£200,000

The amount Fenty should reduce his price by or give those shares back to the Trust.

Do the right thing John. You might never get another chance.

Actually this is the amount I worked out that all of JSF's shares are worth based upon GTFC accounts. He has 41% of the total paid share capital in total, accumulated shareholders losses are something over £2 million, so his share of losses is £800k (this is money lost - gone for good he cannot recoup it, he is not owed it) which makes his shares stand at £200k in the accounts (at best), add his debt at £1.5 million and he has £1.7 million of the clubs capital. The consortium have offered to pay him £2.5 million, about £1 million now and £1.5 million over 3 years. His overall return over 3 years for his debt investment will be over 50%, somewhat better than the best pension fund performances at the moment.  

Can we also take £6k off for all the games he attended over the last 15 years. I’m guessing he never paid to get in like the rest of us.

Quoted from bawarmy

Can we also take £6k off for all the games he attended over the last 15 years. I’m guessing he never paid to get in like the rest of us.

6K? Have you seen the price of an executive pass?

Fenty return the 200k worth of shares back to the trust.

Quoted from ginnywings

6K? Have you seen the price of an executive pass?

I was being generous and saying what the average fan will have paid. What should we demand back?

My 1000th post btw.  So thanks for the Red Cross

I just want him to intercourse off to be honest and not come back. Keep the £200,000 if you’re able to sleep at night. Lifetime ban from BP should follow.

Quoted from davmariner

I just want him to intercourse off to be honest and not come back. Keep the £200,000 if you’re able to sleep at night. Lifetime ban from BP should follow.

No need, he so t return after he’s eventually gone...was barely there before he owned it...he’d have no reason to be there after...

Quoted from Limerick Mariner

Actually this is the amount I worked out that all of JSF's shares are worth based upon GTFC accounts. He has 41% of the total paid share capital in total, accumulated shareholders losses are something over £2 million, so his share of losses is £800k (this is money lost - gone for good he cannot recoup it, he is not owed it) which makes his shares stand at £200k in the accounts (at best), add his debt at £1.5 million and he has £1.7 million of the clubs capital. The consortium have offered to pay him £2.5 million, about £1 million now and £1.5 million over 3 years. His overall return over 3 years for his debt investment will be over 50%, somewhat better than the best pension fund performances at the moment.  

Are you an accountant Limerick? If what you've said about his shares being worth 20p a unit is the case, the offer he's been given is beyond generous.

Quoted from KingstonMariner

The amount Fenty should reduce his price by or give those shares back to the Trust.

Do the right thing John. You might never get another chance.

I do wonder who the four are KM who disagree with you  ( x ) that he shouldn't give those shares back to the Trust

They must have their reasons but I can't help but ask why?  

Quoted from immariner

Are you an accountant Limerick? If what you've said about his shares being worth 20p a unit is the case, the offer he's been given is beyond generous.

No need for insult...

You don't need to be, the accounts are here [url]https://find-and-update.company-information.service.gov.uk/company/00034760/filing-history[/url] download the pdf and go to page 10 - balance sheet and to the bottom of the page. Shareholders have paid £2.291 million for their shares and they now have shareholders funds of minus of £237k, so actually the shares are worthless. 20p in the pound might be a reasonable going concern value. Philip Day has said the shares are worth their par value (£2.291 million) because people have paid full value for them this year. My argument is that is the fans ways of making donations to keep club going during COVID. Accountants would call that "goodwill" value, but goodwill can soon disappear...

So in answer to the question posed by Matt Dean to callers on Footballl Forum, "is JSF is not entitled to all his money back" no he isn't because the club has lost alot of it over the years - that's football. But the consortium are now offering him all his money back, without condition, so the offer is more than fair, it is a financial windfall for JSF.

Quoted from FishOutOfWater

I do wonder who the four are KM who disagree with you  ( x ) that he shouldn't give those shares back to the Trust

They must have their reasons but I can't help but ask why?  

I would like just one of them to step forward and explain why they red crossed it. Let’s hear your reasons boys! Don’t be shy.

Of course if they remain silent perhaps it was people who meant to tick it and just hit the wrong button. In which case the motion is carried unanimously. 😄

Quoted from Limerick Mariner

No need for insult...

You don't need to be, the accounts are here [url]https://find-and-update.company-information.service.gov.uk/company/00034760/filing-history[/url] download the pdf and go to page 10 - balance sheet and to the bottom of the page. Shareholders have paid £2.291 million for their shares and they now have shareholders funds of minus of £237k, so actually the shares are worthless. 20p in the pound might be a reasonable going concern value. Philip Day has said the shares are worth their par value (£2.291 million) because people have paid full value for them this year. My argument is that is the fans ways of making donations to keep club going during COVID. Accountants would call that "goodwill" value, but goodwill can soon disappear...

