RiG

EGM called on 3rd October

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This is the letter and agenda sent to shareholders.

Rumour has it we are going to announce a significant increase in our debt .... the letter seems to give clues on the potential numbers and that seems pretty close to the figure I have heard on the grapevine. The other rumour is that we may see a similarly significant change in the boardroom with several departures and some new blood. 

 

Letter 18.09.19.pdf 2.pdf 1.pdf

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35 minutes ago, Scotty said:

This is the letter and agenda sent to shareholders.

Rumour has it we are going to announce a significant increase in our debt .... the letter seems to give clues on the potential numbers and that seems pretty close to the figure I have heard on the grapevine. The other rumour is that we may see a similarly significant change in the boardroom with several departures and some new blood. 

 

Letter 18.09.19.pdf 491.29 kB · 6 downloads 2.pdf 26.59 kB · 3 downloads 1.pdf 15.58 kB · 4 downloads

Massively concerning to read that yet at the same time not overly surprising.

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not surprised. sincerely hope we don't go the admin route. hopefully find a buyer to solve this effin money problems and get us back to the top level.

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Did these guys not get given the reins because they were going to invest?

Appears we've been duped.

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19 minutes ago, Buster said:

Did these guys not get given the reins because they were going to invest?

Appears we've been duped.

I don't recall them ever saying they were going to invest more that they were trying to attract new investment. Happy to be corrected as I am not sure about that.

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29 minutes ago, Buster said:

Did these guys not get given the reins because they were going to invest?

Appears we've been duped.

and not for the first time.........

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24 minutes ago, Jack Waddington said:

Sod knows where I heard it, but apparently Alan Savage is making a return as a shareholder...

I'd heard similar but dismissed it as the usual Chinese whispers.  However, reading between the lines of the EGM notice it wouldnt shock me- certainly reads like a plea.

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56 minutes ago, Jack Waddington said:

Sod knows where I heard it, but apparently Alan Savage is making a return as a shareholder...

He already is a shareholder so doesn't have to return 

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A plea for investment no doubt, otherwise I suspect a difficult choice lies ahead - slash the wage budget and give up on any prospect of returning to the top flight, or ditch the youth and community set-up.

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Some more info here:

https://www.pressandjournal.co.uk/fp/sport/football/inverness-caledonian-thistle/1845850/caley-jags-aiming-to-attract-fresh-blood-at-egm/
 

Quote

Inverness chief executive Scot Gardiner is keen to allay fears, insisting the club view the meeting as an opportunity to outline their plans to potential new boardroom additions.

Gardiner said: “The purpose of the EGM is to give everyone an update on all the meetings we have had to discuss the plans we are trying to put in place for the next two to three years.

“We are looking to bring new blood into the boardroom, and there are different ways people will be able to join the effort to give us some of the stability that gives us that platform.

“We are speaking to a number of different people at the moment, businessmen and businesses who are minded to support the club.

“Some may join the board, and some may support the club in different ways. Some we are looking for investment from, and some their business reach and expertise.


 

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10 hours ago, Yngwie said:

A plea for investment no doubt, otherwise I suspect a difficult choice lies ahead - slash the wage budget and give up on any prospect of returning to the top flight, or ditch the youth and community set-up.

While there were cuts, its not surprising that debts are not improving - afterall we have more experienced players than I expected this year (I had expected a lot of the youngsters in the squad and a more ruthless cull or seniors & experience) coupe that with the footfall isn't increasing, don't need to be a maths genius too see numbers don't align.

 

 

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Lets hop for some positive outcomes from this meeting which gives some answers and avoids

- another badly constructed thread on here from a 'board member' begging for money as part of a fans scheme without having any structure or competence to answer basic fans questions - that was frankly embarrassing for all parties

- lengthy fan debate whether complementary tea/coffee or cola is a good use of club funds

- explanations whether opportunities tendered such as the catering (or any other club service) gave peak return or whether due to nepitism the club got screwed to help a fellow board member or associate (at that time) potentially benefit

That's some of the 'peak' banter I recall from the last financial discussions the club engaged with fans

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Will anyone on here be going to the meeting and if so I'm sure feedback on CTO afterwards would be welcomed.

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21 minutes ago, RiG said:

Will anyone on here be going to the meeting and if so I'm sure feedback on CTO afterwards would be welcomed.

The Supporters Trust will attend on fans behalf as custodians of the 10% voting right. Other fans on here are shareholders too. 

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22 hours ago, caleyboy said:

and not for the first time.........

 

23 hours ago, Buster said:

Did these guys not get given the reins because they were going to invest?

Appears we've been duped.

Quotes wrong way round but have some board members already made substantial investments. The issue here is that not enough fans can be bothered to turn up each week and, in the Championship, that makes full time football difficult to sustain.

Dunfermline, the Dundee clubs, Patrick Thistle and even Falkirk all attract substantially more fans than us. If we cannot attract more fans then part time football is the only solution. If that happens, the fans have only themselves to blame.

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Yes bottom line is it's the bodies coming through the gates that lets us down,again, and that is one reason why investors (not that there is any chance  of financial  return to warrant the use of the word) shy away from such a poorly supported club.

There seems to be a misconception that one big sugar daddy can come in and make it rain,  but in reality a lot of the better supported clubs named above have a large group of smaller donators which keep things flowing.

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It's perhaps this EGM and others like it in the future are a way of engaging shareholders and possible financial partners on a regular basis,  as well as keeping interested parties informed of the on going cashflow situation. 

Prudence? Maybe, it doesn't always have to be doom and gloom.

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3 hours ago, Huisdean said:

 

Quotes wrong way round but have some board members already made substantial investments. The issue here is that not enough fans can be bothered to turn up each week and, in the Championship, that makes full time football difficult to sustain.

Dunfermline, the Dundee clubs, Patrick Thistle and even Falkirk all attract substantially more fans than us. If we cannot attract more fans then part time football is the only solution. If that happens, the fans have only themselves to blame.

You mean the 'fans' who can't be arsed coming? Guess they'll not be that bothered. 

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