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Trust update 13:45 - Mar 22 with 4459 viewspencoedjack

Just received an email

The Swans Trust welcomes the appointment of Trevor Birch as the new Chairman of our football club.

The Trust was informed that Mr Birch was the majority owners’ preferred candidate in advance of his appointment and we were given the opportunity to speak with him at that time, which we did. We have also been able to meet him this week and we are grateful to Trevor for his time and willingness to facilitate a meeting so quickly after his appointment. He brings wide experience and expertise to the role.

However, the Trust does have concerns regarding some aspects of his remuneration package, which we have been informed contains an equity element. The details and conditions of this are unclear but, if true, would potentially dilute the Trust’s shareholding and further prejudice our position as a minority shareholder in the football club. Therefore, the Trust is unable to support this element of the proposal. The Trust raised our objections to the majority owners prior to the appointment but, not for the first time, we have not received a response.

The Trust shares the concerns raised by our members about the remit and targets he has been set by the majority owners. However, we have been told that his focus is on stabilising the club rather than preparing the club for a sale.

The Trust is also aware of the press reports regarding members of staff being notified of a consultation period regarding potential redundancies at our club. The Trust is acutely aware of the financial challenges which life in the Championship brings, but it is disappointing that jobs are at risk primarily due to the poor management of the football club in the past. The Trust, through our supporter director, will be strongly representing the views of our members to the new chairman and the club board that any decisions made are taken with the best long-term interests of the football club at heart.

Swansea City Supporters Trust
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Trust update on 19:41 - Mar 22 with 1034 viewsGaryjack

Trust update on 19:08 - Mar 22 by monmouth

They have all the votes except the Trusts 21.1% (?) don't they? Sellouts kept shares and sold votes, the duplicitous scum shithouses.


Add naive and stupid to that, as they thought they would cash in for a second time when the club was 'flipped', again finally leaving the trusts holding worthless for forever and a day. Gutter sluts the lot of em.
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Trust update on 19:53 - Mar 22 with 1002 viewsJoe_bradshaw

Trust update on 19:34 - Mar 22 by Darran

Jenkins and Morgan still have shares.


Which they can give to Birch.

Simples.

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Trust update on 19:55 - Mar 22 with 996 viewsDarran

Trust update on 19:41 - Mar 22 by Garyjack

Add naive and stupid to that, as they thought they would cash in for a second time when the club was 'flipped', again finally leaving the trusts holding worthless for forever and a day. Gutter sluts the lot of em.


DIneen kept shares and has since sold them.

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Trust update on 20:01 - Mar 22 with 974 viewsGaryjack

Trust update on 19:55 - Mar 22 by Darran

DIneen kept shares and has since sold them.


Is that documented anywhere? From memory didn't he keep just 1%? Surely it must have been the yanks who bought it unless he sold it down the pub for a fiver!
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Trust update on 20:01 - Mar 22 with 971 viewsjasper_T

Trust update on 19:53 - Mar 22 by Joe_bradshaw

Which they can give to Birch.

Simples.


Why would they give their shares away? They're not worth nothing.
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Trust update on 20:02 - Mar 22 with 967 viewsleighton1318

Sad facts: there is probably now no value in the equity.

Process of sale may well have been inequitable, which is (if true) an argument why the litigation should continue.

But from here: 10% (or whatever) of something is worth more than 20% of nothing.

In any event it sounds like the Trust have no choice #shareholderagreement
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Trust update on 20:28 - Mar 22 with 913 viewsBLAZE

Trust update on 19:34 - Mar 22 by Darran

Jenkins and Morgan still have shares.


Ye, what I should've said is that I thought they only had 75%, even when including the voting rights that were signed over to them. But as pointed out, they have 78.9% of voting rights when you include what the sell outs retained
[Post edited 22 Mar 2019 20:29]
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Trust update on 20:41 - Mar 22 with 873 viewsJonathans_coat

Trust update on 16:23 - Mar 22 by jasper_T

You still anticipate selling for the 2016 value after the legal action is completed, then?


Seems to me the simplest fair solution monetarily.

If unfair prejudice is proven in court then I imagine the default position would be to force the hedge fund to purchase the trusts shares at the valuation pro rata at the time of the sale.

I remember a valuation of £110m for the club being mentioned at the time, if accurate this would mean £23.21m for 21.1%.

This is all of course barring any other settlement being reached, allowing the trust to retain some shareholding for some other form of remuneration/compensation for example.
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Trust update on 20:50 - Mar 22 with 858 viewsWingstandwood

Trust update on 19:55 - Mar 22 by Darran

DIneen kept shares and has since sold them.


I think I'm right to presume you're a regular West Stand attendee close to the stands mid section? If so? How often have Dineen and Morgan been seen sitting in the directors box this season?

Another thing I also ponder that you may or may not be able to answer i.e. is Dineen still Vice Chairman, does he still hold that grandiose ego-trip of a title and after what has happened recently? And If he is indeed still Vice Chairman, for how much longer will he hold that position?

Argus!

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Trust update on 21:02 - Mar 22 with 838 viewsjasper_T

Trust update on 20:41 - Mar 22 by Jonathans_coat

Seems to me the simplest fair solution monetarily.

If unfair prejudice is proven in court then I imagine the default position would be to force the hedge fund to purchase the trusts shares at the valuation pro rata at the time of the sale.

I remember a valuation of £110m for the club being mentioned at the time, if accurate this would mean £23.21m for 21.1%.

This is all of course barring any other settlement being reached, allowing the trust to retain some shareholding for some other form of remuneration/compensation for example.


