Shrimps Trust [Merged Topics]

[Keith]

I think that would be wishful thinking! We're basically asking either Sarbjot to publicly admit that his protracted bid was a load of nonsense, or Jason to admit he's been beaten/made a bit of a fool of over this move he's spent almost a year trying to force through...

...I can't see us getting an official statement...

But the point is, the Trust don't appear to have asked the question. If they have asked, the answer may be interesting.

The latest club update is interesting.

https://www.morecambefc.com/news/2023/a ... questions/

[CityShrimp]

I agree that it would be good for the club to confirm that Sarbjot is out of the picture. Most people think he’s long gone but that’s not been confirmed by anyone - if it’s ‘safe to assume’ and ‘obvious’ that he’s gone then why can’t somebody confirm it?

[Keith]

I agree that it would be good for the club to confirm that Sarbjot is out of the picture. Most people think he’s long gone but that’s not been confirmed by anyone - if it’s ‘safe to assume’ and ‘obvious’ that he’s gone then why can’t somebody confirm it?

Exactly.

Any TT fans reading this will know of Clive Padgett, who is a long time team sponsor, and has a motorcycle dealership in Yorkshire, and Jamie Whittam, who was a top racer.

Jamie needed a part for a bike. He went to a local dealer who said the part cost £80, but he didn't have one in stock. Needing it in a hurry, Jamie went to see Clive. He did have it in, but it was £110.

Jamie queried the price and said it was only £80 at the other dealer.

"Did he have it in stock?" asked Clive.
"No" replied Jamie.
"Yeah. Mine are only £80 when I don't have them in stock".

(I'm paraphrasing the story).

The relevance being, I can't help but wonder if the soft-drinks, fantasy billionaire's valuation was ludicrously high, because it was never going to happen, but Whittingham has based his own valuation of the club, on this offer? I could make an offer of ten-million pounds if I have no intention of actually going through with it.

Perhaps there needs to be confirmation that this deal is dead, before more realistic offers may be made? Wasn't it said some time ago, that other potential take over bids could not be made (or approached?) while the offer was being accepted?

[redrobo]

What is disturbing is that our BoD seems to have been gagged by Jason to openly discuss the matter of any bids to date which I assume that they find annoying.

No freedom of speech in Jason's eyes by the look of it and just another example of his arrogance in my view towards the fans.

[Zip It Shrimpy]

My wishlist for the next owner is that they are open and honest with the fans and communicate regularly. We can't do much about the current Owner's communication skills and maybe that's a reasonable business strategy.

[Zip It Shrimpy]

One solution to being kept in the dark is to have a seat on the Board of Directors.

Would about £75,000 of shares get us that? If not, how many shares?

If we've got 3% of shares, who would stand in the Trust's way and deny us a seat and why? Do we have any power in law, or statute to demand with only 3%.

[black morse]

One solution to being kept in the dark is to have a seat on the Board of Directors.

Would about £75,000 of shares get us that? If not, how many shares?

If we've got 3% of shares, who would stand in the Trust's way and deny us a seat and why? Do we have any power in law, or statute to demand with only 3%.

I think the owner could sack the whole board if he wanted to.

[Keith]

One solution to being kept in the dark is to have a seat on the Board of Directors.

Would about £75,000 of shares get us that? If not, how many shares?

If we've got 3% of shares, who would stand in the Trust's way and deny us a seat and why? Do we have any power in law, or statute to demand with only 3%.

The problem is (and to be fair, this has been pointed out by the Trust), this would simply be giving £75k to Whittingham, with almost zero influence in return.

What is disturbing is that our BoD seems to have been gagged by Jason to openly discuss the matter of any bids to date which I assume that they find annoying.

No freedom of speech in Jason's eyes by the look of it and just another example of his arrogance in my view towards the fans.

I do understand this, the Board must continue to work with Bond Group/Whittingham and to maintain as positive a relationship as possible. It appears that he has put additional funds in to the club, including [presumably] the EFL bond for wages. Obviously, he's got to protect his investment, but falling out with the board helps nobody.

[Zip It Shrimpy]

This would simply be giving £75k to Whittingham, with almost zero influence in return.

That doesn't make sense Keith. When you buy (or sell) shares you exchange one asset (cash) for another (shares)

Buying shares from Jason dilutes his holding, admittedly not by much, but potentially gets influence and insight from a seat on the Board.

Fans money, invested in shares, is still their asset to sell if they wish, but more likely to allow the Trust to hold forever with a view to eventual fan ownership.

Do you not want fans to have a seat on the Board guys?

[Keith]

That doesn't make sense Keith. When you buy (or sell) shares you exchange one asset (cash) for another (shares)

Buying shares from Jason dilutes his holding, admittedly not by much, but potentially gets influence and insight from a seat on the Board.

If Whittingham has 100,000 shares, and sells 75,000 to the Trust, it is a good deal for us, and we have significant power and influence.

If Whittingham has 1,000,000 and sells us 75,000 we're an irrelevance, but £75k down.

Do you not want fans to have a seat on the Board guys?

Whittingham could appoint a Trust member to the board tomorrow if he wanted to, the shareholding isn't the important part.

[Zip It Shrimpy]

if Whittingham has 1,000,000 and sells us 75,000 we're an irrelevance, but £75k down

They say you can lead a horse to water, Keith. Not £75k down but £75k cash swapped for £75k equity; one asset for another.

Whittingham could appoint a Trust member to the board tomorrow if he wanted to, the shareholding isn't the important part.

Agreed.

[Zip It Shrimpy]

https://www.morecambefc.com/news/2023/a ... questions/

[Zip It Shrimpy]

An important update from the BoD on MFC website.

I do feel more reassured by what the BoD have reported about funding for the season. The ownership issue is less clear to the Board, apparently. However....

"We were initially informed we were working to a breakeven budget"

"Bond Group, thereafter confirmed a support package would be in place to increase the budget, predominantly on the playing front"

"The uplift is hundreds of thousands of pounds"

"This agreed shortfall will be funded by the Owner."

I think this demonstrates that Jason is doing the right thing and working on the assumption that he will be the beneficial owner for the foreseeable future, therefore less need for us to be in panic mode.

[skeletor]

Zip it shrimpy,you need to have a look on the web at the Worcester Warriors forum and see what a state that club has been left in by our owner!

[Keith]

if Whittingham has 1,000,000 and sells us 75,000 we're an irrelevance, but £75k down

They say you can lead a horse to water, Keith. Not £75k down but £75k cash swapped for £75k equity; one asset for another.

Only if the £75k shares can be sold in the future for £75k. Personally, I don't think the Trust would ever be able to sell them for £75k. Cash would go to Whittingham, but gain zero influence. If the Trust had £75k, we should be holding on to it, in case the worst happened and we needed to be a phoenix club.

[Zip It Shrimpy]

True.

Good point, well made.