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FoH - final installment of BidCo payment made - share transfer likely in April

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davemclaren
22 minutes ago, Coco said:

That is the job of the Club Board.

 

Appreciate the ship has sailed on this but my governance arrangement would have a wholly independent Board at the club level i.e. no representation from Ann Budge or FoH.  That Board would have the duty of representing all shareholders as happens in many companies.

Not convinced that happens in many companies where an individual or group/company owns more than 75% of the shares. 

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soonbe110
17 minutes ago, jake said:

Yes I got that FF.

 

I meant why is it that FOH has downsized its info and not announced this milestone?

In your opinion.

I know you mentioned drop offs but it looks to me as if FOH has a hard core of subscribers  so I'd imagine an announcement would see those remain.

 

 

 

It does seem that even for a handover in June there doesnt seem much in the way of info about how we will be ran.

 

 

They have not announced it because it hasn’t happened yet. Strange. 

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pablo

I'm not sure if I'll continue with my FOH payments after the funds are in place to pay off Bidco. If I do, it'll be the minimum amount to keep my voting rights. 

 

Was talking to a mate about this recently and all in all, we've found the whole thing a bit stale. Poor communication, lack of interest in people to stand for election. It doesn't really feel like a "movement" to put fan's at the heart of the Club's decision. 

 

Delighted that the Club appears stable financially,  and I'm proud to have played my part alongside the thousands of us who stepped up. But it's not as vibrant as I expected.  Would be interested to hear if anyone else feels the same?

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davemclaren
18 minutes ago, jake said:

Yes I got that FF.

 

I meant why is it that FOH has downsized its info and not announced this milestone?

In your opinion.

I know you mentioned drop offs but it looks to me as if FOH has a hard core of subscribers  so I'd imagine an announcement would see those remain.

 

 

 

It does seem that even for a handover in June there doesnt seem much in the way of info about how we will be ran.

 

 

There’s a whole set of governance rules which were drafted for the 2018 FoH agm, revised during 2019 and then formally approved at the 2019 FoH agm. 

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EH11

Thanks for the easy to understand update FF. 

I wonder if the milestone is actually an opportunity to push for an increase in contributions. Fan ownership and AB departing may encourage some fans to start or renew pledges.

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davemclaren
Just now, pablo said:

I'm not sure if I'll continue with my FOH payments after the funds are in place to pay off Bidco. If I do, it'll be the minimum amount to keep my voting rights. 

 

Was talking to a mate about this recently and all in all, we've found the whole thing a bit stale. Poor communication, lack of interest in people to stand for election. It doesn't really feel like a "movement" to put fan's at the heart of the Club's decision. 

 

Delighted that the Club appears stable financially,  and I'm proud to have played my part alongside the thousands of us who stepped up. But it's not as vibrant as I expected.  Would be interested to hear if anyone else feels the same?

It was disappointing that there were no nominations for The FoH agm elections in 2019 so that indicates apathy somewhere. It’s not good for the long term future of the club and FoH does need to up its game on the comms side I think. 

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Jamhammer
40 minutes ago, Section Q said:

She remains a major shareholder with around 17% of the club unless I'm wrong again......

Yeah I meant step back from public role/chair

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davemclaren
Just now, EH11 said:

Thanks for the easy to understand update FF. 

I wonder if the milestone is actually an opportunity to push for an increase in contributions. Fan ownership and AB departing may encourage some fans to start or renew pledges.

Specially as we we will likely need a significant team rebuild in the summer regardless of where we are playing next season. 

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tolcross lad

Many thanks to FF for his work on keeping tabs on the Loan Repayment situation.He is invaluable.

I would hope that FOH could acquire majority voting rights asap.

I would hope that our Reps on the Board to begin to assert themselves asap particularily with a view to Ann Budge standing down

The club should be in the business of searching now for a good strong CEO with a football background before the appointment of a Sporting Director.

Only good leadership at the top will see us climbing out of our current mess

 

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132goals1958
5 minutes ago, davemclaren said:

It was disappointing that there were no nominations for The FoH agm elections in 2019 so that indicates apathy somewhere. It’s not good for the long term future of the club and FoH does need to up its game on the comms side I think. 

 

 General apathy reflected in probably less than 1% bothering to attend the AGM. Obviously travel a factor but I would have thought many more local pledgers would turn up.

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davemclaren
Just now, 132goals1958 said:

 

 General apathy reflected in probably less than 1% bothering to attend the AGM. Obviously travel a factor but I would have thought many more local pledgers would turn up.

