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Ribble

FOH Share Transfer - Delayed

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Ribble

As it says on the tin

 

Email just received from FOH

 

Dear Pledger

I wanted to get in touch to keep you up to date with events concerning the imminent transfer of the majority shareholding of Heart of Midlothian from BidCo to the Foundation of Hearts.

As we all know, the current situation at Hearts and across the footballing world is critical. With very little income and little prospect of that position being reversed any time soon, we have seen the prompt action which Ann Budge took to try to address the challenges and keep the club functioning. Hearts may have been the first to go public with such a tough announcement; it will not be the last, as news from clubs as diverse as Aberdeen, Barcelona, Bayern Munich and Leeds United has demonstrated over the last few days.

Given the troubled situation, the board of the Foundation of Hearts has taken the decision that this is not the time to be adding any further potential disruption by pushing forward with the handover of the majority shareholding. All parties remain totally committed to fan ownership and this handover will, of course, still happen, but such an historic event must be conducted at a more settled time – a time when the handover enables the club to proceed seamlessly with its business and a time when we can properly celebrate the achievement of the fans in reaching this milestone. Sadly, this is not a time when any of us, we believe, has the inclination for a celebration, however well merited.

On a related front, I am delighted to let you know that despite the current public health crisis and the impact that is having on all our lives, we have had almost 100 new or upgraded pledges over the past week alone. This is absolutely astonishing and demonstrates, if that were needed, just how passionate and committed Hearts fans are to our club. This email comes, too, on the day that the total pledges broke through the £10 million figure, which is quite incredible.

We talk often about the fans being the very lifeblood of this great club, the one true constant when so much has threatened our very existence. This continues to be proven right now at another very difficult period for Hearts and for the supporters. Once again, you, the fans, have stepped up. You continue to pledge, and every month your pledges go directly from us into the club’s bank account. What is more, as mentioned above, more supporters have continued to join what is the most successful fan movement of its kind in British footballing history.

The footballing world is experiencing huge changes right now and how things will move forward remains uncertain. One thing is clear, however. Hearts fans will be there for our club and will continue to provide the financial support - through the pledges - which is absolutely crucial to Hearts’ economic wellbeing.

We and the club cannot thank you enough.

Please stay safe and stay well.

Kind regards
Stuart Wallace
Chair, Foundation of Hearts

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Sooperstar

Completely expected and very sensible. I'd have been shocked if they pushed ahead with it at this time.

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Geoff Kilpatrick

Absolutely pathetic. Will be considering cancelling after this. There is no reason at all that this cannot go ahead.

 

Edit: Is the £100K share purchase cost being held in escrow or has it been used for something else? Undoubtedly we will hear nothing about that either.

Edited by Geoff Kilpatrick

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Haringshairband
1 minute ago, Geoff Kilpatrick said:

Absolutely pathetic. Will be considering cancelling after this. There is no reason at all that this cannot go ahead.

:wtf:

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Geoff Kilpatrick
2 minutes ago, Haringshairband said:

:wtf:

So by not transferring the shares, what extra "upheaval" are we avoiding precisely? Budge is remaining as CEO as FoH don't want a replacement and the board will still be at her bidding. So why can't it go ahead?

 

As I say, Wallace and co are pathetic.

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Haringshairband

They don't want it to go ahead just now as it is supposed to be a momentous occasion in which we can celebrate and congratulate ourselves. It would be a bit shit if it happened under the radar.

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Geoff Kilpatrick
1 minute ago, Haringshairband said:

They don't want it to go ahead just now as it is supposed to be a momentous occasion in which we can celebrate and congratulate ourselves. It would be a bit shit if it happened under the radar.

Wow. We are basically living in a virtual world right now and there is no other competing sports news. That is such a weak outlook.

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Haringshairband
3 minutes ago, Geoff Kilpatrick said:

Wow. We are basically living in a virtual world right now and there is no other competing sports news. That is such a weak outlook.

You bash on and cancel your DD for the slightest delay. I'd say that was quite weak.

 

Also I'm happier with Budge running the club financially just now while there's no football.

Edited by Haringshairband

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Geoff Kilpatrick
1 minute ago, Haringshairband said:

You bash on and cancel your DD for the slightest delay. I'd say that was quite weak.

Slightest delay? We paid this loan off a couple of months ago. Now we have no timescale as to when FoH will own the majority shareholding. Great stuff.

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Dannie Boy

Wise decision from wise heads. Completely agree with this especially as it’s a momentous decision and occasion and these are unprecedented times we are living in. This has my full support. 

Edited by Dannie Boy

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Marvin
1 minute ago, Haringshairband said:

You bash on and cancel your DD for the slightest delay. I'd say that was quite weak.

 

Tbf to GK he has donated from day 1 and is a regular contributor to Hearts causes. I think he has a right to express his feelings at this turbulent time.

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baron of ness

Who sent the E mail ?

