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

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jr ewing

Fans bar and the one in the new stand whatever it's called. 

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Vlad Magic
4 minutes ago, Francis Albert said:

I would say his posts are more informative than positive  but I happily acknowledge they are more informative than mine.


Apologies I worded that badly.

 

I meant the responses he receives are more positive than the responses you receive.

 

Not difficult I admit but the point stands.

 

This one case in point I guess?

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jr ewing
5 minutes ago, Francis Albert said:

Announcement where? And to whom? Attendees at a meeting? 

Foundation contributors at both. 

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Psychedelicropcircle

I think the FOH really have to put a sales pitch to us beyond the original goal of paying AB back, ill need some convincing as at this point the DD is cancelled as & when the goal is reached. Our predicament we find ourselves in just now a huge part of that is due to a lack of  professionalism. Granted we are trying to redeem ourselves at this point. When FOH become a bigger part of the club post budge repayment they had better grow a set instead of the starry eyed fans at the big table they are now.

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Francis Albert
6 minutes ago, XB52 said:

Great, another thread so the usual suspects can have a go at our club. When we have paid off the loan there will be an announcement. There will not be an announcement to say the loan will be paid off in a couple of months. 

Why not? And others have said this has already been announced? Confused.

And FFS "usual suspects"? And '" have a go at our club". Is that really all you take from the thread?

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Francis Albert
4 minutes ago, jr ewing said:

Foundation contributors at both. 

How many of the 8000 to 10000?

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Mr Brightside
12 minutes ago, Francis Albert said:

Announcement where? And to whom? Attendees at a meeting? 

Was mentioned at the plot ceremony I attended in September that the loan would be repaid February/ March and the expected loan repayment date has been posted on here a few times.

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Dusk_Till_Dawn
2 minutes ago, Francis Albert said:

Why not? And others have said this has already been announced? Confused.

And FFS "usual suspects"? And '" have a go at our club". Is that really all you take from the thread?


“have a go at the club” = rightly point out that our present state and FOH’s supine attitude is a joke.

 

Budge must be delighted to have so many mouthpieces on here.

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jr ewing
Just now, Francis Albert said:

How many of the 8000 to 10000?

Doesn't hold that many. Maybe 150 in both..

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Gershwin
8 hours ago, Toxteth O'Grady said:

The majority shareholding should be acquired ASAP - Budge removed and a decent CEO appointed who has experience in running a football club.

 

:spoton:

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Dusk_Till_Dawn
Just now, Gershwin said:

 

:spoton:


Agreed. It’s the only acceptable outcome.

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davemclaren
1 minute ago, Dusk_Till_Dawn said:


Agreed. It’s the only acceptable outcome.

Call an FoH EGM and get it done then. Actions speak louder than words. 

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Gershwin
5 hours ago, DH1986 said:


I’d be amazed if she stays on tbh. 

 

I want her gone before she extends Levein's contract in any capacity. If she stays still the summer, I can see that happening.

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Francis Albert
5 minutes ago, Mr Brightside said:

Was mentioned at the plot ceremony I attended in September that the loan would be repaid February/ March and the expected loan repayment date has been posted on here a few times.

How many were at the plot ceremony? And why should the thousands of FOH members who do not subscribe to or  access JKB have to rely on JKB for news?

Edited by Francis Albert

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Francis Albert
5 minutes ago, jr ewing said:

Doesn't hold that many. Maybe 150 in both..

Quite.

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jr ewing
4 minutes ago, Mr Brightside said:

Was mentioned at the plot ceremony I attended in September that the loan would be repaid February/ March and the expected loan repayment date has been posted on here a few times.

Thought it was common knowledge. Maybe the same ceremony. 

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Shanks
1 minute ago, Gershwin said:

 

I want her gone before she extends Levein's contract in any capacity. If she stays still the summer, I can see that happening.

 

Correct, FOH members must ensure that budge and Levein are both removed and competent people placed in charge.

 

I'm excited for the future. 

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Francis Albert
3 minutes ago, davemclaren said:

Call an FoH EGM and get it done then. Actions speak louder than words. 

Words are all we have on JKB.

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jr ewing
1 minute ago, Francis Albert said:

Quite.

I see your point. 

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Mr Brightside
2 minutes ago, Francis Albert said:

How many were at the plot ceremony? And why should the thousands of FOH members who do not subscribe to or  access JKB have to rely on JKB for news?

It was one of many plot ceremony at that time, I assume the same news was passed to them. 

1 minute ago, jr ewing said:

Thought it was common knowledge. Maybe the same ceremony. 

Yeah, I thought it was common knowledge and certainly mentioned on KB more than a few times.

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davemclaren
Just now, Francis Albert said:

Words are all we have on JKB.

Indeed, but to actually effect change, that is apparently wanted, the only way I can see it happening soon is if FoH force it. The only way I can see that happening soon is to call an EGM so the the members can confirm a motion to remove Ann. No?