Trust members would still have to vote in favour of accepting the majority owner's (court-mandated) offer and selling up their shareholding.
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Trust update on 21:04 - Mar 22 with 829 viewsexiledclaseboy

Trust update on 21:02 - Mar 22 by jasper_T

Trust members would still have to vote in favour of accepting the majority owner's (court-mandated) offer and selling up their shareholding.


No. Trust members would have to vote in favour of taking legal action. Once that’s authorised and the outcome known, it is what it is. Yiu can’t go to court, get a judgement and then say “nah it’s ok thanks”.
[Post edited 22 Mar 2019 21:06]

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Trust update on 21:07 - Mar 22 with 818 viewsjasper_T

Trust update on 21:04 - Mar 22 by exiledclaseboy

No. Trust members would have to vote in favour of taking legal action. Once that’s authorised and the outcome known, it is what it is. Yiu can’t go to court, get a judgement and then say “nah it’s ok thanks”.
[Post edited 22 Mar 2019 21:06]


Didn't realise that. Are the members aware that they are voting for potentially fully selling up?

Difficult one for the "legal action now! get the yanks out of our club!" fans.
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Trust update on 21:09 - Mar 22 with 812 viewsNeathJack

Trust update on 21:07 - Mar 22 by jasper_T

Didn't realise that. Are the members aware that they are voting for potentially fully selling up?

Difficult one for the "legal action now! get the yanks out of our club!" fans.


Anyone who isn't aware of that by now hasn't so much been not paying attention for 18 months, but in stasis Dave Lister style.
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Trust update on 21:10 - Mar 22 with 809 viewsexiledclaseboy

Trust update on 21:07 - Mar 22 by jasper_T

Didn't realise that. Are the members aware that they are voting for potentially fully selling up?

Difficult one for the "legal action now! get the yanks out of our club!" fans.


I’d imagine so. Wasn’t involved back then but I’m fairly sure that it was made clear at the time of the last vote that one of the potential outcomes could be that the owners would be forced to buy all or part of the Trust’s shareholding. And it will be made clear at the time of the next vote as well.

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Trust update on 21:11 - Mar 22 with 806 viewsmonmouth

Trust update on 21:09 - Mar 22 by NeathJack

Anyone who isn't aware of that by now hasn't so much been not paying attention for 18 months, but in stasis Dave Lister style.


Maybe arses are starting to twitch around Liberty Towers. Expect another concerted load of shit on here from some new and current identities soon.
[Post edited 22 Mar 2019 21:13]

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Trust update on 21:12 - Mar 22 with 800 viewsJonathans_coat

Trust update on 21:07 - Mar 22 by jasper_T

Didn't realise that. Are the members aware that they are voting for potentially fully selling up?

Difficult one for the "legal action now! get the yanks out of our club!" fans.


Personally I’m fully aware.

That’s why it’s such an important decision to get right, and why it’s the “nuclear option”.

However in the absence of any alternative settlement offer, it looks increasingly like the ONLY option. Once the bomb has dropped, it cannot be taken back. It will be up to the court to decide the fairest resolution in accordance with the law.
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Trust update on 21:15 - Mar 22 with 791 viewsFireboy2

We have nothing to lose by taking court action

The yanks do what the fvck they want anyway, they dont give a flying fvck about the trust or tye fans and have never have and never will

Lets gets the ball rolling and take the leeches to court
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Trust update on 21:18 - Mar 22 with 783 viewsbuilthjack

Trust update on 21:15 - Mar 22 by Fireboy2

We have nothing to lose by taking court action

The yanks do what the fvck they want anyway, they dont give a flying fvck about the trust or tye fans and have never have and never will

Lets gets the ball rolling and take the leeches to court


Aye, it needs doing . Quick.

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Trust update on 21:30 - Mar 22 with 749 viewspencoedjack

Trust update on 21:15 - Mar 22 by Fireboy2

We have nothing to lose by taking court action

The yanks do what the fvck they want anyway, they dont give a flying fvck about the trust or tye fans and have never have and never will

Lets gets the ball rolling and take the leeches to court


This ^

FFS get on with it.

Out of interest do the sell outs stil show their faces around the city of Swansea?
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Trust update on 21:37 - Mar 22 with 722 viewsDarran

Trust update on 21:30 - Mar 22 by pencoedjack

This ^

FFS get on with it.

Out of interest do the sell outs stil show their faces around the city of Swansea?


Well some of them still go to games.

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Trust update on 21:39 - Mar 22 with 718 viewsWingstandwood

Trust update on 21:37 - Mar 22 by Darran

Well some of them still go to games.


Which ones?

Argus!

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Trust update on 21:44 - Mar 22 with 704 viewsDarran

Trust update on 21:39 - Mar 22 by Wingstandwood

Which ones?


Dineen,Morgan,Swedehead.

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Trust update on 21:49 - Mar 22 with 680 viewsWingstandwood

Trust update on 21:44 - Mar 22 by Darran

Dineen,Morgan,Swedehead.


Thanks for the reply, staggering to think they still attend, no sense of shame, no morals, no guilt or awareness whatsoever.

Probably still ego-tripping and drunk on JTAK lies, JTAK myths, JTAK self importance and JTAK overhype!

Argus!

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Trust update on 21:53 - Mar 22 with 666 viewsDarran

Trust update on 21:49 - Mar 22 by Wingstandwood

Thanks for the reply, staggering to think they still attend, no sense of shame, no morals, no guilt or awareness whatsoever.

Probably still ego-tripping and drunk on JTAK lies, JTAK myths, JTAK self importance and JTAK overhype!


I don’t think I’d be able to show my face down there.

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Trust update on 21:55 - Mar 22 with 659 viewsFireboy2

Trust update on 21:53 - Mar 22 by Darran

I don’t think I’d be able to show my face down there.


Well you wouldnt sell your soul Dar
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