JF Statement on the OS 21/09

Quoted from voice of reason

Haha, thanks for that... Knew it was wrong but couldn't be arsed to check the correct spelling...

Boo Hiss! Accusing me of something and spelling it wrong  

Quoted from AndyGTFC

Mike resigned because of Peter Furneaux...

I didn't resign because of Peter Furneaux...

Yes, you did Mike...

I don't want to be chairman...

Yes you do Mike...


It's flipping ridiculous. They're grown men. Get together and sort this excrement out because you're playing with the future of something that a lot of people have spent so much time and money on over the years and you're playing with the future of something that a lot of people care about.

Fenty started the mud slinging but has failed to answer any questions, Parker has only come out and done what needed to be done, he had to explain his position and answer the questions put to him.

The fact that Fenty is still on the board and there is a possibility that he may get some money back is disgusting. We need a clean sweep and a new board.

Quoted from bradzmilne

Boo Hiss! Accusing me of something and spelling it wrong  

Like JDT said, I did it to avoid erm....shite its gone again... plagiarising...???  

Quoted from headingly_mariner

Fenty started the mud slinging but has failed to answer any questions, Parker has only come out and done what needed to be done, he had to explain his position and answer the questions put to him.

The fact that Fenty is still on the board and there is a possibility that he may get some money back is disgusting. We need a clean sweep and a new board.

Yeah, admittedly Parker has come across better than Fenty but he's still part of the situation and he created it in the first place. I'm not bothered about how they do it, I just want the future of the club sorting out as quickly as possible.

Quoted from AndyGTFC

Yeah, admittedly Parker has come across better than Fenty but he's still part of the situation and he created it in the first place. I'm not bothered about how they do it, I just want the future of the club sorting out as quickly as possible.

Created it in the first place by pumping 1 1/4 million quid into the club in shares, what a illegitimate!

There is no realistic way he can get this money back.

These statements that are flying about are they trying to get fans on their side, it's doing me facking head in. I think we all have our own conclusions as to the current problem.

- MP bought more shares instead of a loan increasing his share holding and therefore making him the major shareholder.  Was this done with intent even though he states he does not want to invest any more money or become a director or chairman of GTFC

- JF feels that because he used his money as a loan rather than buying shares and not being major shareholder it's a big deal especially with the major shareholder not being part of the board thus making the running of GTFC very difficult (which I agree to some extent).  Now we all know all he has to to do is increase his shares but is this his chance to step down, well of course it is.

- So the only outcome presently is if MP can convince a friend to take the reigns at BP who we will know nothing about him/her and I very much doubt they would have GTFC at heart.  Now I personally do not think having JF on the board would be very healthy for GTFC being an ex-chairman he could disargree with everything the relationship has clearly broken down he has admitted this.  Also I think it's quite clear the other 2 directors are probably on JF side.  I think and I hope something gets sorted but we need a new board whoever it is, I am unsure what the politics are with the current directors in order to remove them and start afresh.

The only answer I want from Either of the directors is will GTFC still be around come next season I want to know if GTFC is in any danger.

I just want to squeeze this in but I had a right wierd dream the other night, H&S approached JF about the acquisition of Green and was told there is no money what so ever but H&S demanded it and said they would resign if not agreed and so they resigned and now we have a club were the players want out, no managers, no chairman then I woke up lol.

Quoted from forza ivano

you're not quite right golly, but i'm not quite as right as you!

http://www.investegate.co.uk/article.aspx?id=201010191330356356U

here's the announcement from a year ago. this shows that there are 250,000 shares floating about not owned by f & p

parker now owns 54%, which by my reckoning (and presuming neither fenty or anyone else have bought shares in the interim) means that parker has bought c£390k of shares,giving him 890,000 shares, fenty 500,000 and the rest 250,000 (=1,640,00 shares x 54% =885,600)

therefore if fenty were to buy 500,000 of shares the total number becomes 2,140,00 of which he owns 1,000,000 so becoming the biggest shareholder, but still not at the threshold where he would need to offer to buy out all the other shareholders.
course what we'd need to know is how many more unissued shares there are for purchase and who is the 3rd biggest shareholder and would they then hold the balance of power?