So in answer to the question posed by Matt Dean to callers on Footballl Forum, "is JSF is not entitled to all his money back" no he isn't because the club has lost alot of it over the years - that's football. But the consortium are now offering him all his money back, without condition, so the offer is more than fair, it is a financial windfall for JSF.

isn't there a fatal flaw in this Limerick? i.e. there is no 'market' for these shares to determine what is fair value. ast stands the shares can be bought for £1, Fenty says he wants £1 and the consortium have agreed £1.that is the only market there is

Quoted from forza ivano

isn't there a fatal flaw in this Limerick? i.e. there is no 'market' for these shares to determine what is fair value. ast stands the shares can be bought for £1, Fenty says he wants £1 and the consortium have agreed £1.that is the only market there is

. Agree, yes, there is a flaw, there is no general market. But it's not fatal - we have the accounts and the trading history. The accounts reflect "fair value", against this the consortium offered well over fair value. Then there is "special purchaser" value - this could be paying over fair value because of the love for your football club, or it could be "boys toys" or "c0ck-waving" value which applies to some of the foreign owners of clubs (and maybe to Fenty), or it could be because the football club could be used as a vehicle to generate value somewhere else - like Gy town centre. I'm hoping the consortium are combining the first and last...

Done some digging so to speak....

Grimsby Telegraph archived article from that time period:  https://web.archive.org/web/20.....30-detail/story.html

Quoted Text

The Trust asked its members to vote on a series of issues as one package:

• 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
  

Archived source: https://web.archive.org/web/20.....hares-to-john-fenty/

Quoted from Nelly GTFC

Done some digging so to speak....

Grimsby Telegraph archived article from that time period:  https://web.archive.org/web/20.....30-detail/story.html
Source: https://web.archive.org/web/20.....hares-to-john-fenty/

Is there a difference between transferring the actual shares to transferring the voting rights of shares?

Anyone know?

Quoted from Nelly GTFC

Done some digging so to speak....

Grimsby Telegraph archived article from that time period:  https://web.archive.org/web/20.....30-detail/story.html
Source: https://web.archive.org/web/20.....hares-to-john-fenty/

I don't see the bit where Trust members who sit on the board of GTFC have to keep quiet and ignore any involvement of con men and convicted fraudsters who they may become aware of as part of their position on the said board

Quoted from Ipswin

I don't see the bit where Trust members who sit on the board of GTFC have to keep quiet and ignore any involvement of con men and convicted fraudsters who they may become aware of as part of their position on the said board

I guess Holloway sat at the board meetings as well being a director with his substantial £500 investment in the club? >> https://find-and-update.company-information.service.gov.uk/company/00034760/filing-history

Quoted from Nelly GTFC

I guess Holloway sat at the board meetings as well being a director with his substantial £500 investment in the club? >> https://find-and-update.company-information.service.gov.uk/company/00034760/filing-history

Yes I'm sure he did and I have been convinced from May one (see what I did there?) that he knew all about it

Quoted from Ipswin

Yes I'm sure he did and I have been convinced from May one (see what I did there?) that he knew all about it

There’s a tie in between Mays offer to invest in training facilities, Holloway going on about training facilities and the club’s statement after Holloway left talking about their joint vision to improve the squad and then the training facilities and then develop a new stadium.

Further digging on this gift of shares to Fenty. The Trust is a Community Interest Company.

I dug the following out from here: https://assets.publishing.serv.....-asked-questions.pdf


“What requirements does a community interest company have meet to make an asset transfer?
A transfer of assets must satisfy certain requirements. This means that, subject to the community interest company (CIC) meeting its obligations, its assets must either be retained within the CIC to be used for the community purposes for which it was formed, or, if they are transferred out of the CIC, the transfer must satisfy one of the following requirements:
• it is made for full consideration, which means assets are sold for market value. This is so that the CIC retains the value of the assets transferred;
• it is made to an asset locked body which is specified in the CIC’s articles of association. An asset locked body is either a CIC, charity, an IPS Bencom, or non-GB based equivalent;
• it is made to another asset locked body with the consent of the Regulator; or
• it is otherwise made for the benefit of the community.”

Now I know John Fenty is a member of the community but I’m pretty sure that’s bending the definition of ‘community’ in the same way that   a drive to Barnard Castle is stretching the definition of ‘eye test’.

Did Fenty ever actually purchase £200,000 of shares to go with the £200,000 gifted by the Trust?

Quoted from BlackandWhiteBarmy2

Did Fenty ever actually purchase £200,000 of shares to go with the £200,000 gifted by the Trust?

From memory he loaned the club some of the promised investment via benign loans which then made MP a majority share holder which triggered article 19 and the excrement show that followed. Had Fenty purchased the same amount of Shares instead of loans article 19 wouldn't have been triggered and there would be no Parker fiasco.

Quoted from BlackandWhiteBarmy2

Did Fenty ever actually purchase £200,000 of shares to go with the £200,000 gifted by the Trust?

