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Post by tommysermanni on Aug 24, 2018 7:00:38 GMT
I think anyone buying shares in Rovers would do so for emotional rather than financial reasons.
I can't for a second think that anyone would buy shares in ARFC and hope to see that turn into a profit of any sort.
Whilst there is no new share issues it means much needed income is deprived to the Club. Would it be a success ? Who knows but the current situation where we have a major shareholder who has no love or affinity for the Club is killing us slowly.
I would certainly buy shares and it would be an act of loyalty to the Club and something that I would pass on to my children
Far too many obstacles getting put in the way of this idea over the years when we should really be doing everything we can to make this a reality.
Has anyone ever raised this question with Anon Fagan ? Wrote to him ? Contacted him ?
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Post by Rovergrant on Aug 24, 2018 8:59:44 GMT
Just been going through some old AGM minutes and accounts. At the AGM held on Thursday December 2016 - Under Resolution 8 - Proposal to request permission to further eplore a sale of shares and bring this proposal for this to an EGM by 30th April 2017.
`This was called to vote and defeated and will therefore not be pursued.`
Would we be in such a critical situation as we are now if the Chairman had been allowed to pursue this as he wanted ?. As tommysermanni says above "we have a major shareholder who has no love or affinity for the Club is killing us slowly."
I fail to understand that a senior employee of the SPFL - whilst acknowledging that he is a ARFC shareholder - can interfere in the affairs of a member club. Conflict of interest surely ?
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Post by chris on Aug 24, 2018 16:56:03 GMT
Why don't you try to report this to the spfl grant I'm sure you could put it better than anyone else with your background I buiseness
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Post by jimjam on Aug 24, 2018 16:58:26 GMT
Just been going through some old AGM minutes and accounts. At the AGM held on Thursday December 2016 - Under Resolution 8 - Proposal to request permission to further eplore a sale of shares and bring this proposal for this to an EGM by 30th April 2017.
`This was called to vote and defeated and will therefore not be pursued.`
Would we be in such a critical situation as we are now if the Chairman had been allowed to pursue this as he wanted ?. As tommysermanni says above "we have a major shareholder who has no love or affinity for the Club is killing us slowly."
I fail to understand that a senior employee of the SPFL - whilst acknowledging that he is a ARFC shareholder - can interfere in the affairs of a member club. Conflict of interest surely ?
Could the BOD or Rovers trust not mount a legal challenge citing this conflict of interest. I would be willing to help donate towards the legal costs.
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Post by Rovergrant on Aug 24, 2018 17:52:43 GMT
Let`s just wait a little while and see what happens....no knee jerk......
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Post by Rovergrant on Aug 24, 2018 17:57:28 GMT
Peter, as a shareholder you would have received a copy of the accounts to 30 June 2017, which showed significant debts. Shareholders await the accounts to 30 June 2018 which will give a more recent picture. Given that ARFC has not been fortunate enough to land a plum cup tie recently, I would doubt that the club has been able to clear the bank overdraft. Remember, in the black means no debt in the form of a bank current account overdraft. My reasoning; For season 2017/18, the playing staff budget, although cut a bit from the days of Darren Young, was (as I understand it) kept at a level to allow the team to compete and hopefully retain 1st Division status. As a result, the core playing staff were retained which is an indicator that there was not any swingeing cut in wages. If there had been drastic cuts, the players would have walked, as they did in the close season just past when they heard of impending wage reductions for the current season 2018/19. As players wages make up the bulk of ARFC's outgoings, I see no possibility of any significant changes to the club's financial position over the past 15 months. I hope that I am wrong in that, but very much doubt it. I certainly hope that it has not deteriorated! You seem sure of your facts so I have to assume that you are getting your info from a member of the BOD. Does that person(s) have the full facts. Robert Watt Robert not being a shareholder is it true the auditors we're not confident the club had kept proper accounting records, or is that another rumour? Given that Robert has not yet responded, I can confirm that there was a statement to that effect made by the auditors which accompanied the last published acounts
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Post by Deleted on Aug 24, 2018 19:53:34 GMT
Some really interesting points on here. Firstly, for me and my own humble opinion, share options to bring in finance (in the footballing world) doesn't really work as they tend to be one off events and if the Corporate structure is not in place then you find yourself in a similar situation a year or two down the line. I do fully agree that die hard rovers fans should be able to purchase shares in their own club though...splendid idea.
