I don’t have time to post any more than this for now but Panos Thomas has emailed shareholders with a very lengthy update where the headline looks like being confirmation that, unless £200K can be raised by October 16th, then Administration would be “inevitable” since the club would be insolvent.

Edited October 2, 20241 yr by Charles Bannerman

Noticed that Dumbarton’s crowdfund has overtaken ours.

Thought the Administrators might have had us in a black friday deal?

Maybe off topic here but Ross County have a pop up shop in the Eastgate centre today. Surely we should be doing something similar to try and sell some merchandise, we are from Inverness after all. 

1 hour ago, LisleRightPeg said:

Maybe off topic here but Ross County have a pop up shop in the Eastgate centre today. Surely we should be doing something similar to try and sell some merchandise, we are from Inverness after all. 

If only our previous CEO had bought enough kit to sell!

Still waiting for the black kit to hopefully come back into stock. That one is a belter. 

1 hour ago, LisleRightPeg said:

Maybe off topic here but Ross County have a pop up shop in the Eastgate centre today. Surely we should be doing something similar to try and sell some merchandise, we are from Inverness after all. 

We’re in the Administration stage right now so good reasons to explain why a ICT shop would be / is not open. That said it highlights just how switched-on and ahead of us RC are with fan engagement. They know there will be a push (hopefully) by ICT on fan recruitment once we come out of Administration. Once we’re back, let’s knock our country cousins of their smug pedestal and overtake them in this marketing area.

Edited November 29, 20241 yr by big cherly

Any update at all on progress to find a buyer?  Hasn't even been any rumours of buyers.

SFA 

Here's what I said on another thread on Saturday:

"The administrators have to report to creditors within 8 weeks, setting out their proposals.  I reckon that this will be during w/c 9th Dec.

But I don't know if that report - or part of it - is made public, although some information will inevitably leak out. 

I'd guess that right now the administrators are fully focussed on that deadline."

18 hours ago, snorbens_caleyman said:

Here's what I said on another thread on Saturday:

"The administrators have to report to creditors within 8 weeks, setting out their proposals.  I reckon that this will be during w/c 9th Dec.

But I don't know if that report - or part of it - is made public, although some information will inevitably leak out. 

I'd guess that right now the administrators are fully focussed on that deadline."

I have a recollection that, at their press conference in October, the administrator said that in practice it would take rather more than 8 weeks for anything concrete to emerge. 10-ish weeks was maybe mentioned?

It takes as long as it takes as far as I am concerned. The lack of news, good or bad, hopefully means that all due diligence is being done and whatever comes next is a result of that diligence. Would far rather hear nothing, then a well measured plan at the end than constant updates that take focus away from the task at hand. 

3 hours ago, Scotty said:

It takes as long as it takes as far as I am concerned. The lack of news, good or bad, hopefully means that all due diligence is being done

Understand this line of thinking and one I pretty much agree with. That said, there is a limit to everything and a news release to keep the fans on board before the festive break would be prudent I believe for the club. It doesn’t need to go into detail, but the administrators have surely cut out the driftwood and narrowed down to the serious bidders. Words to that effect and a timeline announcing their final decision would be suffice imo. 

Edited December 4, 20241 yr by big cherly

27 minutes ago, big cherly said:

Understand this line of thinking and one I pretty much agree with. That said, there is a limit to everything and a news release to keep the fans on board before the festive break would be prudent I believe for the club. It doesn’t need to go into detail, but the administrators have surely cut out the driftwood and narrowed down to the serious bidders. Words to that effect and a timeline announcing their final decision would be suffice imo. 

It seems perfectly possible that, for reasons of commercial confidentiality or even legal reasons, that it’s not possible for the administrators to go any further than their earlier “20 interested parties” statement. What we are seeing now is also completely consistent with what the administrator told us in October about how things were likely to unfold.

12 hours ago, Charles Bannerman said:

It seems perfectly possible that, for reasons of commercial confidentiality or even legal reasons, that it’s not possible for the administrators to go any further than their earlier “20 interested parties” statement. What we are seeing now is also completely consistent with what the administrator told us in October about how things were likely to unfold.

As I said, a news release before the festive break and it doesn’t need to be detailed !!      
I’m going on the string pullers behind the Administration pay more attention to CTO & PaB than the previous CEO and SLO and want to keep the fans ‘close’. 
Just my viewpoint ! 

Edited December 5, 20241 yr by big cherly

19 hours ago, Charles Bannerman said:

I have a recollection that, at their press conference in October, the administrator said that in practice it would take rather more than 8 weeks for anything concrete to emerge. 10-ish weeks was maybe mentioned?

It would seem that they have to issue a report to creditors within 8 weeks and also every 6 months.

As the group of creditors seems to be pretty small with just directors, puma?, hmrc?, etc and Savage having paid all the smaller local companies then it's conceivable this has happened already and kept confidential as it should be at this stage.

1 hour ago, big cherly said:

As I said, a news release before the festive break and it doesn’t need to be detailed !!      
I’m going on the string pullers behind the Administration pay more attention to CTO & PaB than the previous CEO and SLO and want to keep the fans ‘close’. 
Just my viewpoint ! 

I get what you're saying and a 'we've no update but appreciate the continued support' would be welcome by some. However there's others who would jump on it with 'wtf are you up to, that's a bs statement' bla bla bla. Better to focus on the job at hand and get us through this than invite distraction in my view.

Edited December 5, 20241 yr by STFU

1 hour ago, STFU said:

It would seem that they have to issue a report to creditors within 8 weeks and also every 6 months.

