In parallel with the Court procedure, and in order to attempt to reach a consensual resolution of the dispute without further recourse to the Court, the Joint Liquidators agreed to a mediation which took place on 12 November 2018. The mediation occurred following it being agreed between the parties that the proceedings in Scotland, in respect of Wavetower’s appeal of the Joint Liquidators’ decision to reject its claim, would be sisted for a period of 3 months, such period to expire on 13 November 2018 (the day after the mediation date).

    Whilst the mediation did not result in an agreement being reached between the parties, it was agreed that the discussions would continue outside of the formal mediation process, and the parties agreed to continue to sist the Court process. As at the date of this report, the discussions are ongoing, but the Joint Liquidators hope to be able to provide a substantive update in the next report to creditors.

    …. and

    All creditors should note that the quantum and timing of future dividends is unknown and will be dependent on the outcome of the Wavetower claim. Once this is resolved, it would be the intention of the Joint Liquidators to pay a further dividend as soon as possible. 


    Bad Money?
    Rather than let a full day pass without a post, I'll put out the possibility of a "new club" participating in the Lowland, South of Scotland and U20 leagues this season.

    The club will be known by an americanised title of "Caledonian Braves", not that they are American influenced. It is proposed to be the new name for teams that previously played under the banner of Edusport Academy, which predominately featured French students.

    Apparently they have already asked the SFA to allow the name change some months ago.

    However, I will be interested to see how the SFA handle this change. I say that because a new company was incorporated on 8 July 2019, called Caledonian Braves Ltd, according to Companies House.  

    A google search on "Caledonian Braves" offers an interesting insight.

    Caledonian Braves FC est.2019

    Is Edusport seeking to transfer its SFA membership to a new club/company? Will the SFA authorise the transfer of assets to the newco, and/or seek financial assurances from the newco?  Going by the above link, is Caledonian Braves seeking to lose any history and links to Edusport?

     


    Recent Comments by easyJambo

    Accountability via Transparency.
    Confirmation that Andrew Dallas is to step down as a FIFA ref.

    www.bbc.co.uk/sport/football/48725205

    He cites personal/work reasons, although others have suggested it was because he was going to be demoted in any event.


    Accountability via Transparency.
    Not a huge amount to report on the Grier v Police Scotland case at the CoS this morning.

    Both parties and Lord Bannatyne were content to have the case heard at the CoS. It was previously being heard at Glasgow Sheriff Court.

    There appeared to be some confusion about how the parties wished to proceed, to a procedural hearing, then a summary decree motion, debate or a proof before answer. We didn't get a decision other than a procedural hearing will be scheduled on 12 July, for which both parties were asked to provide notes on the issues they wished to pursue in advance.

    What did come out was that DCI Robertson (remember him) has apparently, as recently as February this year, admitted that errors were made in bringing the fraud / conspiracy case forward against Grier. For their part, Grier's team is still waiting for disclosure of documents requested many months ago.

    As I suggested in a post a week or so ago, Grier, Whitehouse and Clark are all seeking to show malice and lack of probable cause when they were arrested, detained and charged. Reading between the lines it appears that Robertson has acknowledged in the last few months that didn't have an evidential basis for the arrests. I don't know how Police Scotland will seek to defend those "errors" other than they were made in good faith and not malice. The alternative would be to seek immunity from prosecution on the basis that they were acting on the instruction of the Lord Advocate. 

    Police Scotand's QC seemed somewhat put out by something that Grier's team had submitted to the Court about the former Lord Advocate, Frank (now Lord) Mulholland, describing a misrepresentation of Police Scotland's position as "outrageous".

    I'm sure that JC will be along later with his verbatim account of proceedings.

     


    Accountability via Transparency.
    Yes  …. I mean no …… well maybe yes

    Sky Sports Scotland‏Verified account @ScotlandSky 

    BREAKING NEWS: Celtic are set to sign David Turnbull despite it looking like the deal had fallen through earlier this week. The midfielder had visited Norwich in the last few days but is expected to sign for the Scottish Champions tomorrow.


    Accountability via Transparency.
    @John Clark you have an email.


    Accountability via Transparency.
    paddy malarkey 20th June 2019 at 17:38

    Could somebody tell me roughly how much Club 1882 have paid for their six point odds holding ? Still using fingers to count to twelve .
    ++++++++++++++++
    Their last published accounts to the 30 June 2018 showed investments of £1,951,449 (share purchases).  At that date they held 8,732,264 shares, for which they paid an average of 22.35p a share

    They also had £1,016,874 in the bank.  £1m of that was used buying shares in last September's share offer (5m shares at 20p), so their "investment" in the club totals around £2.95m to date

    The £400,000 they claim to have in the bank therefore represents the likely amount they have raised since the end of June 2018.

    Just for comparison, as of today's date, the Foundation of Hearts will have handed over £8.68m to the club since it came out of administration in May 2014. Assuming contribution levels are maintained, the transfer of the majority shareholding from Ann Budge to FOH will take place in February 2020.