E-Mail from the Trust

Absolutely gobsmacked at your naievity SkegFan - how you can claim the Bennett deal is a 'masterstroke' by Fenty is beyond me! It's such a common idea to have a sell on clause when selling a young player that it's been a feature of those daft footy manager games for years.

How can anyone trust a man who has effectively blackmailed the Trust into handing over voting rights or we sell our main asset is beyond me - no wonder Mike Parker couldn't work with him.

Personally I'm going to wait and see what the Q&A's look like when they are published by the Trust before voting.

As an aside why can't we continue with the current arrangement ie voting rights to Fenty but not ownership?

Considering that he is only willing to guarantee funding for a 15 month period which will be far more financially secure due to the Bennett money and possible Hearn sale what are the Trust getting out of this deal other than being shafted?

Let's not forget that Fenty '(mis)controls' our yearly deficit - he knows roughly how much our revenue will be yet always errs on the optimistic side and then agrees a wage budget far in excess of what we can afford - he can control our losses to a certain extent by cutting our cloth accordingly.

If he wants control back in the Boardroom he should convert his loans to shares but he won't, ask yourselves why he won't do that!!!

I think the Trust also need to take advice re the conflict of interest point I made earlier - I cannot see how any Fenty family member can vote on this issue - they can effectively influence a decision to grant him 200k worth of shares for free - there's nothing to stop Fenty himself being a Trust member and voting for himself to receive 200k of shares for free, absolute conflict of interest and needs addressing ASAP.

Fenty and the words master stroke... Comedy genius. The trust is showing its true worth

People need to wake up and smell the coffee! The club has been on the decline since the ITV Digital saga and JF has tried to pick up the pieces since then. He has done everything that the fans wanted, sack managers, oust Board Members and buy players. The managers have chosen players, he has just supported them financially.

One comment, JF resigns and we have the highest scoring team in the league, is utter dross. He is still running the club!

I think what you will all find is that he has actually selected the right managers!

Nobody else will stand by this club like he does.

Back him and we will still have a club!

This is my football, it's been seriously abused by me for 10 years and I don't want it anymore.  However, nobody else can play with it unless they pay me back all of the money I originally paid plus all the money I wasted on punctured bladders and nice but useless stickers.  You can buy shares in my football but it's still mine.

FFS will someone call his bluff.  All of the good feelings and optimism built up in the last few months could be ruined by a child in a man's body.  Time you grew up and accepted responsibility for your actions, no one person is bigger than the club and that includes you John Fenty.

I have just seen the full details of the ballot letter are on the Trust Website (have they been there all along?)

"13/2/2012
Dear Member
"Most of you will be aware that since the Trust were gifted 500,000 shares, John Fenty has stated on many occasions that he wouldn't be prepared to continue to fund the football club whilst 'control lay outside the boardroom'.

Over recent months the Trust have tried to broker a solution, as we have been told repeatedly that the finances of the club are balanced on a knife edge with cash urgently needed to meet the club’s financial obligations. It had been publicly and privately stated that there was a real risk of funds running out during the early part of February.

Recently the team on the pitch have been magnificent; scoring goals for fun and with a young side that will improve and potentially return us to the Football League. The Trust considers it vital to try and keep this squad together.

The statements put out by the club suggested that without the injection of cash, there was a very real likelihood that assets would need to be sold in order to meet the budget shortfall, impacting not only the clubs ability to retain existing players, but could also hinder the process of resigning them as contracts expire.

With no new investor on the horizon and with the Trust lacking the financial means to meaningfully assist, the only person who is likely to assist the club is John Fenty.

The Trust Board after taking legal advice what could be done instigated meetings to try and find a solution. The Trust Board felt that in order to ensure the current squad were retained then urgent action needed to be taken to try and ensure interest in our players could be rebuffed. A decision was taken to transfer the voting rights of 200,000 shares to the chairman of any AGM/EGM of the football club and this decision meant John Fenty was more relaxed as to his own position. Prior to this he had expressed his vulnerability to the shareholding outside of the boardroom.

On the Saturday prior to the close of the transfer window the voting rights to a portion of the trust share
holding was released after a majority vote from the Trust Board. This enabled enquiries for our players to be turned aside and assisted in the signing of a new player.