I think the third biggest shareholder would be either the trust or Elsom who said he was investing a further 25K in town when Parker left the board, although at the time he did say he hadn't decided whether this would be as a Directors loan or as shares - and that was the last we heard of that.

As for total number of unissued shares - truly I don't know but a PLC can have as many shares as it decides it wants and this level can be increased or decreased by an ordinary resolution voted on by the current shareholders. What we really need is a copy of the minutes where the ordinary resolution to increase the number of shares in the company was passed. I'm guessing that the increase should equate to enough to allow both Parker and Fenty to increase their shareholding to the 2,000,000 they originally agreed to invest (over the two years). Now if either of them didn't intend to buy up the shares then the glass ceiling raised to in terms of unissued shares could have been significantly less, which poses the question of why not raise it by just a million.   But that is just speculation as I can't remember how many extra shares were issued - if any shareholder really wanted to know they could do an Freedom of Information Request.  

Quoted from forza ivano

parker now owns 54%, which by my reckoning (and presuming neither fenty or anyone else have bought shares in the interim) means that parker has bought c£390k of shares,giving him 890,000 shares, fenty 500,000 and the rest 250,000 (=1,640,00 shares x 54% =885,600)

I've did the math and got fairly similar figures (Parker £883K, Fenty £500K, Rest £252K)

Quoted from GollyGTFC

It's all a load of rubbish anyway. The other directors only hold a token amount of shares each, so there has been less than 50% of the clubs shares owned by board members since March 1st when Parker left the board. Why has it taken over 6 months for this to become such a big issue and make Fenty's position apparently untenable?

Exactly !!!!

Fenty said himself:

"When Mr Parker left the board several things fundamentally changed. The concert party, he, and I working together (in Concert) had been broken. Share holder control did not sit within the board room. This was before any further shares had been issued."

SO WHY NOW ?
Why no take over panel before ?

My GUESS is Fenty wants to remain in sole charge as long as there is a chance it could be successful and isn't getting the blame.

After the poor start (and abuse), things have come to a head financially (partly through his own doing IMO) and with half a reason, senses it is time to play his hand and try to get Parker to take over to give himself an exit strategy before it all goes down the swanny.

However if Fenty still wants control it might be a tactic whilst he's in the hotseat to resign and "call out" Parker as someone who is unwlling to support the club long term - notice he offered him the chair, said he'd done all he could etc.

Now maybe I'm being cynical.
I've been rather thinking long and hard about whether Fenty is simply putting the clubs best long term interests at heart.
Maybe he is but I'm not convinced when we're apparently near skint and the season has barely started !

As for Parker, would you make a commitment to support the club with the current board ?!
Notice Parker hasn't said "I won't be", only that he's making no guarantee at the present time.

Quoted from gtfc98

The way I see it Fenty is looking for an exit strategy. He thought he could use Parkers controlling holding as a reason and force Parker into take control of the club. It hasn't work, he hasn't been able to force his hand and as a result we have a situation where neither of our benefactors appear to be willing to further finance the club.

WITHOUT BEING IN CHARGE ?

Quoted from forza ivano

therefore if fenty were to buy 500,000 of shares the total number becomes 2,140,00 of which he owns 1,000,000 so becoming the biggest shareholder, but still not at the threshold where he would need to offer to buy out all the other shareholders.
course what we'd need to know is how many more unissued shares there are for purchase and who is the 3rd biggest shareholder and would they then hold the balance of power?

See what you're saying.

Way I see it is, either Parker and Fenty want control or they don't.

If Parker does, then for any shares that Fenty puts it, Parker may try to do the same claiming it's to support the club in the short term ?
Personally I can't see JF participating in a "bidding war" in the current climate where finances are apparently tighter than a nuns private parts.

If Parker doesn't then you would be right - Fenty could choose to buy shares so shareholder control sat within the board room.

Trouble is, that doesn't stop the potential problem of Parker not being willing to invest his money long-term whilst Fenty or others are on the board (or whilst he could potentially be if that's his issue).

Quoted from GollyGTFC

As he well knows Parker could call an EGM at any time he chooses and get rid of the entire board and bring his own people in.

If that's true then why hasn't he done so (yet) ?
Because he wants Fenty to carry on ?
But then why would he resign from the board and be unwilling to return ?

Arrghghghghhhh !