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Muirhead
2 hours ago, novoman said:

Once the milestone has been reached, I will carry on with my contribution and probably increase it as a few have already stated earlier.

 

my pledge is for life. 

 

Teams of a similar size to us Aberdeen and the Hibs will be left in our wake if the monies are used correctly.

 

onwards and upwards 

c’mon the famous 💕🇱🇻

 

 

your absolutely right. Our direct competitors are desperate for contributors to stop because it gives us such a competitive advantage in terms of working capital once the loan is repaid.  I think FoH have to get that message out there at the point the transfer takes place. Stage 1 will be complete but it is just the beginning and real good times would begin if we all continue (assuming we can afford to)

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Boy Daniel

So any new CEO of the Club prior to getting the job has to agree to sack Levein. :interehjrling:

if he hasn’t left already. 

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Francis Albert
4 minutes ago, Mr Brightside said:

It was one of many plot ceremony at that time, I assume the same news was passed to them. 

Yeah, I thought it was common knowledge and certainly mentioned on KB more than a few times.

The great majority of FOH members do not attend plot ceremonies or read FOH posts.

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Vlad Magic
4 minutes ago, Longshanks said:

 

Correct, FOH members must ensure that budge and Levein are both removed and competent people placed in charge.

 

I'm excited for the future. 


You might struggle with that. It was Budge who came up with the idea of FOH.

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kila

Given the general lack of communication and all, what all actually goes on with the FoH these days? I should be more involved and aware but I only signed up to help finance the long term protection/wellbeing of the club.

 

What tasks are needed on an ongoing basis the last couple of years (since the period where things took off and we set sail in the right direction etc) and are there salaries at FoH at the moment?

 

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graygo

Imagine getting all bent out of shape because someone might not know what you know.

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jr ewing
5 minutes ago, kila said:

Given the general lack of communication and all, what all actually goes on with the FoH these days? I should be more involved and aware but I only signed up to help finance the long term protection/wellbeing of the club.

 

What tasks are needed on an ongoing basis the last couple of years (since the period where things took off and we set sail in the right direction etc) and are there salaries at FoH at the moment?

 

Monthly newsletter maybe ?

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jr ewing
1 minute ago, graygo said:

Imagine getting all bent out of shape because someone might not know what you know.

"Knowledge is power "- don't you know .

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Vlad Magic

As much as some people on here don’t wish it.

 

FOH is incredibly well supported and as it was intended will continue to benefit the club.

 

The “unlevel  playing field” will continue indefinitely.

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Mr Brightside
15 minutes ago, Francis Albert said:

The great majority of FOH members do not attend plot ceremonies or read FOH posts.

In the September FOH blog it is mentioned that handover or shares is expected within the year 

http://www.blogfoundationofhearts.org/foundation-of-hearts-september-2019-blog/ all FOH members are given this email.  Of course February/ March is a bit earlier than September but not a great shock.

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Spoleto
32 minutes ago, Dusk_Till_Dawn said:


“have a go at the club” = rightly point out that our present state and FOH’s supine attitude is a joke.

 

Budge must be delighted to have so many mouthpieces on here.

 

People with independent thought really don't appeal to your hive mentality do they?

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Saint Jambo
9 minutes ago, kila said:

Given the general lack of communication and all, what all actually goes on with the FoH these days? I should be more involved and aware but I only signed up to help finance the long term protection/wellbeing of the club.

 

What tasks are needed on an ongoing basis the last couple of years (since the period where things took off and we set sail in the right direction etc) and are there salaries at FoH at the moment?

 

 

I'm 99% sure there are no salaries at FoH. They will of course pay for a few things like getting the accounts audited but that is a service paid for rather than staff paid.

 

I'd say the main things that are/ have been done would be:

- Recruitment and retention of members (things like the plot ceremonies and having a stall at some games).

- Processing the finances - ensuring the online donations process is working and paying money to Hearts/ Bidco.

- Communication with members, such as the blog/ newsletter.

- Complying with governance requirements such as organising FOH board meetings and AGM, and preparing accounts.

- Developing new governance arrangements that will come into effect when FoH takes majority ownership of the club.

- Being represented on the club board.

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Jamboelite
4 hours ago, Francis Albert said:

I assume that is ironic.  A FOUR WEEK festive period?

I assume you understood perfectly that i was referring to the festive period being include in the 4 weeks ffs.

Edited by Jamboelite

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Kiwidoug

I think and have always thought that the exciting part of FOH is when it is no longer paying off a loan.  When we start playing well and winning games, I'm sure both FOH subs and ST sales will increase.

 

The future is very bright indeed.

 

The future for our great friends could also have been bright but Ron has lost his wallet and is cursing that he can't cash in on his Aston Villa star.

