[Official Site] CLUB STATEMENT: NEW BOARD OF DIRECTORS

Discussion in 'Bulletin Board' started by Newsbot, May 12, 2022.

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  1. Redstone

    Redstone Well-Known Member

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    So at any future point if the wind changes the investor percentage combined with Lee could take back control?
     
    Redstone, May 13, 2022
    #421
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  2. Fon

    Fonzie Well-Known Member

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    Anyone?

    I also think that some of the sneering by those "in the know" isn't great. Folk are asking genuine questions to something that is dear to them - but some of the responses have been a little tart. Yes it might be frustrating when similar questions are raised on multiple occasions, but this is a very important subject matter.

    IMO of course.
     
    Last edited: May 13, 2022
    Fonzie, May 13, 2022
    #422
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  3. Redhelen

    Redhelen Well-Known Member

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    Sounds like that could be the case?
     
    Redhelen, May 13, 2022
    #423
  4. Con

    Connor Well-Known Member

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    We’ve got rid of Conway and co , but still a messy ownership situation to deal with then
     
    Connor, May 13, 2022
    #424
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  5. Row

    Row Z Well-Known Member

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    I’m not sure the shareholders would’ve been instructing the nominee on a more day to say basis as I think you’re suggesting.

    I’m guessing there are a number of smaller investors who part own the club. When the deal went through, PMG put forward a strategy of how those investors could get a return, probably within 4 years as the period of nomination suggests. On the basis of that strategy they all agreed for PMG to act on their behalf and deliver that strategy.

    I remember at the time of the takeover most on here were pleased and generally agreed with what Conway et al were saying they’d do. Ironically, last season we were 2 games away from their strategy (albeit probably accidentally) from succeeding for the investors.

    After this year the value of the investment has gone down rather than up and these investors no longer have faith that PMG are acting in their best interests as nominee. Therefore, they’ve removed PMG and hence the new board has been appointed.

    Now, what we don’t know is what the plan is going forward from the board and what they have proposed to their investors. Time will tell I suppose.
     
    Last edited: May 13, 2022
    Row Z, May 13, 2022
    #425
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  6. Loko the Tyke

    Loko the Tyke Administrator Staff Member Admin

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    This might be the case normally, but given Paul Conway crates the plan, the strategy, and then goes and sells it in to investors, I don’t believe that’s the case based on the knowledge I have.

    The investors that Paul Conway accumulated only came together because of him rather than on their own.

    The reason this is positive news is because you’ve now got people on the board who genuinely care, have seen decisions made that they were powerless to stop, and were fearful of what the future was going to look like if change wasn’t enforced.

    Of course we can only hope that things will improve. The proof will only be in the actions taken from this day forth. But our ability to act in the best interests of supporters is greatly enhanced with this announcement.
     
    Loko the Tyke, May 13, 2022
    #426
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  7. Loko the Tyke

    Loko the Tyke Administrator Staff Member Admin

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    Check out Exiled’s thread.

    I’ve only seen one tart reply which was from me. But I literally acted like a customer service helpline last night for about seven hours, so I’ll apologise for it but forgive myself at the same time. Especially in the exchange it came in.
     
    Loko the Tyke, May 13, 2022
    #427
  8. Jay

    Jay Well-Known Member

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    Don't know if there are any rules with regards to how often you can change the board of directors, but the make up of the shareholders means what you have written is true.

    Chien Lee owns 30% of shares
    Formerly PMG consortium 25%
    Neerav 25%
    Crynes 20%

    If the PMG lot side with Neerav and the Cynes then they're the majority.
    But if they side with Lee then they're the majority.

    But there'll be millions of businesses in a similar position.

    The question for Chien Lee is, what benefit is there to hold on to my shares.
     
    Jay, May 13, 2022
    #428
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  9. churtonred

    churtonred Well-Known Member

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    Yep, the last bit is definitely key. I can't see why he'd be likely to stay on having been downgraded, marginalised and no returns on his investment on the horizon.
     
    churtonred, May 13, 2022
    #429
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  10. nezbfc

    nezbfc Well-Known Member

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    He could sit on them for years.

    Do absolutely nothing, and if the others make a massive success, his holding value increases with it. All while doing absolutely diddly squat (or pretty much what he's been doing)
     
    nezbfc, May 13, 2022
    #430
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  11. mick woodhouse

    mick woodhouse Well-Known Member

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    Excarjy my thoughts . Now knowing that conway was not really the owner creates far more questions . Hopefully the real owners will explain their future plans
     
    mick woodhouse, May 13, 2022
    #431
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  12. Tyk

    Tyketanic Well-Known Member

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    Genuine apologies if I was a “tart” one, it was a long hard read last night and I felt that some comments should have been sufficiently informed by previous discussion within the same thread already, without appreciating that some probably didn’t have the time to wade right through and understand all that was being said already…

    P.S. I am certainly not in the know!
     
    Tyketanic, May 13, 2022
    #432
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  13. Jay

    Jay Well-Known Member

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    Or the board could issue more shares and completely devalue his investment.

    (someone who knows what they're talking about is going to come along and tell me why they can't)
     
    Jay, May 13, 2022
    #433
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  14. nezbfc

    nezbfc Well-Known Member

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    Now that would be funny lol
     
    nezbfc, May 13, 2022
    #434
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  15. churtonred

    churtonred Well-Known Member

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    He could. I suppose it depends on how rich he actually is and what petcentage of his wealth is tied up in the club.
     
    churtonred, May 13, 2022
    #435
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  16. Fon

    Fonzie Well-Known Member

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    Cheers - will check that other thread out.
     
    Fonzie, May 13, 2022
    #436
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  17. Redstone

    Redstone Well-Known Member

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    So could he sell his shares to anyone?
     
    Redstone, May 13, 2022
    #437
  18. Hig

    Higgy Well-Known Member

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    Be nice if the Cryne family and/ or Neerav Perekh could buy them off him and get to 51% between them.
     
    Higgy, May 13, 2022
    #438
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  19. Dan

    DannyWilsonLovechild Well-Known Member

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    I agree, but given the fact he's pretty much been done over by them, I'm not sure his appetite would necessarily be to help them strengthen their grip further. It will depend what he and Conway want to do. Play a long game to thwart and potentially get hold of the reigns at the club again or cut losses and focus on the SPAC to buy a bigger UK club.
     
    DannyWilsonLovechild, May 13, 2022
    #439
  20. Jay

    Jay Well-Known Member

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    Yes. Who would buy them? BFC is worthless after Conway and Lee ran it into the ground and buying all his shares would give zero say in how the club is run. There's no benefits at all to being a large minority shareholder with no allegiances in a company making no money.
     
    Jay, May 13, 2022
    #440
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