As the group of creditors seems to be pretty small with just directors, puma?, hmrc?, etc and Savage having paid all the smaller local companies then it's conceivable this has happened already and kept confidential as it should be at this stage.

I get what you're saying and a 'we've no update but appreciate the continued support' would be welcome by some. However there's others who would jump on it with 'wtf are you up to, that's a bs statement' bla bla bla. Better to focus on the job at hand and get us through this than invite distraction in my view.

Not so sure it would be ‘jumped on’ by the nutters, but take your point. We just sit tight ! 
 

Just a thought, I must check my Nutters Charter before the new year subscription!

Edited December 5, 20241 yr by big cherly

On 11/18/2024 at 10:55 PM, snorbens_caleyman said:

And if more teams go into administration - I was told in the summer that a number of teams were on the brink.

I hear Clyde today are scrambling about to raise 55K to meet required funds to keep operating. It’s not an insurmountable sum, (all be it they’ve already been at the few fans for the money they have gathered). Some benefactor may come to there rescue, but it just reaffirms snorbens point on how vulnerable many of the smaller teams are in the bottom leagues. Clyde have been in steady but slow decline over four decades for what was once considered a strong Scottish team with a core support outwith the old firm. They’ve been nomads since they quit Shawfield and after a disastrous relocate to Cumberland (loss of the core support), they have never recovered. 
Having suffered (suffering) the pains of administration I have sympathy for the Clyde fans, however I have to ask myself if whether it is best to face reality here. Is Clyde capable of anything more than just struggling along with no home, a fan base of any consequence and little to offer the game in Scotland going forward!

Too harsh and condescending considering what we have experienced ????

Edited December 12, 20241 yr by big cherly

2 hours ago, big cherly said:

I hear Clyde today are scrambling about to raise 55K to meet required funds to keep operating. It’s not an insurmountable sum, (all be it they’ve already been at the few fans for the money they have gathered). Some benefactor may come to there rescue, but it just reaffirms snorbens point on how vulnerable many of the smaller teams are in the bottom leagues. Clyde have been in steady but slow decline over four decades for what was once considered a strong Scottish team with a core support outwith the old firm. They’ve been nomads since they quit Shawfield and after a disastrous relocate to Cumberland (loss of the core support), they have never recovered. 
Having suffered (suffering) the pains of administration I have sympathy for the Clyde fans, however I have to ask myself if whether it is best to face reality here. Is Clyde capable of anything more than just struggling along with no home, a fan base of any consequence and little to offer the game in Scotland going forward!

Too harsh and condescending considering what we have experienced ????

I’m not a fan of these clubs floating around using whatever stadium they can get their hands on. Sadly that seems to be the way for them these days. They were fairly secure for a good while in Cumbernauld and were a real force in our promotion season back in 2004. A sliding doors moment I always felt.

I'm surprised nobody has commented on the Administrator's 43 page report released yesterday.  It was sent to creditors and shareholders and so I am unclear as to what level of confidentiality applies to the content and therefore I won't go into any detail.  Having said that, the main things to take from the report seem to me to be that:-

• Administration is likely to be a long process.  
• The administrators are looking for a sale on a going concern basis and a number of interested parties have been given access to detailed financial information and been invited to submit bids with a view to a sale sometime in 2015.  If it can't be sold, they would look for a CVA to clear the debt.
• Creditors are being asked to confirm by the end of the year, whether they are in agreement with this general approach and on whether a creditors' committee should be established.
• Clarification is still needed around the ownership of the land around the stadium
• The administrators have established a process to detail income and expenditure on a monthly basis and have provided details for the last 3 or so weeks. This detail will be invaluable for potential future owners.
• The administrators have also given detailed information of who the creditors are and how much is owed.  

I don't think providing any detail would serve any purpose.  Suffice it to say, that the administrators appear to be going about their business in a methodical, professional and very efficient manner.  But it looks to me that we could well be in administration for the rest of the season at least and we really should not be hanging on any hope of a quick fix.  As fans, I feel the best thing we can do is to support the administrators in their work and get behind the club and the team, both financially and on matchdays.

 

 

 

36 minutes ago, DoofersDad said:

It was sent to creditors and shareholders and so I am unclear as to what level of confidentiality applies to the content and therefore I won't go into any detail.

In the absence of a Non Disclosure Agreement signed by the recipients, you can share any or all of it.

On 12/14/2024 at 1:57 PM, DoofersDad said:

I'm surprised nobody has commented on the Administrator's 43 page report released yesterday.  It was sent to creditors and shareholders...

• <cut>

I don't think providing any detail would serve any purpose.  

Would not mind a copy if someone has one ... I assume they have sent this by post to overseas shareholders but as Canada Post have been on strike for the last several weeks without any signs of progress and may be legislated back to work by New Year, the backlog of Christmas mail and normal mail will likely mean that it will be February or March before we get anything through our letterbox.

On 12/14/2024 at 2:37 PM, Yngwie said:

In the absence of a Non Disclosure Agreement signed by the recipients, you can share any or all of it.

Please do 🙂

I tried to post Christmas cards to Canada, but the P.O would not take them because of the huge backlog.

My copy hasn’t arrived in Norfolk yet and I ain’t in Norfolk, Virginia!

https://find-and-update.company-information.service.gov.uk/company/SC149117/filing-history

 

Thanks for this Fraz and well done, however, I've reached page 26 and now going for a lie down.

45 minutes ago, Ronaldo said:

Thanks for this Fraz and well done, however, I've reached page 26 and now going for a lie down.

I never said I read (or understood) it! 🤣