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DH1986
52 minutes ago, Gershwin said:

 

I want her gone before she extends Levein's contract in any capacity. If she stays still the summer, I can see that happening.


You need to go to Specsavers then.

 

There is ZERO chance of CL staying at the club beyond his current contract.

Edited by DH1986

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Nobreath
3 hours ago, Ricardo Shillyshally said:

I'm also surprised to hear that folk might reduce their pledge when milestones are reached. Each to their own and their financial circumstances, but if the only reason for a reduction is a "milestone" then that's very disappointing.

 

My guess is that it will be a tiny minority that reduce or cancel their pledge when the milestone is reached.

 

I think that most supporters will be like myself, it's a direct debit that I'm proud to pay and it will be for life. 

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Vlad Magic
1 minute ago, Nobreath said:

 

My guess is that it will be a tiny minority that reduce or cancel their pledge when the milestone is reached.

 

I think that most supporters will be like myself, it's a direct debit that I'm proud to pay and it will be for life. 


Correct.

 

Never let others influence that.

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WorldChampions1902
9 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.

Many thanks FF for yet another informative and timely financial post. Your contributions to this board are invaluable and most welcome by this board member.

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kila
31 minutes ago, Saint Jambo said:

 

I'm 99% sure there are no salaries at FoH. They will of course pay for a few things like getting the accounts audited but that is a service paid for rather than staff paid.

 

I'd say the main things that are/ have been done would be:

- Recruitment and retention of members (things like the plot ceremonies and having a stall at some games).

- Processing the finances - ensuring the online donations process is working and paying money to Hearts/ Bidco.

- Communication with members, such as the blog/ newsletter.

- Complying with governance requirements such as organising FOH board meetings and AGM, and preparing accounts.

- Developing new governance arrangements that will come into effect when FoH takes majority ownership of the club.

- Being represented on the club board.

 

Thanks :thumbsup:

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Ricardo Shillyshally
1 minute ago, Nobreath said:

 

My guess is that it will be a tiny minority that reduce or cancel their pledge when the milestone is reached.

 

I think that most supporters will be like myself, it's a direct debit that I'm proud to pay and it will be for life. 

Agreed. I dont understand the logic of those who'll say "I've done my bit" or "we've reached our goal".

 

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fila
8 hours ago, Jamhammer said:

Anyone think AB will leave the building with Levein?

We can only hope so

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Alec Eiffel
1 hour ago, Francis Albert said:

The great majority of FOH members do not attend plot ceremonies or read FOH posts.

 

I have my Direct Debit and I receive the ocassional FOH email.  That is about the limit of my involvement.  I am not interested in the minutia of daily life.

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Cruickshank for Scotland
8 hours ago, wavydavy said:

 

Surely if there are any issues then those should be rectified free of charge as it was a totally new pitch complete with drainage etc~?


Only if the fault lay with the original installation, however the fault may lay with Club employees who maintained the pitch - right now the Club have stonewalled the fans on the actual reason for the shocking state of the pitch other than telling us at the AGM that no opposition teams had complained and the pitch would be over seeded.

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Cruickshank for Scotland
46 minutes ago, Nobreath said:

 

My guess is that it will be a tiny minority that reduce or cancel their pledge when the milestone is reached.

 

I think that most supporters will be like myself, it's a direct debit that I'm proud to pay and it will be for life. 


If we get relegated we will need every penny to fund our return to the top league.

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Borders Jambo

I actually think both FF and FA would make great members of the FOH Board and would get my vote.

 

 

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Smith's right boot
8 hours ago, 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?

 

 

Folk will have different views and expectations. 

 

I'll keep paying as long as I can. 

 

I did think about putting it into my pension tbh as I'm older and the state pension age is going to be about 100, but then I don't pay a lot. £15 a month so will keep doing it. Price of a take away or two pints up town! 

 

Some folk want to feel involved, fair enough, I just give it so we have more money. I can't be arsed with anything else. 

 

Some folk will want more tho, other folk will think that more extras is a waste of money. 

It's a tough one. 

 

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jr ewing
5 minutes ago, Smith's right boot said:

 

 

Folk will have different views and expectations. 

 

I'll keep paying as long as I can. 

 

I did think about putting it into my pension tbh as I'm older and the state pension age is going to be about 100, but then I don't pay a lot. £15 a month so will keep doing it. Price of a take away or two pints up town! 

 

Some folk want to feel involved, fair enough, I just give it so we have more money. I can't be arsed with anything else. 

 

Some folk will want more tho, other folk will think that more extras is a waste of money. 

It's a tough one. 

 

Making it clear where the money will be spent in the future may be an idea. 

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davemclaren
1 minute ago, jr ewing said:

Making it clear where the money will be spent in the future may be an idea. 

Again, the members agreed that wouldn’t be necessary. Personally, I’ve always thought that was the wrong approach, bit we have to accept that decision for the moment. 

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