Battery Project - Chairman's Statement

[STFU]

3 hours ago, Yngwie said:

ICT only owns 1% of the battery farm company, so on the face of it it’s not really our problem (or asset) any more. Morrison/Munro/Cameron purchased 33% each for a total of £250,000 and will be the ones who gain if the project proceeds. 
 

 

 

1 hour ago, Satan said:

Protected asset in case of administration?

Ross Morrison holds a charge over the club's share in the battery farm so there was no need to 'protect' it at the battery company level if that was the purpose.

Sadly it all feels way more like directors protecting their own interests.

It also further complicates negotiations on any investment deal thet are trying to do.

[+DoofersDad]

1 hour ago, Satan said:

Protected asset in case of administration?

Yes, I think that was the case.  Didn't Morrison state that if the appeal is won and a buyer is found to develop and operate the site, the club would invoice the battery company for that sum?  It would be up to 3 principal shareholders whether they wished to honour that as I doubt there is a legally binding contract.  Also, they may wish to subtract any money that they voluntarily put into the club at the time of the transfer of ownership.  The club could therefore still get a significant windfall from this, but it should not be making plans based on the assumption that they will. 

[CELTIC1CALEY3]

How do we account for David Cameron being a one third shareholder when Companies House show that he resigned as a Director of the football club on 5 March 2022 ? See   https://find-and-update.company-information.service.gov.uk/company/SC149117/filing-history  

And how do we know that the Club have moved from sole shareholder in the Battery Farm to holding just 1%? Is this belief based on a fact that has not currently been communicated to Companies House in the delayed Statement?

 

[Satan]

Cameron owns the land.

[Yngwie]

46 minutes ago, CELTIC1CALEY3 said:

How do we account for David Cameron being a one third shareholder when Companies House show that he resigned as a Director of the football club on 5 March 2022 ? See   https://find-and-update.company-information.service.gov.uk/company/SC149117/filing-history  

And how do we know that the Club have moved from sole shareholder in the Battery Farm to holding just 1%? Is this belief based on a fact that has not currently been communicated to Companies House in the delayed Statement?

 

Being a shareholder and a director are completely unrelated. Hundreds of ICT fans are one but not the other.

Companies house filings for the battery company confirm the issue of new shares and the 3 individuals having significant control, >25% each. Morrison confirmed all this on the podcast.

[+old caley girl]

25 minutes ago, Yngwie said:

Being a shareholder and a director are completely unrelated. Hundreds of ICT fans are one but not the other.

Companies house filings for the battery company confirm the issue of new shares and the 3 individuals having significant control, >25% each. Morrison confirmed all this on the podcast.

It is odd though that the entry shows David Cameron resigned as a club Director in 2022 but only filed last week????

[CELTIC1CALEY3]

12 hours ago, Yngwie said:

Being a shareholder and a director are completely unrelated. Hundreds of ICT fans are one but not the other.

I do understand that but as things stand the ICT Battery Co now has two private individuals as Directors and one who represents the football club. From that point of view the football club no longer has control in terms of voting rights. I was not aware that Cameron had become a private individual serving on what until recently was described as wholly owned by the football club.

You will recall that in November 2023 THC was aware that

'In addition, the applicant’s Site Selection Statement advises that the key rights and agreements for the proposal are held in the name of ICT Battery Storage Limited, which is wholly owned by Inverness Caledonian Thistle Football Club.'

Cameron was a Director at that stage and we now know he was a private individual. 

Based on what you say, relying on what Morrison said in the podcast, not updated yet on Companies House, that ICT Battery Co is no longer owned by the football club.  

 

Edited July 7, 2024 by CELTIC1CALEY3

[Robert]

For me, the key thing is not the ownership of the Battery Park company itself, but the agreements that are in place to deal with the proceeds if the appeal is successful and the company is sold on.

If it raises, say, £3m, what happens to that sum?

How much, if any, goes to Cameron, Morrison and Munro (eg paying off loans, charges on assets etc) and how much does the club get?

Cameron was said to be gifting the ground, but whether that remains the case we don’t know.

I’m sure any potential investor will be needing to understand this and it may well be a key element of the negotiations, which do seem to be dragging on.

[IMMORTAL HOWDEN ENDER]

Scott Gardiner can explain the situation clearly to potential investors.

[+DoofersDad]

16 hours ago, old caley girl said:

It is odd though that the entry shows David Cameron resigned as a club Director in 2022 but only filed last week????

It is very odd indeed.  I was completely unaware that he had resigned.  According to Companies House he resigned on 5th March 2022 so that is a delay of over 27 months!  Yet it will surprise nobody on here that Cameron is still listed on the club's own website as being on the Board!

[IBM]

All very shady I think  

[STFU]

The club also had a deal involving ILI for use if carparks which fell apart when that company changed hands.

Absolutely nothing has turned out the way we have been told by club representatives.  It's worse than being told nothing as they are clearly being very contrived in when and how we get the little information we do and it's all been misleading.

If this is happening with fans then it's very likely happening with potential investors as well.  If these potential investors do actually exist.

Enter stage left...

 

[RiG]

On the point of the absent documents it's not that unusual for the DPEA to notice that something is missing and let the various parties know about it. There is another appeal lodged with them that is also on hold because the appeal form hasn't been completed. Of course it doesn't leave you thinking that those involved have it all under control.