Yes, that’s a situation that’s common in member based organisations across the country. Not sure what the answer is to that. 

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fancy a brew
9 minutes ago, tolcross lad said:

Many thanks to FF for his work on keeping tabs on the Loan Repayment situation.He is invaluable.

I would hope that FOH could acquire majority voting rights asap.

I would hope that our Reps on the Board to begin to assert themselves asap particularily with a view to Ann Budge standing down

The club should be in the business of searching now for a good strong CEO with a football background before the appointment of a Sporting Director.

Only good leadership at the top will see us climbing out of our current mess

 

 

Absolutely. Budge said she had no idea how to run a football club, and she seems to be hell bent on proving it.

Edited by fancy a brew

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cubanjambo
2 hours ago, Footballfirst said:

I've had a look again at the numbers from Club's and FOH's Accounts, as at 30 June 2019.

 

By my reckoning, the balance of the original £2.4m Bidco loan will be paid off in full from January's FOH pledges, which are due to be handed over at the end of this month.

 

At the financial year end, there was an outstanding balance of £890k still to be repaid. It initially looked as if pledging rates had dropped by over 8%, year on year. However, at the FOH AGM, it was stated that June's pledges hadn't been handed over by the end of that month as a result of an administrative delay (unavailability of a second person to authorise the funds transfer). As a result FOH had a cash balance in excess of £120k at year end and actual pledging levels were only slightly down on the previous year. Had the normal monthly handover taken place on time then the outstanding balance of the loan would have been £770k.

 

Assuming that the delayed £120k was handed over just a day or two late, then the balance of £770k would be  cleared within seven months, even with reduced payments of £110k a month, from July 19 to January 20, inclusive.

 

I don't know if FOH or the Club will make any announcement to that effect. I suspect they may not, as I'm sure that they both parties would like to see pledging levels maintained without any "job done" drop off.

 

The question is what happens next. FOH should have the funds required (£100k) to purchase the majority shareholding (75.1%) and complete the share transfer in February. However, AB suggested that the transfer of the the majority shareholding would be delayed until the next financial year end (30 June 2020), to simplify accounting, audit and legal requirements.

 

The FOH/Bidco/HMFC funding agreement does not specify that the shares have to be "purchased" immediately, so I guess it is open to the FOH Board to delay the share purchase to any specific date they want.

 

It may also be an attractive proposition to AB if the shares aren't purchased until June as it means that four months worth of pledges (February to May) can be used for working capital purposes and smooth out any cash flow shortages until next season's Season Ticket income comes in. 

 

At the point when the original loan is paid off, FOH will have handed over £9.45m to the Club and Bidco, with another £100k still to pay direct to Bidco for the shares. FOH will have also spent around £275k internally in costs (mostly in transaction and accounting fees). That's a startling figure of more than £9.8m pledged by fans since the first Direct Debit was collected in September 2013. Everyone who has contributed should be proud of their efforts.

 

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DH1986
1 hour ago, Jamhammer said:

Anyone think AB will leave the building with Levein?


I’d be amazed if she stays on tbh. 

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Toxteth O'Grady
47 minutes ago, ramrod said:

And who would identify and make that appointment on behalf of the FOH 

Either the FOH directors or they could employ a recruitment company to do it.It's not rocket science.

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davemclaren
1 minute ago, Toxteth O'Grady said:

Either the FOH directors or they could employ a recruitment company to do it.It's not rocket science.

It’ the club board that appoint a CEO but I imagine they would use some outside agency to identify candidates. 

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pettigrewsstylist
19 minutes ago, 132goals1958 said:

 

 General apathy reflected in probably less than 1% bothering to attend the AGM. Obviously travel a factor but I would have thought many more local pledgers would turn up.

Comms failure for sure.

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cubanjambo
17 minutes ago, cubanjambo said:

 

Great work FF mate , just hope that this will keep the fans from getting the boot, sorry criticism into the great saviour of HMFC and Tynecastle - Ann Budge as she  helped mobilise the fans when only charlatans and kidologists came forward to so called "help" Thank You Ann for helping us get there!

Edited by cubanjambo

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pettigrewsstylist
7 minutes ago, DH1986 said:


I’d be amazed if she stays on tbh. 

She wont want to go

1. If relegated

2. If pitch not resolved

3. If stand works not complete, or at least financed and started.

 

IMO

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Ribble

Was stated at today’s plot ceremony that the £10m mark was very close to being reached! Utterly incredible!