The Trust gifted them. Fenty said he would keep to his original agreement to fund the club. So arguably the Trust didn't receive any consideration for them.

Quoted from KingstonMariner

The Trust gifted them. Fenty said he would keep to his original agreement to fund the club. So arguably the Trust didn't receive any consideration for them.

I understand that but if you look at Nellys post on page 2 of this thread it states that the Trust would hand over £200,000 of former MP shares AND that Fenty would purchase a further £200,000 of shares because in his perverted logic this was like paying for the MP shares. My question was did he actually purchase the additional £200,000 of shares because I seem to remember there being a bit of a thing about it.

Quoted from BlackandWhiteBarmy2

I understand that but if you look at Nellys post on page 2 of this thread it states that the Trust would hand over £200,000 of former MP shares AND that Fenty would purchase a further £200,000 of shares because in his perverted logic this was like paying for the MP shares. My question was did he actually purchase the additional £200,000 of shares because I seem to remember there being a bit of a thing about it.

Checking on here >> https://find-and-update.company-information.service.gov.uk/company/00034760/filing-history

Between the dates of 11 Nov 2011 to 19 Nov 2013, share value increased from 575,000 to 975,000, guess that's the 200,000 he was given from the Trust and the 200,000 he put in.

Click on the relevant hyperlinks for those dates and scroll down to where you see his name. Pg 24//33 and pg 25/34.

Quoted from Nelly GTFC

Checking on here >> https://find-and-update.company-information.service.gov.uk/company/00034760/filing-history

Between the dates of 11 Nov 2011 to 19 Nov 2013, share value increased from 575,000 to 975,000, guess that's the 200,000 he was given from the Trust and the 200,000 he put in.

Click on the relevant hyperlinks for those dates and scroll down to where you see his name. Pg 24//33 and pg 25/34.

The first 200k will likely be the purchase made by MP that triggered article 19 after Fenty put his 200k in as a loan

The 2nd 200k is potentially Fenty after he got his way with the Trust.

Sale of newly issued shares is the increase of 400k, not the ‘movement’ of issued shares ie the Trust band over 200k of shares to Fenty doesn’t increase investment in the club.

Similarly, if (please!) the consortium buy JFs shares, no more money goes into the club, JF pockets that cash (just as he would if he sold anything else), the total amount of shares issued will stay the same.

Fenty Out
🏴‍☠️

Quoted from Nelly GTFC

Checking on here >> https://find-and-update.company-information.service.gov.uk/company/00034760/filing-history

Between the dates of 11 Nov 2011 to 19 Nov 2013, share value increased from 575,000 to 975,000, guess that's the 200,000 he was given from the Trust and the 200,000 he put in.

Click on the relevant hyperlinks for those dates and scroll down to where you see his name. Pg 24//33 and pg 25/34.

Thanks Nelly.

Quoted from Quagmire

The first 200k will likely be the purchase made by MP that triggered article 19 after Fenty put his 200k in as a loan

The 2nd 200k is potentially Fenty after he got his way with the Trust.

Sale of newly issued shares is the increase of 400k, not the ‘movement’ of issued shares ie the Trust band over 200k of shares to Fenty doesn’t increase investment in the club.

Similarly, if (please!) the consortium buy JFs shares, no more money goes into the club, JF pockets that cash (just as he would if he sold anything else), the total amount of shares issued will stay the same.

Fenty Out
🏴‍☠️

That gift of £200,000 of shares, would mean that when he sells, Fenty would have a tax liability on it as it's a profit of £200k, so above the capital gains limit. At least he should be paying some tax on it. Please God.

Quoted from KingstonMariner

That gift of £200,000 of shares, would mean that when he sells, Fenty would have a tax liability on it as it's a profit of £200k, so above the capital gains limit. At least he should be paying some tax on it. Please God.

Looks like from those same dates between 11 Nov 2011 to 19 Nov 2013, Grimsby Town Supporters Trust shares went from 522,000 to 321,050 reduced by 200,950 shares.

Giving this a bump. He should give them back now he’s getting all that money,

It doesn't seem right to pocket £200,000 on shares donated by the Trust.

Surely he will gift them back to the Trust?

We should continue to pursue this issue.

intercourse him. As long as he goes that’s the main thing.

Quoted from davmariner

intercourse him. As long as he goes that’s the main thing.

He can recover a bit of dignity by giving them back. Otherwise, fuckhim.

Quoted from KingstonMariner

He can recover a bit of dignity by giving them back. Otherwise, fuckhim.

intercourse me, you’re sozzled already? He’s not arsed about dignity else he wouldn’t have been cosying up to a career crook...

Quoted from aldi_01

intercourse me, you’re sozzled already? He’s not arsed about dignity else he wouldn’t have been cosying up to a career crook...

Can’t hold my drink any more. Of course he won’t do it. But it’s possible.