Admin by Oct 16th - It's here now!

[Council Juice]

7 hours ago, Jack Waddington said:

I'm praying someone does, or at least begs for the board to bend their demands to suit his demands. This is the closest we'll have to a Shiekh Mansour. Fellas worth £7 BILLION, AND HE WAS INTERESTED IN US. US. A TEAM ROYALLY SHITTING THE BED AND LOOKING LIKELY TO DROP TO LEAGUE TWO.

Palming him away over a hypothetical situation, is bonkers.

Better yet, has anyone that matters at the club even got a club email, cos all the contacts on the site are for the SLO and the like...

Then again, that said, as he did cite the debts as pushing away, I suppose theres a reasonable chance of him swinging back into the spotlight following administration

Guy is the largest private landowner in Scotland. It would be a dereliction of duty on behalf of the board to not actively pursue any interest he might have. But that lot seem like the type who don't like outsiders and are probably significantly jealous of his wealth and standing. I could see them rejecting any advance out of spite.

 

18 hours ago, IcyT said:

Implying that the board would not entertain any late offer, which I’m sure they would be obliged to do if they’re to discharge their duty to act in the best interests of the company, etc.  Just seems a bland statement, and almost as though the board is reveling in the drama and secrecy….

Part of any administration company is to consider any new bids in the best interest of the company and its creditors. Admin would surely remove any semblance of choice this board would have of a new owner.

Good thing for us like. Cleaning the room is the best route forward. Need a whole new board.

They let a CEO run the club to ruin. That cannot be forgotten.

 

[STFU]

Povlsen took one look at us and ran away. He already owns clubs in Denmark and Portugal so the multi club excuse (if true) would have been to get him out the door.

I find it sad and pathetic that we have fans begging people with money to come in and throw it at the club for no good business reason. What's worse is that I suspect that will be the approach of the 3 remaining directors. Fyfes bizarre senile grandad like speech about the community department during the fans meeting is testament to that.

Povlsen is not coming back to the table and we're seeing in Makwana and Anderson the type of interest we're able to muster.

[big cherly]

1 hour ago, STFU said:

Povlsen took one look at us and ran away. He already owns clubs in Denmark and Portugal so the multi club excuse (if true) would have been to get him out the door.

I find it sad and pathetic that we have fans begging people with money to come in and throw it at the club for no good business reason. What's worse is that I suspect that will be the approach of the 3 remaining directors. Fyfes bizarre senile grandad like speech about the community department during the fans meeting is testament to that.

Povlsen is not coming back to the table and we're seeing in Makwana and Anderson the type of interest we're able to muster.

Agree with you re Povlsen. Hoping and praying for better but I (and us fans in general), have to be realistic about where we currently are (how low we have sunk), and just what type of attraction we would be to ‘interested parties’ (and what that would mean). 
 

Right now as I understand things, We don't have the funds to keep going under the current lot. They are speaking today to interested parties to see what terms these parties would require (land assets and dumped debt? - legal challenges all over the place?), before signing up (I expect these 3 have the delegated authority so this can be done without the rest of the smaller shareholders?).

If the outcome of any discussions fail to conclude with a buy-out, then it’s the administration route?

Just a prolonged nightmare right now!

bc
 

Edited October 18, 2024 by big cherly

[STFU]

Anderson (£1.2 million guy) has withdrawn interest. That means the only ine we know about who may still have an offer on the table is Makwana.

If any offer is contingent on having more shares than are currently available then the board will need an AGM/EGM to alter the share structure to allow it. We know we don't have the funds to see us through the time necessary for that to happen which means administration is all but a certainty.

[A Sofa In San Tropez]

Club Statement

Whilst a deal was not reached, negotiations on a purchase ended amicably and DA Capital are welcome back to the table once the Club’s financial situation is under control.

The Board will make a further statement in due course. 

Scott Young
Interim Chairman

[Charles Bannerman]

8 minutes ago, A Sofa In San Tropez said:

Club Statement

Whilst a deal was not reached, negotiations on a purchase ended amicably and DA Capital are welcome back to the table once the Club’s financial situation is under control.

The Board will make a further statement in due course. 

Scott Young
Interim Chairman

That David Anderson bid never looked substantial enough to stand up. I think we are now hovering very close to administration, although I could understand a desire not to announce it until after tomorrow’s game.

Presumably the words “under control” mean during or after administration.

[ClickbaitProponent]

32 minutes ago, A Sofa In San Tropez said:

Club Statement

Whilst a deal was not reached, negotiations on a purchase ended amicably and DA Capital are welcome back to the table once the Club’s financial situation is under control.

The Board will make a further statement in due course. 

Scott Young
Interim Chairman

But the finances won't be under control, and can't be. The 3 clowns left as Directors are deluded. Admin is the best thing we can hope for because we won't have these fools involved anymore. We will be a bargain for someone which is I suspect what will happen. Go into administration, price drops like a stone, get a bargain.

[caley100]

Alan Savage has been off the radar this last 2 weeks?   Ever since the Tuesday announcement that never happened.

[CELTIC1CALEY3]

Write off your loans and debt requests or get nothing or peanuts with administration and everything that goes with it?

Morrison showing his emotion in the P and J although that is all I can see - surely he has the ACE to solve this conundrum?

[+snorbens_caleyman]

1 hour ago, A Sofa In San Tropez said:

Whilst a deal was not reached, negotiations on a purchase ended amicably and DA Capital are welcome back to the table once the Club’s financial situation is under control.

I thought the idea behind a purchase was to bring the financial situation under control? 

