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Post by chris on Mar 5, 2021 13:07:07 GMT
So apparently there was an approach to Anton Fagan for his shares at the turn of the year,
The deal was for all Antons shares in the club for a certain amount of money and then the person would directly invest the same amount of money on top of that into the club. They were willing to write this into the contract
The person did not want to be on the Board of Directors themselves.
I also hear the same person was willing to fund the investigation and redistribution of dead shares within the club
They were also willing to bring in other potential investors into the club
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Post by rovers on Mar 5, 2021 13:11:25 GMT
And....
Did you hear if Mr Fagan accepted this approach?
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Post by chris on Mar 5, 2021 13:16:22 GMT
No he knocked it back
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Post by rovers on Mar 5, 2021 13:36:30 GMT
I wonder if the interested party asked what it would take to buy all (or some) of Mr Fagans shares.
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Post by Rovergrant on Mar 5, 2021 15:18:27 GMT
Hmmm......surely there could have been mention of this at the AGM...in the interests of `transparency` y`know
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Post by chris on Mar 5, 2021 16:51:38 GMT
Don't think it's a AGM issue it was an approach to a shareholder which was knocked back I don't think the board would be notified until a deal was made
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Post by Rovergrant on Mar 5, 2021 16:57:03 GMT
If nothing else it was disrespectful to the BoD for this individual to approach a major shareholder and potentially create a situation where `effectively` they could `own` the club, without, out of courtesy, informing the BoD that they were making the offer. I would question said individual`s motives.
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Post by chris on Mar 5, 2021 17:31:01 GMT
They might have approached the board I don't know,
You will know better than me the way these things happen, what the general procedure is
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Post by Rovergrant on Mar 5, 2021 17:53:56 GMT
The fact that you have flagged this up, Chris, should bring confirmation or otherwise from the BoD. As I said, it is, in my opinion, utterly disrespectful to the BoD , out of courtesy, not to inform them of this approach. I need to study the articles of association again to see if potential sles/transfers of this kind are allowable without bringing it to the attention, firstly, of the BoD. a move like this, had it been succesful, would have brought fundamental changes to the structure of the club, and without knowing the motive(s) of the individual concerned, I would as a supporter / shareholder, been very uneasy. The old saying....better the devil you know............
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Post by rab on Mar 5, 2021 21:28:39 GMT
Very surprised at your comments Grant, wasn't it you who criticised '...the dead hand of Anton Fagan...' running the club (amongst many other criticisms of him)?
The only notable activity of this 'devil we know' in recent years has been to block any discussion about new money which could be brought in through shares (note: not issuing shares - just a discussion about it).
For your information, the BoD DID know about the approach to buy AF's shares.
Let's look at this closely....the offer was to buy AF's shares, which represent about 20% of all shares in the club. Also, to put the same amount of money into the club as the cost of the shares, which would be a much needed cash injection. Then redistribute the 'dead' shares - which would bring even more money into the club (an additional £tens of thousands) and spread the share ownership more widely amongst current shareholders and supporters. Maybe this investor would buy some of these shares too, but they would be nowhere near a majority, so they wouldn't 'own' the club. Hard to see an ulterior motive in any of this.
Frankly, it's an amazing, quite outstanding offer. It could make all the difference in helping the club stay in the SPFL. Except that Anton turned it down. It's HIS motives that are open to question.
This cannot go on. The dead hand of our largest single shareholder is causing the club to stagnate. We need new investment if we are not to end up in the Lowland League, if not this season then not too many years afterwards. The new BoD needs to get on with setting up a working group to address this issue as an urgent priority.
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Post by terrygillooly on Mar 6, 2021 11:59:25 GMT
He would invest a near six figure sum to the club immediately. Would not be on the board but would have a representative. Will pay for the investigation into whether the dead shares can be sold. If the shares can be sold he is happy to purchase more but would rather they are taken up by the “Rovers Family”
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Post by cliftonbill on Mar 6, 2021 12:04:34 GMT
Very surprised at your comments Grant, wasn't it you who criticised '...the dead hand of Anton Fagan...' running the club (amongst many other criticisms of him)? The only notable activity of this 'devil we know' in recent years has been to block any discussion about new money which could be brought in through shares (note: not issuing shares - just a discussion about it). For your information, the BoD DID know about the approach to buy AF's shares. Let's look at this closely....the offer was to buy AF's shares, which represent about 20% of all shares in the club. Also, to put the same amount of money into the club as the cost of the shares, which would be a much needed cash injection. Then redistribute the 'dead' shares - which would bring even more money into the club (an additional £tens of thousands) and spread the share ownership more widely amongst current shareholders and supporters. Maybe this investor would buy some of these shares too, but they would be nowhere near a majority, so they wouldn't 'own' the club. Hard to see an ulterior motive in any of this. Frankly, it's an amazing, quite outstanding offer. It could make all the difference in helping the club stay in the SPFL. Except that Anton turned it down. It's HIS motives that are open to question. This cannot go on. The dead hand of our largest single shareholder is causing the club to stagnate. We need new investment if we are not to end up in the Lowland League, if not this season then not too many years afterwards. The new BoD needs to get on with setting up a working group to address this issue as an urgent priority. Wholeheartedly agree, Rab. Fagan Jnr hasn’t shown the slightest interest in the wellbeing of ARFC for decades, and we can only speculate as to his motives for aloofly hanging on to all his shares (rather than selling the majority and retaining a few for sentimental reasons). Presumably there is a cash offer he would accept; it would be interesting to know what that is.
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Post by bucky on Mar 6, 2021 12:32:09 GMT
Rab hits the nail on the head - the key is what his motives are? Nobody knows . He is an very strange guy. Meantime Rovers slip closer and closer to LL doldrums.
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Post by Deleted on Mar 6, 2021 14:39:53 GMT
There's little I could post on here about him that wouldnt get me sued! Disgusting.
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Post by cliftonbill on Mar 6, 2021 14:45:26 GMT
Rab hits the nail on the head - the key is what his motives are? Nobody knows . He is an very strange guy. Meantime Rovers slip closer and closer to LL doldrums. Given AF’s complete lack of interest in the club’s declining fortunes, one can only assume his motives are solely financial, combined perhaps with an element of sentimental attachment to the club his father ran for so long. Whatever his motives are, his intransigence is doing untold damage to our chances of long term SFL survival. Is that really what he wants?
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