Edited July 8, 2024 by RiG

[RiG]

I see that the DPEA have confirmed, as of yesterday, that all the necessary documentation for the appeal have now been lodged.

A raft of additional documents have been uploaded for viewing - https://www.dpea.scotland.gov.uk/CaseDetails.aspx?id=125202

Edited July 10, 2024 by RiG
DPEA not DPES.

[STFU]

Time for the club to cash in on all the good will they've been generating of late by giving us a list of people we can lobby on the matter.

[ScottMacScott]

As maybe a naive question; who are the current directors of the club.  Not who is listed at Co House as these, as we all know, can be lagging behind reality, but who are the Directors or even controllers now. Anyone inside or in the know. I know a couple of the listed folk personally, and struggle to believe they'd act so immorally as the club has done to Aaron.  I should say I'm not apologist for anyone in the club having had a season ticket (and occasional bath) at Telford Street from 1994. Just want to understand more about what is happening. 

Edited July 10, 2024 by ScottMacScott

[IBM]

1 minute ago, ScottMacScott said:

As maybe a naive question; who are the current directors of the club.  Not who is listed at Co House as these, as we all know, can be lagging behind reality, but who are the Directors or even controllers now. Anyone inside or in the know. I know a couple of the listed folk personally, and struggle to believe they'd act so immorally as the club has done to Aaron.  

Who knows as the club do not release any information even although we have a communications director on the board although he might no be there now as they don't keep the information updated on companies house!

The appeal is in and reported on the BBC news in the name of the football club but from what I now believe the club only has 1% holding in the battery farm, the whole thing stinks!

Inverness Caley Thistle appeals against battery park decision - BBC News

 

[ScottMacScott]

35 minutes ago, IBM said:

Who knows as the club do not release any information even although we have a communications director on the board although he might no be there now as they don't keep the information updated on companies house!

The appeal is in and reported on the BBC news in the name of the football club but from what I now believe the club only has 1% holding in the battery farm, the whole thing stinks!

Inverness Caley Thistle appeals against battery park decision - BBC News

 

Thanks but keen to hear if anyone knows for sure. It's a small place so surely or shirley someone knows who actually is in control. 

[CELTIC1CALEY3]

6 hours ago, ScottMacScott said:

Thanks but keen to hear if anyone knows for sure. It's a small place so surely or shirley someone knows who actually is in control. 

You are very optimistic. Smoke and mirrors so that recently we could see that David Cameron was no longer a Director of the football club. However, despite that he is one of the influential directors on the Battery Co. This seems to be because he either owns the land or once did where the proposed development could take place. By definition there is likely to be a Joint Venture agreement between Intelligent Land Investments, the football club, Cameron and Morrison, et al creditors but that document will be highly confidential.

[CELTIC1CALEY3]

Strike off applied for:

 

https://find-and-update.company-information.service.gov.uk/company/SC732789

[Yngwie]

27 minutes ago, CELTIC1CALEY3 said:

Strike off applied for:

The company is 2 months overdue in filing its annual return, so Companies House has started its process for compulsory strike off. It’s easily resolved, provided any of the directors know that it is their responsibility - ICT might not be doing it for them now that ICT only owns 1% of this company. Someone needs to act though.

[Charles Bannerman]

15 hours ago, Yngwie said:

The company is 2 months overdue in filing its annual return, so Companies House has started its process for compulsory strike off. It’s easily resolved, provided any of the directors know that it is their responsibility - ICT might not be doing it for them now that ICT only owns 1% of this company. Someone needs to act though.

I’m not in any way doubting this, but can you show me where to establish that the club owns even that 1%? There are Companies House entries that name Messrs Morrison, Munro and Cameron as persons with significant control of the BF company, amounting to 25-50% each, which means that collectively they have 75-100%. Given that these shares were (are?) the subject of a Charge against some loan from Messrs Munro and Morrison, does this mean that it has been paid back? That might be relevant in terms of Mr Makwana’s task of disposing of the debt. Bottom line again, though - I’m still struggling to see how whatever Makwana can rustle up can address the sheer magnitude of the problem, current and ongoing.

[Yngwie]

Originally Battery Co had 1 share in issue, owned by ICT (so 100%) and which Morrison had security over. In March it issued 99 new shares, and the 3 individuals became persons of significant control - all per companies house. Morrison later stated in an interview that they took a third each. He also added that this generated £250k or £300k for the club, I can’t remember which.

[Charles Bannerman]

28 minutes ago, Yngwie said:

Originally Battery Co had 1 share in issue, owned by ICT (so 100%) and which Morrison had security over. In March it issued 99 new shares, and the 3 individuals became persons of significant control - all per companies house. Morrison later stated in an interview that they took a third each. He also added that this generated £250k or £300k for the club, I can’t remember which.

Thank you… but Morrison said it “Generated £250-300K for the club?”

These shares were security against a loan from Morrison and Munro so it looks as if all this may have done is to reduce the debt. And then there’s the revelation that if they don’t get their act in gear, the BF company will be struck off.

Edited August 2, 2024 by Charles Bannerman

[CELTIC1CALEY3]

Confirmation statement now made. Morrison has ICT's share. Registered office now in Dundee.

https://find-and-update.company-information.service.gov.uk/company/SC732789/filing-history