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Trust update 13:45 - Mar 22 with 4460 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 14:09 - Mar 22 with 2496 viewsChief

That starts off decent and nose dives badly.

That dilution bit is a facking disgrace.

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Trust update on 14:18 - Mar 22 with 2456 viewsBlasterJack

Apologies if this is a dull question but are they able to offer equity to him without the consent of the Trust i.e. a 21% shareholder????

It's a complete mockery if so.
[Post edited 22 Mar 2019 14:19]

"And I heard a voice in the midst of the four beasts. And I looked, and behold a pale horse, and his name that sat on him was Death, and hell followed with him."

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Trust update on 14:21 - Mar 22 with 2435 viewsjasper_T

Trust update on 14:18 - Mar 22 by BlasterJack

Apologies if this is a dull question but are they able to offer equity to him without the consent of the Trust i.e. a 21% shareholder????

It's a complete mockery if so.
[Post edited 22 Mar 2019 14:19]


Think they've always been able to issue new shares without consent. With 75% of votes they've got all the control they need.
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Trust update on 14:24 - Mar 22 with 2424 viewsLeonWasGod

They're still taking the piss then. What are the Trust going to do about this continued sidelining by the owners? What can they do?
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Trust update on 14:24 - Mar 22 with 2421 viewsFlashberryjack

Trust update on 14:18 - Mar 22 by BlasterJack

Apologies if this is a dull question but are they able to offer equity to him without the consent of the Trust i.e. a 21% shareholder????

It's a complete mockery if so.
[Post edited 22 Mar 2019 14:19]


Looks like the majority owners can what the fck they like.

Hello
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Trust update on 14:25 - Mar 22 with 2414 viewsChief

Trust update on 14:21 - Mar 22 by jasper_T

Think they've always been able to issue new shares without consent. With 75% of votes they've got all the control they need.


Thanks to the greed of Morgan et al. So much for safeguarding the future of the club.

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Trust update on 14:26 - Mar 22 with 2412 viewstheloneranger

Trust update on 14:21 - Mar 22 by jasper_T

Think they've always been able to issue new shares without consent. With 75% of votes they've got all the control they need.


That's the outcome when greedy b@stards like Huw Jenkins and Martin Morgan sell their voting rights, knowing the position they will put the Trust in.

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Trust update on 15:02 - Mar 22 with 2274 viewsvetchonian

Trust update on 14:26 - Mar 22 by theloneranger

That's the outcome when greedy b@stards like Huw Jenkins and Martin Morgan sell their voting rights, knowing the position they will put the Trust in.


That was the only way the sale was ever going to through to the Yanks,and they flattered HJ et al by letting them keep worthless vanity shares for what good it did them....and some fans still laud them for what they did in saving the club. Whilst they took a risk they have more than recovered their intial £50K investments....and left the club high and dry!!

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Trust update on 15:29 - Mar 22 with 2186 viewsdobjack2

If I understand the implications correctly the trust is now facing an actual financial loss because of the way the selling shareholders sold their shares.
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Trust update on 15:36 - Mar 22 with 2165 viewsjasper_T

Trust update on 15:29 - Mar 22 by dobjack2

If I understand the implications correctly the trust is now facing an actual financial loss because of the way the selling shareholders sold their shares.


They already have. Relegation decimated the value of the shares.

Not that making money is the Trust's main objective. The stated aims were to maintain a shareholding in the club, and make sure a professional team survives in the city.
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Trust update on 15:55 - Mar 22 with 2118 viewslonglostjack

Trust update on 14:21 - Mar 22 by jasper_T

Think they've always been able to issue new shares without consent. With 75% of votes they've got all the control they need.


That would depend on the Shareholders Agreement I think. Were there protections in that Agreement? If so are they ignoring it and operating on the basis of one that was never signed by the Trust?

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Trust update on 16:01 - Mar 22 with 2096 viewsdobjack2

Trust update on 15:36 - Mar 22 by jasper_T

They already have. Relegation decimated the value of the shares.

Not that making money is the Trust's main objective. The stated aims were to maintain a shareholding in the club, and make sure a professional team survives in the city.


This is on top of the relegation. By selling the shares the way they did and selling voting rights as well, the new owners always had the ability to dilute a minority shareholding. It appears they are looking to do so.

When the current owners sell I believe that they can force the trust to sell as well.

Reducing the worth of their share and then placing them in a position where it can be reduced further doesn’t help the survival of a professional club in Swansea.

More legacy issues courtesy of the selling shareholders. How people still praise them i’ll Never know, how they have had the nerve to hang around like a stale fart i’ll Never know.
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Trust update on 16:10 - Mar 22 with 2064 viewslondonlisa2001

Trust update on 15:36 - Mar 22 by jasper_T

They already have. Relegation decimated the value of the shares.

Not that making money is the Trust's main objective. The stated aims were to maintain a shareholding in the club, and make sure a professional team survives in the city.


Relegation didn’t change the amount that was paid for the shares in 2016.

The aims are the other way round btw - and the shareholding aim is ‘in pursuance of’ the prior aims.

There being a difference.
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Trust update on 16:23 - Mar 22 with 2026 viewsjasper_T

Trust update on 16:10 - Mar 22 by londonlisa2001

Relegation didn’t change the amount that was paid for the shares in 2016.

