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Are the Trust going to see the books. 20:28 - Jan 16 with 1052 viewsthornabyswan

Why won't the owners show the Trust the books.
And what is in there that can't be viewed at Companies house.
Sorry if this has been done to death but all seems to have gone quiet again.

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Are the Trust going to see the books. on 21:17 - Jan 16 with 1003 viewsWingstandwood

I have crude basic knowledge of buying shares and how companies work but I do know that shareholders can access information from provided yearly/half yearly reports and that companies publish profit warnings etc.

What seriously shocked me was the gobsmacking stuff doing the rounds. People saying that a substantial shareholder like the Trust has been denied access to in depth detailed company information when it owns nearly a quarter of that company anyhow.

It's obscene and morally outrageous! You'd think there would have been laws passed through parliament to prevent despicable shenanigans like that.

Argus!

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Are the Trust going to see the books. on 21:45 - Jan 16 with 939 viewsthornabyswan

Are the Trust going to see the books. on 21:17 - Jan 16 by Wingstandwood

I have crude basic knowledge of buying shares and how companies work but I do know that shareholders can access information from provided yearly/half yearly reports and that companies publish profit warnings etc.

What seriously shocked me was the gobsmacking stuff doing the rounds. People saying that a substantial shareholder like the Trust has been denied access to in depth detailed company information when it owns nearly a quarter of that company anyhow.

It's obscene and morally outrageous! You'd think there would have been laws passed through parliament to prevent despicable shenanigans like that.


Yes so I am guessing it will have to go to court for them to see anything and why the confidentiality demand.
It really does stink.
And to think we were once the model club.

But not wanting to be disrespectful to the Trust the sale was announced after we secured our Premiership survival against Chelsea nearly 3 years ago and still nothing meaningful has happened.
They really have taken everyone for a ride.

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Are the Trust going to see the books. on 21:58 - Jan 16 with 919 viewslonglostjack

I might be wrong but I think the problem is access to the management accounts ie. the ongoing cash flow, budgeting etc. based on which the club makes decisions “going forward”. I have no idea why a major shareholder wouldn’t have access to those accounts. The Yanks normally love to talk about compliance and transparency so it really is odd and a little worrying if they are withholding such information.
[Post edited 16 Jan 2019 21:59]

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Are the Trust going to see the books. on 22:52 - Jan 16 with 846 viewsAguycalledJack

Is there a deadline within which court proceedings need to be Commenced? 3 years from the date of sale is a long time.
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Are the Trust going to see the books. on 22:53 - Jan 16 with 845 viewsElmo

Are the Trust going to see the books. on 21:17 - Jan 16 by Wingstandwood

I have crude basic knowledge of buying shares and how companies work but I do know that shareholders can access information from provided yearly/half yearly reports and that companies publish profit warnings etc.

What seriously shocked me was the gobsmacking stuff doing the rounds. People saying that a substantial shareholder like the Trust has been denied access to in depth detailed company information when it owns nearly a quarter of that company anyhow.

It's obscene and morally outrageous! You'd think there would have been laws passed through parliament to prevent despicable shenanigans like that.


Ridiculous isn't it.

Any update on the findings of the forensic accountant ?
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Are the Trust going to see the books. on 09:21 - Jan 17 with 643 viewsleighton1318

Are the Trust going to see the books. on 21:58 - Jan 16 by longlostjack

I might be wrong but I think the problem is access to the management accounts ie. the ongoing cash flow, budgeting etc. based on which the club makes decisions “going forward”. I have no idea why a major shareholder wouldn’t have access to those accounts. The Yanks normally love to talk about compliance and transparency so it really is odd and a little worrying if they are withholding such information.
[Post edited 16 Jan 2019 21:59]


The Trust should expect to see those things (mgt accounts etc) by virtue of its position on the board (rather than purely as a shareholder, unless the shareholder agreeement ha ha gives them certain rights).

However, isn’t it the case that the majority shareholders were refusing to share things with the Trust Board member because they feared that commercially sensitive info would be leaked? I thought I had read that somewhere on here.
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Are the Trust going to see the books. on 09:38 - Jan 17 with 624 viewsWingstandwood

Are the Trust going to see the books. on 22:53 - Jan 16 by Elmo

Ridiculous isn't it.

Any update on the findings of the forensic accountant ?


The great thing about having an elite forensically capable accountant on board is? If she is denied access to vital club information... It'll have significant psychological impact in a courtroom, judgement making process regarding the belief that people who refuse to reveal something in justifiable circumstances really must have something to hide!

Denied/refused information aside... Her status aided and abetted by her extremely relevant opinion(s) of what is actually known and what happened in the past will influence also.

And of course the silver bullet is?.....THE obvious reluctance of not showing books to a forensically capable accountant will really start alarm bells ringing in most high decibel fashion.
[Post edited 17 Jan 2019 12:12]

Argus!

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Are the Trust going to see the books. on 10:34 - Jan 17 with 564 viewsjasper_T

Are the Trust going to see the books. on 21:17 - Jan 16 by Wingstandwood

I have crude basic knowledge of buying shares and how companies work but I do know that shareholders can access information from provided yearly/half yearly reports and that companies publish profit warnings etc.

What seriously shocked me was the gobsmacking stuff doing the rounds. People saying that a substantial shareholder like the Trust has been denied access to in depth detailed company information when it owns nearly a quarter of that company anyhow.

It's obscene and morally outrageous! You'd think there would have been laws passed through parliament to prevent despicable shenanigans like that.


Hasn't the "nearly a quarter" bit always been the problem? They'd have significantly more power and rights had they managed to acquire 25% and prevent the Americans gaining complete management control via their voting majority.
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Are the Trust going to see the books. on 10:43 - Jan 17 with 545 viewschad

This is beginning to sound like an episode of Silent Witness without the body

Or as Dawn French named it ....

Witless Silence
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Are the Trust going to see the books. on 12:15 - Jan 17 with 459 viewsvetchonian

Are the Trust going to see the books. on 10:34 - Jan 17 by jasper_T

Hasn't the "nearly a quarter" bit always been the problem? They'd have significantly more power and rights had they managed to acquire 25% and prevent the Americans gaining complete management control via their voting majority.


Its a shame the other shareholders didnt agree to gift Mel Nurse's shares as whole to the Trust when Mel donated his shares to the club.

SO much has been spoken of the sellouts having paid out their money and "taking a risk" when the club was saved....Mel Nurse spent far more than these guys....taking Petty yo court , buying the debt....he didnt benefit from seling out!

Yes the Trust could have been more proactive but I think like the rest of us they thought now the club was in the hands of locals and fans the day was never going to come when onve again we faced a Pettyesque situation.......our Chariman even said so!!!!

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