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davemclaren
Just now, Ribble said:

Was stated at today’s plot ceremony that the £10m mark was very close to being reached! Utterly incredible!

How is the atmosphere at these things given our current dire league position?

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Ribble
1 minute ago, davemclaren said:

How is the atmosphere at these things given our current dire league position?


Was a fantastic day, Gary Halliday from FOH spoke very well, the two players presenting plot certificates (Zlamal and Aidy White) both talked very positively about Stendels influence and training this week has been particularly good but hard with triple sessions each day and team building also thrown in with squad going go karting. 
 

Regarding the atmosphere I think Gary Halliday covered it when he said he’d been asked by a hibs fan if pledges had dropped off because we were bottom of the league, he said no and that the majority of pledgers see The bigger picture and contributing to the foundation as something they will just always do and that every club is envious of the support. 
 

In summary today was a celebration of saving the club and the tremendous work at the club that’s been made possible from donations, nobody was there to moan about the league table at a single point in time.

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davemclaren
1 minute ago, Ribble said:


Was a fantastic day, Gary Halliday from FOH spoke very well, the two players presenting plot certificates (Zlamal and Aidy White) both talked very positively about Stendels influence and training this week has been particularly good but hard with triple sessions each day and team building also thrown in with squad going go karting. 
 

Regarding the atmosphere I think Gary Halliday covered it when he said he’d been asked by a hibs fan if pledges had dropped off because we were bottom of the league, he said no and that the majority of pledgers see The bigger picture and contributing to the foundation as something they will just always do and that every club is envious of the support. 
 

In summary today was a celebration of saving the club and the tremendous work at the club that’s been made possible from donations, nobody was there to moan about the league table at a single point in time.

Good news. 👍

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Restonbabe
3 hours ago, wavydavy said:

 

 

As should you for all the hard work you do keeping us all reliably informed on these matters.

Here here. 

Got all emotional reading FF there. 

What an absloute amazing achievement by each and every single pledger. 

Even shed a tear. 

 

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Toxteth O'Grady
19 minutes ago, davemclaren said:

It’ the club board that appoint a CEO but I imagine they would use some outside agency to identify candidates. 

Yes but majority shareholders would have the most influence

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MES

Seemed to be a full house. And upbeat from the point of view of us all doing our bit to maintain Hearts history. Not sure it would be a place for any negativity given there isn’t a Q&A or anything like that. A good day and it does make you feel proud.

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davemclaren
3 minutes ago, Toxteth O'Grady said:

Yes but majority shareholders would have the most influence

Ultimately they could call an EGM if they didn’t like the outcome of any recruitment strategy so yes 

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132goals1958
31 minutes ago, pettigrewsstylist said:

Comms failure for sure.

 

Everyone gets adequate notice of the AGM

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pharmaceutical01

Well done, FF . Some very concise information presented to us about this, the ongoing zombie chinanegins and other football financial matters. I tip my hat to you, sir!

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wavydavy
56 minutes ago, 132goals1958 said:

 

 General apathy reflected in probably less than 1% bothering to attend the AGM. Obviously travel a factor but I would have thought many more local pledgers would turn up.

 

The timing of these meetings is hardly ideal for any of those who work.

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davemclaren
Just now, wavydavy said:

 

The timing of these meetings is hardly ideal for any of those who work.

The FoH agm Is in the evening. 

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wavydavy
4 minutes ago, davemclaren said:

The FoH agm Is in the evening. 

 

I thought the post I answered was referring to the Club AGM held just recently which was in the morning I believe. Apologies if that was not the case.

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mitch41

Thanks again to FF for putting his post together which gives many of us members a good idea of where we stand.

I for one do not intend to ever stop pledging even although I must admit I don’t know what will happen to the monies 

collected after the loan is paid. I will be just happy to do all I can to keep on supporting FOH and Hearts and leave the 

decisions to the 2 Boards which I recon will happen. I would imagine the FOH Board elected by the FOH members will 

appoint a Hearts Board would anyone think this will not be the case ?

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Sid
2 hours ago, jambomjm74 said:

Totally agree, those in charge need to be removed now. It is clear from Levein they will not do the honourable thing. 

Being told on an internet fans forum that we have effectively paid for the club and not being made aware by the Club or FOH?  Thus is a massive massive moment in our history and one many fans have paid for - not millionaires or others but the Fans. 
This isn’t the way this should happen and yet another example of a long long list of failures from those entrusted to run the club.

We’re not there yet. But crack on and have a dig anyway. 
how to turn a positive from FF into a negative sums up an embarrassing few on here. 

