DFS selling out?

[Yngwie]

Isn't this an ideal opportunity for us fans to club together and take control? We all think we could run things better....

[caleyboy]

Isn't this an ideal opportunity for us fans to club together and take control? We all think we could run things better....

Let's not forget that DFS did say many years ago that he would transfer his shares to the Supporters Trust but this never materialised. Let's not forget that he still "owns" the 2 stands and basically controls the lease so I would probably forgive him if he released his/Tulloch's shareholding to enable a major investment in the club. Who's in the wings I wonder?

[caley100]

Isn't this an ideal opportunity for us fans to club together and take control? We all think we could run things better....

Ahh Iain you must have the big biscuit tin ready!

[Caley Stan]

Let's not forget that DFS did say many years ago that he would transfer his shares to the Supporters Trust but this never materialised.

Sutherland ruled out giving the shares to the trust in last nights interview, saying something about being happy with the level of influence they currently have on the board.

[CaleyD]

Not seen anything about this so dont know whats going on but I would suspect that DS may be suggesting that if a major investor was to come in he'd be willing to give up some or all of his shareholding to make any investment more attractive. Nobody will come in with loads of cash if they dont have a say in the club so it makes sense for DS to reduce his shareholding. What isn't clear is what shareholding he's talking about. His personal stake or that of Tulloch. IIRC the total of the two amounts to something like 47%.

If DS is giving up some of his stake to make way for investment then he has to be commended. If he is selling then I'd be inclined to think that either he or his company or both are finding book balancing difficult at this time.

DFS has a very small personal share holding of only 250 shares. Tulloch Group have somewhere in the region of 750,000 shares. That's about 24.5% of authorised shares or 34% of allocated shares...the voting right equates to a little less than that as you have to factor in the situation with the Supporters Trust having a minimum of 10%.

The club still have approximately 900,000 unallocated ordinary shares, so a new investor could gain a larger holding without the need to purchase/obtain shares from Tullochs.

What Tullochs DO have are certain rights in terms of placing people on the Board of Directors. Until the last AGM (and so long as they hold 25% or more of the voting rights) that "right" as good as gave them control over the board (3 of the 6 directors and a right to appoint the chair...and chair has a "casting vote"). The last AGM increased the permitted size of the board but no increase was made in terms of Tullochs "right" to appoint further Directors, so that position of absolute power/control has changed, but they do still have a large influence on the Board of Directors. That "right" is not transferable and any similar rights for a new investor would need to be negotiated.

[Charles Bannerman]

What Tullochs DO have are certain rights in terms of placing people on the Board of Directors.

This is a running story on which I am reporting so, as always, I won't be contributing to this thread on it.

However, as a one off, I do have to ask a question. Was the "Tulloch Directors" arrangement, which was eventually agreed in 2001, not a five year agreement which expired in 2006 although in practice a number of the individuals involved there are still on the Board of ICTFC?

Edited December 31, 2010 by Charles Bannerman

[IMMORTAL HOWDEN ENDER]

You just feckin contributed - and I am shure that you know what happened in 2006. Why cant we all accept that this is another episode of Tulloch and Orion - and what was going to happen in 2006 is goint go to happen in 2011 - but the good news is that should open the door for a wee injection of spondoolicks for TB to go window shopping - and I am also informed that it was a certain Mr Savage who started the Gardyne talks.

But the nexy=t question must be - where does John Robertson fit in ?

[CaleyD]

Charles, why don't you just get a copy of the Articles of Association and check for yourself?

You'd then be able to report accurately on the structure of Inverness Thistle and Caledonian FC Ltd without the need to cross examine me every time I post something.

[Charles Bannerman]

without the need to cross examine me every time I post something.

Such as when I cross examined you during your very many previous postings on the issues of stadium ownership/ arrangements for the ICT Trust etc etc?

Edited December 31, 2010 by Charles Bannerman

[Charles Bannerman]

You just feckin contributed

Yes IHE, and probably against my better judgement. I think the best policy on running stories is not to intervene at all, not even to ask questions on factual matters.

Edited December 31, 2010 by Charles Bannerman

[RiG]

Am I the only one who, when they see the title of the thread, thinks that this is going to be a topic about sofas?

[CaleyD]

Sorry Charles, but it really does get on my tits when people who are being paid to do a job opt for the lazy option and try to get other people to do it for them. It took me all of 30 seconds to look up the information I posted, and whilst I wouldn't expect every ICT fan to have that information to hand, or to go to the effort of finding it, I don't think it's beyond reason to expect someone who is reporting on the subject to have done their homework instead of relying on a fans internet forum.

I may be wrong, but your questioning was either lazy or an attempt at pushing my buttons. I deliberately chose to post only the information I did (to clear up a misunderstanding by another poster) and give no opinion on my thoughts regarding the announcement. The situation with the appointment of Special Directors is what it is and will doubtless be relevant to any new investor...and I am sure they will partake in due diligence which extends beyond asking questions on here.

[Charles Bannerman]

I may be wrong, but your questioning was either lazy or an attempt at pushing my buttons.

Correct - you ARE wrong! It was merely a totally unsinister and spontaneous query, prompted by your post and based on my recollection of what was agreed at the Shareholders' meetings in question which I attended some years ago - presumably along with yourself?

And do not fret! When I need verified information for "work" purposes (such as who owns the stadium :biggrin:), I have sources which I can go to which don't include you good self!

And there ends my input here on this issue.

Edited December 31, 2010 by Charles Bannerman

[tm4tj]

Meeeeeeooowwwwwwwww

<<eyes scratched out smiley>>

[CaleyD]

If you want to believe you got anything right in regards to the Stadium Ownership discussion that took place Charles, then you go right ahead. I see no merit in dragging it all up again....spin that however you like.

[lizi]

Was going to post a response but...... it's New Year. Let the "boys"???!!! fight it out themselves. Oh dear, egos and all that...... Happy 2011 and all the best for ICT and its fans (especially the away fans). Lol xx

[TinRoofMan]

When I read the title - I thought "Great, I will get an excellent deal on a sofa!"

[Yngwie]

Am I the only one who, when they see the title of the thread, thinks that this is going to be a topic about sofas?

Apparently not

Anyway, we need sofas for all our armchair managers.