The events of deadline day have changed the ongoing requirements somewhat but the Trust board still feels that with the actual timing of receipt of the money from the sell on of Ryan Bennett being uncertain there is still a need for funding to assist cashflow. Although this has been a huge boost to the financial side of GTFC, the trust still believes that by putting Mr Fenty in a position where he would be more comfortable in assisting with funding requirements is for the benefit of the stability, and increases the clubs chances of a return to the Football league.

After considering many options and making proposals to the football club board that were rejected, the Trust Board are now recommending, following a majority vote, the following proposal.

That the Trust Transfer's 200,000 shares in GTFC to John Fenty for a non cash consideration
In return, Mr Fenty purchases a further 200,000 of new shares in the club. This represents 'new money'
Mr Fenty agrees to cover any losses for the current season and for the year ending May 2013.
The Trust agrees not to accept any further shares from Mr Mike Parker.
The football club involves the Trust in the on-going budget setting.
The football club agrees to work hand in hand with The Trust to promote the trust activities in a positive manner

This will give John Fenty approx. 47% of the issued share capital, Mike Parker approx. 24% and the Mariners Trust approx.13%.The advice.  We have been assured that this change does not have any implications for the takeover panel.

The Trust board believes that this still leaves us with a significant shareholding and ensures an ongoing positive and inclusive relationship with the club, which ultimately will benefit members, supporters, the community and the football club alike. For too many years now boardroom issues have dominated the scene at the football club and we believe this is a chance to put that firmly in the past and get on with a positive agenda.

The alternative would appear to be that there is no person or body with overall control and no individual or
group willing, or able, to assist in financing day to day requirements.

The Trust fully appreciates that this is difficult issue, as it has been for the Board, but the majority of the board are in favour of this proposal to give the club stability at a time when we appear to have a much greater degree of optimism for the long term success of GTFC. It also, we believe, gives the Trust the opportunity to develop its idea’s and plans without the worry of ownership/ongoing funding. Most importantly we believe it is in the best interest of the Football club.

Please complete the simple voting below and return it using the stamped addressed envelope to arrive no later than 5th March. If you have any questions please e mail enquiries @marinerstrust.co.uk

Quoted from LeightonMariner

This is my football, it's been seriously abused by me for 10 years and I don't want it anymore.  However, nobody else can play with it unless they pay me back all of the money I originally paid plus all the money I wasted on punctured bladders and nice but useless stickers.  You can buy shares in my football but it's still mine.

FFS will someone call his bluff.  All of the good feelings and optimism built up in the last few months could be ruined by a child in a man's body.  Time you grew up and accepted responsibility for your actions, no one person is bigger than the club and that includes you John Fenty.

Best post on this thread.

The one thing Fenty won't do is write off his loans, why do you think Mike Parker walked away?  Nobody in the world is going to pay c£3m more for the club than it's worth.  Ask yourself a couple of questions, has Fenty ever said he'd do the above?  Will he ever do the above?

He's been using the same old tired lines for years, now he wants the trust to roll over and have their tummy tickled.  Why don't the trust just tell him that until he writes off the loans nothing moves?  I notice that he wasn't publicly saying that assets would be sold, that was only mentioned to the puppets.

The letter that has been sent to members is now available to view on the Trust website (www.marinerstrust.co.uk).  Remember, only members can actually vote on the proposal - I'm assuming that returned ballot papers will be cross checked against the membership database to ensure this.

Quoted from LeightonMariner

The one thing Fenty won't do is write off his loans, why do you think Mike Parker walked away?  Nobody in the world is going to pay c£3m more for the club than it's worth.  Ask yourself a couple of questions, has Fenty ever said he'd do the above?  Will he ever do the above?

He's been using the same old tired lines for years, now he wants the trust to roll over and have their tummy tickled.  Why don't the trust just tell him that until he writes off the loans nothing moves?  I notice that he wasn't publicly saying that assets would be sold, that was only mentioned to the puppets.

Where all in it together arent we? Well not really

Fenty has held the trust board to ransom and they have buckled at the slightest bit of pressure.  Fenty has all the power and the trust were set ti get the blame shiuld hearn be sold.

I wonder if the trust took any legal advice about their position? I wonder if the trust have a position.

The club undet fenty's dictatorship havr dropped 60+ places thru the pyramid. . . A return to this and we will rot down here forever more mark my words!