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jambomjm74
7 minutes ago, Sid said:

We’re not there yet. But crack on and have a dig anyway. 
how to turn a positive from FF into a negative sums up an embarrassing few on here. 

Those who have invested sizeable sums of money are rightly hacked off (I’d use stronger words - but wouldn’t be allowed). 
A massive positive, one that FOH should keep us all updated on !! 

Negatives are not difficult to find, I’d love to wax lyrical about all the positives but ...
 

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8skacel8

Just upped my pledge. 

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Jambo-Jimbo

But but but this can't be, we were reliably informed by those financial experts on myauntieismygranny.net that the pledges would all stop and FOH/fans would never own the club.

 

Well done to all involved.

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Boy Daniel
4 hours ago, wavydavy said:

 

 

As should you for all the hard work you do keeping us all reliably informed on these matters.


 

I’ll add to that as well, well done and eternal thanks for doing what you have done for the past few years. 

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neonjambo
1 hour ago, davemclaren said:

It’ the club board that appoint a CEO but I imagine they would use some outside agency to identify candidates. 

Outwith the possible drop off in membership, due to the job done feeling.

This is probably one of the largest issues facing FoH.

An appointee whom all members can get behind or face a further reduction

in subscriptions.

 

 

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Jarhead
1 hour ago, davemclaren said:

There’s a whole set of governance rules which were drafted for the 2018 FoH agm, revised during 2019 and then formally approved at the 2019 FoH agm. 

That’s very true Dave but as you yourself said at the AGM they’re not the easiest of reads. 
It becomes a bit of an issue when FF seems to be the only person who actually understands what he’s reading. 
In terms of communication, IMO, a lot of people need more than the buzz phrase of “fan owned, not fan run”.

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davemclaren
5 minutes ago, Jarhead said:

That’s very true Dave but as you yourself said at the AGM they’re not the easiest of reads. 
It becomes a bit of an issue when FF seems to be the only person who actually understands what he’s reading. 
In terms of communication, IMO, a lot of people need more than the buzz phrase of “fan owned, not fan run”.

That’s why, even though I might not agree 100% with FF, I think he does a great job bringing out the key points and gets some debate around it going on here. That’s got be healthy. 

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Jamboelite
34 minutes ago, jambomjm74 said:

Those who have invested sizeable sums of money are rightly hacked off (I’d use stronger words - but wouldn’t be allowed). 
A massive positive, one that FOH should keep us all updated on !! 

Negatives are not difficult to find, I’d love to wax lyrical about all the positives but ...
 

Again you’re moaning about communication on a  milestone we havent reaches yet, so rather than moan our tits off that we havent done something before its happened how about we see what happens when we get there.

 

 

Edited by Jamboelite

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Footballfirst
1 minute ago, davemclaren said:

That’s why, even though I might not agree 100% with FF, I think he does a great job bringing out the key points and gets some debate around it going on here. That’s got be healthy. 

 

That view is actually shared by some of those on the FOH Board. They may not agree with my views on a number of issues, but they do appreciate me posting on JKB, either to explain what is going on or to prompt discussion on FOH matters.

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Mikey1874

FoH say they will have a new, improved website soon which they said at AGM will bring much improved communication. 

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davemclaren
2 minutes ago, Mikey1874 said:

FoH say they will have a new, improved website soon which they said at AGM will bring much improved communication. 

I forget about that. And an APP later in the year iirc?

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pettigrewsstylist
1 hour ago, 132goals1958 said:

 

Everyone gets adequate notice of the AGM

Nobody suggested absence.

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Footballfirst
2 minutes ago, Mikey1874 said:

FoH say they will have a new, improved website soon which they said at AGM will bring much improved communication. 

Was it not meant to be up and running within three weeks of the AGM?  It's now approaching four weeks.

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pettigrewsstylist
1 hour ago, Ribble said:

Was stated at today’s plot ceremony that the £10m mark was very close to being reached! Utterly incredible!

You better not have been on that pitch.👣👣

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davemclaren
7 minutes ago, Footballfirst said:

 

That view is actually shared by some of those on the FOH Board. They may not agree with my views on a number of issues, but they do appreciate me posting on JKB, either to explain what is going on or to prompt discussion on FOH matters.

I see them go white-faced at the agm when you stand up to ask a question. 😂

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davemclaren
Just now, pettigrewsstylist said:

You better not have been on that pitch.👣👣

Now we know the reason for the problems. 😳

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