The aims are the other way round btw - and the shareholding aim is ‘in pursuance of’ the prior aims.

There being a difference.


You still anticipate selling for the 2016 value after the legal action is completed, then?
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Trust update on 16:35 - Mar 22 with 2003 viewslondonlisa2001

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?


Not anticipating anything. Just making a point of fact.
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Trust update on 16:39 - Mar 22 with 1991 viewsFireboy2

The yanks are taking the p!ss.

Take the fvckers to court or we can just sit on our hands and watch them rape and pillage the club.
[Post edited 22 Mar 2019 16:40]
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Trust update on 17:12 - Mar 22 with 1906 viewsWingstandwood

Trust update on 16:39 - Mar 22 by Fireboy2

The yanks are taking the p!ss.

Take the fvckers to court or we can just sit on our hands and watch them rape and pillage the club.
[Post edited 22 Mar 2019 16:40]


Dineen is the ultimate bullshitter extraordinaire!

His pre-season Swansea Sound interview was an intelligence insulting PR-exercise of some magnitude. The Swansea Sound interviewer should be absolutely ashamed of himself.

Aye, the Dineen b@llocks portraying the sell-off as an act of love for SCFC as opposed to the act of greed fuelled selfishness and betrayal it was and still is was staggering to extreme.

Well according to Dineen the club was sold to the Yanks specifically so that the club could "take the hit of a future relegation" because the Yanks had the finance, trans-Atlantic prowess and business acumen . And look what's happened? Fire sales, future fire sales, future mass redundancies and utter ruinous Kamikaze incompetence. Dineen has zero credibility left, history has been and will continue to be his judge and jury.

Argus!

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Trust update on 17:41 - Mar 22 with 1818 viewsSwanjaxs

Trust update on 17:12 - Mar 22 by Wingstandwood

Dineen is the ultimate bullshitter extraordinaire!

His pre-season Swansea Sound interview was an intelligence insulting PR-exercise of some magnitude. The Swansea Sound interviewer should be absolutely ashamed of himself.

Aye, the Dineen b@llocks portraying the sell-off as an act of love for SCFC as opposed to the act of greed fuelled selfishness and betrayal it was and still is was staggering to extreme.

Well according to Dineen the club was sold to the Yanks specifically so that the club could "take the hit of a future relegation" because the Yanks had the finance, trans-Atlantic prowess and business acumen . And look what's happened? Fire sales, future fire sales, future mass redundancies and utter ruinous Kamikaze incompetence. Dineen has zero credibility left, history has been and will continue to be his judge and jury.


"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."
I bet Birch is shìtting a brick ... 😂

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Trust update on 18:24 - Mar 22 with 1710 viewsA_Fans_Dad

Hasd it been confirmed that there has been or will be a Share Issue to provide the shares for Birch?
Or could it be that the Hedge Fund are prepared to release some of theirs?
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Trust update on 18:52 - Mar 22 with 1636 viewsBLAZE

Trust update on 18:24 - Mar 22 by A_Fans_Dad

Hasd it been confirmed that there has been or will be a Share Issue to provide the shares for Birch?
Or could it be that the Hedge Fund are prepared to release some of theirs?


That would reduce their shareholding to below the magical 75% that currently gives them free reign, so they aren't gonna do that


(NB. Im guessing here, but it makes sense in my head)
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Trust update on 19:01 - Mar 22 with 1606 viewsNeathJack

Trust update on 18:52 - Mar 22 by BLAZE

That would reduce their shareholding to below the magical 75% that currently gives them free reign, so they aren't gonna do that


(NB. Im guessing here, but it makes sense in my head)


Do we know their exact shareholding now (including the voting rights of the Judas brigade)?

If it's at exactly 75% then if Birch is acquiring equity, any new share issue would also take the Yanks to under 75%, not that it would matter either way I wouldn't have thought as Birch is their man.
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Trust update on 19:08 - Mar 22 with 1576 viewsmonmouth

Trust update on 19:01 - Mar 22 by NeathJack

Do we know their exact shareholding now (including the voting rights of the Judas brigade)?

If it's at exactly 75% then if Birch is acquiring equity, any new share issue would also take the Yanks to under 75%, not that it would matter either way I wouldn't have thought as Birch is their man.


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

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Trust update on 19:15 - Mar 22 with 1556 viewsGaryjack

Trust update on 19:01 - Mar 22 by NeathJack

Do we know their exact shareholding now (including the voting rights of the Judas brigade)?

If it's at exactly 75% then if Birch is acquiring equity, any new share issue would also take the Yanks to under 75%, not that it would matter either way I wouldn't have thought as Birch is their man.


Surely if the trusts shareholding is 21%, then the 'owners' have 79% of the voting rights as the sellers gave up the voting rights on the shares they retained.
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Trust update on 19:25 - Mar 22 with 1514 viewsBLAZE

Fair point. For some reason I thought they had exactly 75%
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Trust update on 19:34 - Mar 22 with 1481 viewsDarran

Trust update on 19:25 - Mar 22 by BLAZE

Fair point. For some reason I thought they had exactly 75%


Jenkins and Morgan still have shares.

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