 

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Haringshairband
Just now, Geoff Kilpatrick said:

Slightest delay? We paid this loan off a couple of months ago. Now we have no timescale as to when FoH will own the majority shareholding. Great stuff.

We effectively own the club now. It just hasn't been finalised. These are unprecedented times and some leeway is required.

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Dunks

£10,000,000

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Ribble
1 minute ago, baron of ness said:

Who sent the E mail ?

 

 

FOH

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Ribble
15 minutes ago, Geoff Kilpatrick said:

So by not transferring the shares, what extra "upheaval" are we avoiding precisely? Budge is remaining as CEO as FoH don't want a replacement and the board will still be at her bidding. So why can't it go ahead?

 

As I say, Wallace and co are pathetic.

 

So why the rush?

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Victorian

Seems sensible.    I see no particular urgency or practical necessity to complete,    which makes one particular reaction to this rather bizarre.    But hey... that's about as far as I can take that because some people on here have protected species status and paws controlling the strings.

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Haringshairband
1 minute ago, Marvin said:

 

Tbf to GK he has donated from day 1 and is a regular contributor to Hearts causes. I think he has a right to express his feelings at this turbulent time.

By all means express your feelings but by considering cancelling your DD for every little thing you don't agree with, is tedious as ****.

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o1djambo
17 minutes ago, Geoff Kilpatrick said:

Absolutely pathetic. Will be considering cancelling after this. There is no reason at all that this cannot go ahead.

 

Edit: Is the £100K share purchase cost being held in escrow or has it been used for something else? Undoubtedly we will hear nothing about that either.

I agree that the reasons given for the delay in ownership transfer are quite superficial and would ask for a statement from foh regarding the business advantage in not going ahead. Also going to ask you to pause and consider regarding cancelling your pledge as we must see the ownership transfer to conclusion one way or another and see this out.

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Jambos1983

Seems like the right thing to do in the current situation

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Geoff Kilpatrick
Just now, Ribble said:

 

So why the rush?

Why the wait?

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Marvin
1 minute ago, Haringshairband said:

By all means express your feelings but by considering cancelling your DD for every little thing you don't agree with, is tedious as ****.

 

It is but what you say and do online is likely to be different in real life.

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Ribble
2 minutes ago, Geoff Kilpatrick said:

Why the wait?

 

Erm probably because it's a legal process and it's kinda hard at the minute to get everyone needed in a room together

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1971fozzy

Very sensible move. Now is not the time

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Geoff Kilpatrick
4 minutes ago, o1djambo said:

I agree that the reasons given for the delay in ownership transfer are quite superficial and would ask for a statement from foh regarding the business advantage in not going ahead. Also going to ask you to pause and consider regarding cancelling your pledge as we must see the ownership transfer to conclusion one way or another and see this out.

It's more out of frustration with the decision making than anything else. 18 months of decline at this club and basically they've said nothing. Now we've reached the end state and settled our debts but we can't complete the puzzle for no obvious reason. Pathetic.

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Geoff Kilpatrick
1 minute ago, Ribble said:

 

Erm probably because it's a legal process and it's kinda hard at the minute to get everyone needed in a room together

Except it is already agreed with a binding agreement at outset. If they said that it was due to lockdown and completed when that was lifted then fair enough. Instead there is no timescale given at all.

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Ribble
Just now, Geoff Kilpatrick said:

Except it is already agreed with a binding agreement at outset. If they said that it was due to lockdown and completed when that was lifted then fair enough. Instead there is no timescale given at all.

 

The agreement is signed but the papers to transfer shares won't be. It's quite clearly due to the lockdown/Covid situation, that part really doesn't need spelt out. 

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Victorian

Yeah but he wants someone to say it's for a specific reason and,   interestingly,   appears to want to know a specific date for when a global health / economic existential emergency will end.    Then the wee feet stamping will stop.

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Ribble
1 minute ago, Victorian said:

Yeah but he wants someone to say it's for a specific reason and,   interestingly,   appears to want to know a specific date for when a global health / economic existential emergency will end.    Then the wee feet stamping will stop.

 

That i doubt

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Geoff Kilpatrick
5 minutes ago, Ribble said:

 

The agreement is signed but the papers to transfer shares won't be. It's quite clearly due to the lockdown/Covid situation, that part really doesn't need spelt out. 

That is not quite what the email says though. It says when the business is settled and a proper celebration can take place. Now given that restrictions on movement and sport taking place could still be in place for months, effectively we've paid off on tick and can't receive the goods for an indefinite period.

 

Edit: And that's not even considering the money for the share purchase. No mention of it being held in escrow etc.

 

I've no problem with our donations helping to pay running costs at this time. In fact, I'd be stunned if they weren't being used for that purpose. However, the idea that we need a massive celebration to complete this process is specious.

Edited by Geoff Kilpatrick

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graygo

Oh well, the good news is that once cancelled we no longer have to read about the rage.

