SUFC Board vs Iron Trust

[cassidystash]

So what form is the required additional investment likely to take? Will certain board members relinquish shares to people they are sure are like minded?
Can’t trust The Trust to share their vision?

[Deereyme66]

‘I’ve called them out as soon as Sharpy got his foot in the door and being castigated ever since, hope you now see they aren’t what you cracked them up to be.’

Tbh, there are not many you don’t call out. But you still don’t call out Hilton.

1 user thanked author for this post.

TheJuryeffsOut

[SST]

As I understand it, Ian, George and Roj have 20% of the club each (90k shares). As of the confirmation statement in February, Michelle had circa 105,000 shares, and she has the casting vote as chair.

Michelle has already sold some of her personal shares to fans over the past 18 months as I purchased some myself. I would imagine for any investment (Trust or otherwise) each member of the board would have to agree to equally dilute their shares.

I certainly sleep easier knowing she has the final say and really hope it stays this way.

6 users thanked author for this post.

Northumbiron, Sanfran49, unity iron, Deereyme66, TheJuryeffsOut, cassidystash

[Awaywego]

Your so wrong there SST so easy to find that all 4 have an equal share.
Michelle was obviously a fool allowing that.
Guess you won’t sleep as easy now you know the truth.

[SST]

Check the confirmation statement at Companies House. I’m not wrong.

[unity iron]

Awaywego you are miles off it again. Check the confirmation statement on Companies House, quite clear to see Michelle owns more shares than any other board member.

[Awaywego]

Check “Scunthorpe united company details” scroll down to the club one it’s all there.
Second one. Club statement 4th June 2024 “Ownership of the iron”

Are you saying there lying again on there, suits me I’ve said they’ve lied all through there tenurship.

[unity iron]

Have you sustained a head injury Awaywego? Do you need medical attention?

2 users thanked author for this post.

hairlikecammack, j charles

[Awaywego]

Checked and yes it says she has more, why does she lie to us in the club statements. Makes it worse that it looks like she definitely doesn’t want the trust idea to go through taking for granted that a least one board member agreed to it.
Many on here being blaming Georg and Sharpy for being the bad boys when it now looks it’s not, especially in this case.
“In Michelle I don’t trust”
My head’s fine UI did you read the club statements?

[MK Iron]

I have cancelled my £10 monthly draw payment which was effectively a charity donation as I gave back the one prize I won and would have done the same with any further prizes.

If the club only wants my money if it’s charity but not as a Trust member shareholder then they can do one. They have my season ticket money but they will get nothing else from me.

1 user thanked author for this post.

Awaywego

[SST]

Michelle has sold shares to the Trust on several occasions from her personal holding.

1 user thanked author for this post.

Sanfran49

[Awaywego]

“Sold” being the key word, she’s given so many more away, but they were hers to give away and that’s her prerogative.

I know you didn’t mention it but I take it you read the club statements on equal share’s.

[SST]

MH purchased 92% from Hilton, and gave 60% away to Roj, Ian and George. She is also keeping her 20%. If the additional shares are sold, they will all have equal shareholding.

She has been selling the additional shares via share days and donating the money back to the club, but will stop at 20% percent.

I would imagine if the Trust have money to purchase more shares they will be able to do so at a forthcoming “share day” as they have done in the past.

[Westyorksiron]

Anyone know how much money the Trust have available to spend on obtaining new shares?

[64]

read the thread fully,they intend to do a sort of share scheme to raise funds

[ironking]

SST sums things up nicely.

So the club need to issue a new shareholding to allow the Iron Trust and any other individuals or interested parties to purchase shares.

It would also allow the directors to purchase more to retain the 80% that negates the need to consult outside the four of them. This would also raise further investment in the club.

SST in one post does worry me, by inferring that MH will sell selectively to some individuals but not others.

Also if £100k of shares was not a viable option to set aside for ordinary supporters or the Iron Trust to purchase what amount would be viable 10k, 25k, 50k or 75k.

As I recall the Trust did advertise for the seller that shares were available, because the seller could not do so and one Trust member on the strength of that bought 20k worth!

[Awaywego]

“Allow the directors to purchase more shares” Lol.
What makes you think they purchased any in the first place, they were given them as were others.
Hilton did pay for the shares all 401,036 of them and an handsome price he paid as well.
Almost certain that the directors will not pay to buy anymore they’re £20 pound a pop you know, well to the likes of you me or the trust.
Directors buying more shares Lol.
They’re putting their new money in as loans so they can get it back unlike monetary worthless shares.