I, too, am concerned about the amount of movement of directors. Far too many for a club of this size and doesn't provide the stability needed to steer the ship away from some forthcoming icebergs - finances, current team performance and dropping out of the league are the obvious ones.
I mentioned on a previous post that Corporate Governance is a must, indeed it is basic requirement of being a Director. The structure must have a clear senior leadership with a transparent vision, strategy and a plan to deliver. Transparency is the key to ward off any mistrust between the Board, Management Team, Players and most importantly - fans.
I am concerned about some of the points being made as it looks like the Board is struggling with the daily grind of Directorship. The Finance Director hopefully is well on top of the Auditors recommendations from the previous accounts. There are going to be a few tough decisions for the Board this season and they need to have a stable base to ensure, what it now looks like, league survival.
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Post by Rovergrant on Aug 24, 2018 19:58:31 GMT
Totally agree with all said in the above post. Time will tell if the FD takes on board the comments made by the auditors last time round - these are very serious accusations and are not made by professional audit accountants without very good reason - they will have asked the questions and not received answers to their satisfaction, hence putting their comments in their report
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Post by Rovergrant on Aug 24, 2018 20:04:46 GMT
You mention `transparency`.....it is the lack of it that drove Lindsay Hamilton and Craig Downs to walk....
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Post by Rovergrant on Aug 24, 2018 20:20:25 GMT
You mention `Finance Director`...do we have one.....??
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Post by Deleted on Aug 24, 2018 20:35:33 GMT
You mention `transparency`.....it is the lack of it that drove Lindsay Hamilton and Craig Downs to walk.... No transparency amongst Directors?? If you are correct that that was the reason, then I am more than concerned
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Post by Deleted on Aug 24, 2018 20:41:58 GMT
You mention `Finance Director`...do we have one.....?? Absolutely no idea but basic Corporate Governance. Even the smallest Director set ups need an FD. In the case of the Rovers it would be a Professional Accountant supporting Pro Bono for the sake of the club. As an absolute minimum a Director leading the Finance but supported, most importantly, by a Professional (Pro Bono). I think I came across the Director profiles somewhere. On the Official Website maybe. Isn't there an FD??
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Post by Deleted on Aug 24, 2018 20:47:54 GMT
Some really interesting points on here. Firstly, for me and my own humble opinion, share options to bring in finance (in the footballing world) doesn't really work as they tend to be one off events and if the Corporate structure is not in place then you find yourself in a similar situation a year or two down the line. I do fully agree that die hard rovers fans should be able to purchase shares in their own club though...splendid idea. I, too, am concerned about the amount of movement of directors. Far too many for a club of this size and doesn't provide the stability needed to steer the ship away from some forthcoming icebergs - finances, current team performance and dropping out of the league are the obvious ones. I mentioned on a previous post that Corporate Governance is a must, indeed it is basic requirement of being a Director. The structure must have a clear senior leadership with a transparent vision, strategy and a plan to deliver. Transparency is the key to ward off any mistrust between the Board, Management Team, Players and most importantly - fans. I am concerned about some of the points being made as it looks like the Board is struggling with the daily grind of Directorship. The Finance Director hopefully is well on top of the Auditors recommendations from the previous accounts. There are going to be a few tough decisions for the Board this season and they need to have a stable base to ensure, what it now looks like, league survival. Good summary, but it's the poor decisions that have taken us to this point. In two years, including two managers that turn down contract offers without other jobs lined up. Two appointed directors who would not have wasted thier time and expense of joining a board just to leave for a petty matter, all the other people who have left? The current finance manager also resigned when Lindsay and Craig were appointment to the board and after Lindsay resigned, they were appointed as a director??? As a simple person it just all seems pretty strange? Hmm....strange indeed.
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Post by Deleted on Aug 24, 2018 20:56:53 GMT
Just hope for the sake of the club it all works out, double relagation may be the end! Well....I'm sure we would all do something long before that happens.
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