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Special Officer Doofy
42 minutes ago, Geoff Kilpatrick said:

Absolutely pathetic. Will be considering cancelling after this. There is no reason at all that this cannot go ahead.

 

Edit: Is the £100K share purchase cost being held in escrow or has it been used for something else? Undoubtedly we will hear nothing about that either.


At least we won’t have to read you whining about it if you do that, so that’s a positive at least.

 

 

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Special Officer Doofy

The correct and sensible decision. Gets my full backing and I’m upping my pledge tomorrow. 
 

Last thing we need is someone dropping the ball right now.

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davemclaren

It’s kind of irrelevant if we go ahead with the transfer now or not for me. Hopefully the £100k that was to be used to complete the transfer is being used to support the club at this difficult point in time. 

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Special Officer Doofy
4 minutes ago, graygo said:

Oh well, the good news is that once cancelled we no longer have to read about the rage.


Exactly! Every cloud and all that.

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Psychedelicropcircle

No mention of the governance issue on hold I noticed.

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Geoff Kilpatrick
Just now, davemclaren said:

It’s kind of irrelevant if we go ahead with the transfer now or not for me. Hopefully the £100k that was to be used to complete the transfer is being used to support the club at this difficult point in time. 

Again, you would think they would have communicated this.

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Special Officer Doofy
8 minutes ago, Victorian said:

Yeah but he wants someone to say it's for a specific reason and,   interestingly,   appears to want to know a specific date for when a global health / economic existential emergency will end.    Then the wee feet stamping will stop.


His views are always just whatever is the hot take on the other Hearts forum anyway. 

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Victorian

Ahhhh..  the backpedaling has begun via an edit.   So backpedaling + a tsunami of arguing over semantics ahead.

 

Amirite?

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davemclaren
2 minutes ago, Geoff Kilpatrick said:

Again, you would think they would have communicated this.

Agreed. 

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Ribble
2 minutes ago, Geoff Kilpatrick said:

That is not quite what the email says though. It says when the business is settled and a proper celebration can take place. Now given that restrictions on movement and sport taking place could still be in place for months, effectively we've paid off on tick and can't receive the goods for an indefinite period.

 

For that very reason, who gives a flying ****? Far more important things going on in the world and ownership will happen when it happens but you carry on having a dig as it's clear that Stuart Wallace has pissed on your chips at some point in the past

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Victorian
3 minutes ago, Special Officer Doofy said:


His views are always just whatever is the hot take on the other Hearts forum anyway. 

 

Indeed.   Multi-faceted persona you might say?

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OTT
45 minutes ago, Geoff Kilpatrick said:

Absolutely pathetic. Will be considering cancelling after this. There is no reason at all that this cannot go ahead.

 

Edit: Is the £100K share purchase cost being held in escrow or has it been used for something else? Undoubtedly we will hear nothing about that either.

 

It times of uncertainty stability and continuity are necessary IMO. 

 

(for the record I think we need a change in leadership moving forward our decline on the footballing side and inaction until it was too late from Budge warrants a review IMO). 

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Special Officer Doofy
2 minutes ago, Victorian said:

 

Indeed.   Multi-faceted persona you might say?


I’ve another term for it, but I’ll no bother. 

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Geoff Kilpatrick
2 minutes ago, Ribble said:

 

For that very reason, who gives a flying ****? Far more important things going on in the world and ownership will happen when it happens but you carry on having a dig as it's clear that Stuart Wallace has pissed on your chips at some point in the past

Nope. My problem with Stuart Wallace and FoH isn't personal. I disagree with their recent decisions and I think their communication is shocking.

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Dannie Boy
13 minutes ago, davemclaren said:

It’s kind of irrelevant if we go ahead with the transfer now or not for me. Hopefully the £100k that was to be used to complete the transfer is being used to support the club at this difficult point in time. 


The sensible head on me said it should be set aside and banked as if it’s been paid. We carry on as if it’s happened and when the time is right we complete the deal. 

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weehammy

So what is happening to the funds that continue to be pledged now that Budge has been repaid?  

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Cruickshank for Scotland
1 hour ago, Geoff Kilpatrick said:

Absolutely pathetic. Will be considering cancelling after this. There is no reason at all that this cannot go ahead.

 

Edit: Is the £100K share purchase cost being held in escrow or has it been used for something else? Undoubtedly we will hear nothing about that either.


Really Geoff????? 😳

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davemclaren
4 minutes ago, Dannie Boy said:


The sensible head on me said it should be set aside and banked as if it’s been paid. We carry on as if it’s happened and when the time is right we complete the deal. 

I think the club will need the cash. We can pay for and complete the transaction at any point. 

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Cruickshank for Scotland
21 minutes ago, Special Officer Doofy said:

The correct and sensible decision. Gets my full backing and I’m upping my pledge tomorrow. 
 

Last thing we need is someone dropping the ball right now.


Totally agree!

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