[SST]

If I have inferred she would sell selectively it certainly was not my intention.

As you may know, she has sold some of her personal allocation to a number of fans and groups including Winterton Iron, the Iron Trust and myself. The club have also invited all fans in to discuss becoming a shareholder or to increase their shareholding position on a number of occasions.

BTW I’m not against the share builder idea. I do think plenty of fans would get behind it.

1 user thanked author for this post.

Sanfran49

[SouthYorksIron]

Awaywego wrote:

“
Hilton did pay for the shares all 401,036 of them and an handsome price he paid as well.

The Athletic reported that he paid £3. For all of them.

Not once did he refute any of the allegations in their report, and indeed admitted a number of things he’d previously denied once the information was formally in the public domain.

I’m unsure what you mean by “handsome price” in this respect.

[ironlion82]

The Club have constantly said that it is part of the Community and wants to be a Community Club.
The town and fans have got behind the Club like never before with donations and free work etc which the Club are more than happy to accept.
The Trust proposal seems to me a chance for this to continue but with the Fans getting something back and that is a stake in their Club but be it a very minor one.

[CMC]

Interesting thread, maybe the other Investor doesn’t want Iron Trust involvement?

[Awaywego]

He paid £2 more than what Swann originally said he’d sell the “Club” for so that was the handsome price he paid, £3 for 401,036 shares Lol.
And the trust want to potentially buy 5000 for £100,000 beggars the question “Why”

But the bigger question is why don’t the club snap their hands off, is it that political to them that they don’t anything to do with the trust.

Question to the trust. (Or it’s members)
Would they be prepared to buy shares off someone else who’d be prepared to sell.their allocation.

[ironingboard]

Awaywego wrote:

He paid £2 more than what Swann originally said he’d sell the “Club” for so that was the handsome price he paid, £3 for 401,036 shares Lol.
And the trust want to potentially buy 5000 for £100,000 beggars the question “Why”

To inject funds into the club.

Awaywego wrote:

But the bigger question is why don’t the club snap their hands off, is it that political to them that they don’t anything to do with the trust.

Only those that rejected the offer can answer that.

Awaywego wrote:

Question to the trust. (Or it’s members)
Would they be prepared to buy shares off someone else who’d be prepared to sell.their allocation.

The only way that works is if those offering up share allocation agree to donate/exchange them and somehow inject the cash equivilant into the club.

[Awaywego]

The trust have 50 shares already so why not just donate money to the club instead, it seems you ironing board just want the club to receive money so do they really need the shares.

[ironingboard]

I believe it’s tax efficient to purchase shares rather than gift a company £100k, but I’m not an expert.

[Dragoniron]

Why shouldn’t the Trust get shares, about time there was some access to the closed shop from fan representation, and any
way to dilute that weasel’s influence too

[Awaywego]

There was Access to that closed shop through the fan director, but was just sadly let go without replacing him.
Maybe the trust could ask Michelle and the board to have a fan director again lol.
Bound to agree after all the current owners are so much better than swanny who did allow one.

[ironingboard]

Swann allowed a fan director but subjected that role to Non Disclosure Agreements, effectively making it a honorary title instead of being useful (I’m not laying blame at Neil Wright’s door).

[ironking]

Enjoying this thread, some good points of view and issues raised for/against.

Maybe both sides need to take a rain check and rethink their positions.

The fans buy in is a great idea and I hope something positive comes from this.

Up the Iron

[64]

This idea has opened up a while can of worms, it certainly begs questions about FC100000.
FC100000 was mooted about it being a way of buying into the club which provides some extra finance for the club , the assumption being that the shares they bought would lead to the funds being put into the club.
We’re now being fed this idea that if the trust did this it would be from a stock that Michelle kept behind which wood weaken her position ,so unless the others agreed to sell it may be a non starter. So with that in mind and the whole oard apparently wanting FC1000000,how much of that money was actually going into the club an dhow much was just buying shares from shareholders?
It could be that any shares from directors would have seen them donate the cash back into SUFC? It could also be that any shares sold saw them banking their cash ,a perfectly legal thing to do ,them banking it would explain their anger at the FC100000 deal going south.
What cannot be explained is why they are treating the Trust differently to a bunch of gamers. At least not with publicly available knowledge
It would also be nice to know what pot of shares FC100000 were offered.

3 users thanked author for this post.

TheJuryeffsOut, Awaywego, Rene Artois

[Author]

Posts