New Board of Directors at Oakwell: BFCST Response

My take was this:
Conway was effectively paid by the mystery investors to manage .
Chien is one of the Investors but not a majority as originally thought.
The Investors have chosen to remove Conway full stop and Chien as Co Chairman.
The 750k went to the Investors not PMG
And am now wondering if the increase in Directors salaries was in essence Conways wages/fee from the Investors.


Accept I could be totally wrong on all of his though.

 

The £750k went to the Crynes to satisfy part of the debt, straight from BFCs accounts.

We need to know the details of the investors/ funds, the split and just how many people are invested in us.

 

750, yeah my mistake I meant it was paid for them not PMG.

 

I alluded to something like this a few weeks ago when I reported on Ostend's Finance Director commenting that although they had five 'named' owners (Conway-Hung/PMG, Lee/NCC, Partners Path, Krishen Sud and a Local Bod) there were really something like 25 owners. We obviously had the same and the real investors in the shares nominally held by what are really just co-ordinating companies like PMG have (thankfully) asserted their authority on the p!ss poor way PMG was managing their investment and joined with Neerav and the Crynes to create a new majority ownership.

 

I think it would be positive if the Supporters Trust now publicly called upon and urgently worked with Khaled and the owners to get a realistic extension to the Early Bird period.

I, for one, would now consider renewing but as I write the ticket website STILL does not provide details of the repayment values and dates before you have to irrevocably press 'confirm purchase' on the finance options.

 

Can we have mr McCarthy as manager now then. Pretty please

 

Let's be careful not to throw the baby out wi the bath water as they say......

 

Just three questions
Who are these anonymous investors that have suddenly come out of the woodwork?
Are they going to invest in the club instead of taking money out?
If they aren't going to invest money into the business then what's the difference between them and ones that are no longer board members?

 

No chance.

 

No one knows who they are, hence anonymous, but they're the same investors as before. Tbf they've spent a fair bit they just gave it to Conway to spaff on dross on mega wages.

 

Jean Cryne

 

why do the shareholders now apparently have one voice ?
and according to the trust are all on the same page
i am struggling with this.
Jayne quay is representing the same people who Conway and Chien were representing
they were carrying out there strategy

they were there mouth piece or none voice of those people
So if that strategy is still the same and if that group of investors have the majority vote and can veto or push anything through.
not sure how anything can change in reality.

or has there been a change of shareholding and the crynes plus parekh now have the majority shareholding ?

 

this seems most likely as someone who knows nothing it explains the changes most easily.

 

I read this on Nancy's forum, which shows their situation is a bit stickier than ours. Some of the details might be a little off, but you get the gist:


In Barnsley, the situation was different:

In 2017, they bought 100% of the club from the Cryne family, via a Hong Kong holding company, but to carry out the operation, they sold 20% of the holding company to this same family and 23% to an Indian whom they believed to be an ally (and who was at first) Neerav Parekh. Technically they therefore hold 57% of the club and are the majority.
The other point is that the Cryne family owns the stadium in its own name.
And in August 2020, the Cryne family took them to court for non-payment of £2.75 million following the redemption of the shares... to my knowledge it was not judged, but victory was inevitable.

The Indian Neerav Parekh saw that they were crooks and joined forces with the Cryne family to find a way to oust them. It is he who became President of the club this week, with a GM from the Cryne family.
We don't yet know in detail what happened this week, but with 43% of the capital + possession of the stadium + an ongoing lawsuit, the Cryne x Parekh had plenty of means to put pressure and find a way to turn the situation around.


In Nancy, the Hong Kong holding company is 100% owned by Chien Lee x Conway and their allies (Sud / Kalt...).
And the club is 98% owned by the holding company. So there is no counter power in the capital and the shareholders here

 

Would love him to confirm that on the 27th. Imagine the positive publicity resulting in season ticket sales if he says he joined forces with the Cryne family because the people I joined the club with were crooks