[+Fraz]

2 hours ago, ClickbaitProponent said:

But the finances won't be under control, and can't be. The 3 clowns left as Directors are deluded. Admin is the best thing we can hope for because we won't have these fools involved anymore. We will be a bargain for someone which is I suspect what will happen. Go into administration, price drops like a stone, get a bargain.

Exactly this. Why would anyone come in now and take on the full ridiculous debt the moronic predecessors (and some current board) got us into rather than wait a bit and likely get things at a reduced cost?

[Jack Waddington]

5 hours ago, STFU said:

Povlsen took one look at us and ran away. He already owns clubs in Denmark and Portugal so the multi club excuse (if true) would have been to get him out the door.

Not entirely sure where you're getting that, given the reasons he chose not to follow through were the debts (which will be wiped in a week or so) and a conflict of interest should we end up in the same UEFA tournament as Midtjylland. Nor do I know where you're finding info on him owning a Portugese Club as well.

Absolutely nothing to suggest that he's buggering off and never going to come back

[Scotty]

7 hours ago, Council Juice said:

Yep 2022. Might have been the season opener. We got the tickets free from our boss who has season tickets. That wind was biting. Something I felt could be sorted with like a big window above the little stand at the concorse on the south side. Will say one thing though is the singing section was excellent throughout despite a miserable Toronto performance.

Yeah, that's the area I am in (slightly to the right of the goals, not in amongst the absolute nutters right behind it). My section is more sedate but still stands and chants all game Thats all for another thread though. Quite a few ICT supporters I have either taken to games or who have been here on their own and even a few in the stands regularly like @luvgravy. They will be adjusting the stadium this year in preparation for the World Cup in 2026 but as far as I know, the two ends will only have temporary structures that will be taken away after the world cup. 

 

3 hours ago, big cherly said:

Agree with you re Povlsen. Hoping and praying for better but I (and us fans in general), have to be realistic about where we currently are (how low we have sunk), and just what type of attraction we would be to ‘interested parties’ (and what that would mean). 

Unfortunately I also agree, but perhaps he might come back to the table if or more likely when we enter admin. He doesnt then need to deal with all the debts or people who may not have impressed him or his representatives during any talks. I live in hope as he would be our dream benefactor. 

 

3 hours ago, big cherly said:

Right now as I understand things, We don't have the funds to keep going under the current lot. They are speaking today to interested parties to see what terms these parties would require (land assets and dumped debt? - legal challenges all over the place?), before signing up (I expect these 3 have the delegated authority so this can be done without the rest of the smaller shareholders?). If the outcome of any discussions fail to conclude with a buy-out, then it’s the administration route? Just a prolonged nightmare right now!

2 hours ago, STFU said:

Anderson (£1.2 million guy) has withdrawn interest. That means the only one we know about who may still have an offer on the table is Makwana. If any offer is contingent on having more shares than are currently available then the board will need an AGM/EGM to alter the share structure to allow it. We know we don't have the funds to see us through the time necessary for that to happen which means administration is all but a certainty.

2 hours ago, Charles Bannerman said:

That David Anderson bid never looked substantial enough to stand up. I think we are now hovering very close to administration, although I could understand a desire not to announce it until after tomorrow’s game.  Presumably the words “under control” mean during or after administration.

This is the worry ... and very likely our current board might be tempted to take an offer, ANY offer, that staves of administration regardless of the long-term sustainability (or lack thereof) of that offer. We are not in a strong position to negotiate or ask/demand favourable terms.

If we are just going to lurch from almost admin now to absolutely admin in six months' time, I would rather do it now. If we get relegated as a result then so be it, we can rebuild and refocus (hopefully) and start the journey again. If we wait six months until the end of the season and have a dalliance with an "elastoplast owner" in the meantime, then our current manager may find it impossible to motivate his troops and we get relegated anyway, then start 2025/26 -15pts in League 2 at best, with even more uncertainty about dropping into the pyramid or worse.  

Personally, I have to say I don't want anyone owning the club that is listed as a 'capital', 'equity' or other hedge fund like organisation. We are not a profit-making enterprise and that's typically all those are interested in. If we dont make a profit, then asset-stripping to the point of getting the land or the stadium is all that they must be interested in IMHO. I would love for Povlson to come in and spend a little bit of money based on wanting his 'local' team to do well. Get us back to the Premiership perhaps and maybe a dalliance with Europe on the odd occasion. That really has been our pinnacle up to now.

The idea that the North Coast 500 route could have a start/end point at the stadium might be a way to drive more business to the stadium area (no pun intended), and perhaps adding some services for these people starting out here, or the long suggested hotel that has been talked about for one of the corners of the stadium for decades might help generate some revenue for the club. However, I also understand a lot of people have concerns over the impact of increased traffic on that route so anything tied to that may be controversial.    

 

   

 

 

[CELTIC1CALEY3]

https://www.inverness-courier.co.uk/news/breaking-6-strong-highland-consortium-ready-to-mount-bid-to-364144/

 

[+snorbens_caleyman]

11 minutes ago, CELTIC1CALEY3 said:

https://www.inverness-courier.co.uk/news/breaking-6-strong-highland-consortium-ready-to-mount-bid-to-364144/

"It is understood the group, who together already command a majority shareholding in the stricken Inverness club...."

I'll let someone else crunch the numbers on the shareholders' list (available at Companies House) to work out which six individuals would have a majority shareholding

As I said recently, last time I looked it seemed as though my old school buddy* Graham Rae has the largest individual shareholding.  Please God not again!

 

* Actually he wasn't a buddy - our paths simply never crossed.  Though I was gobsmacked when he took over a few years ago.

[RednBlackComeback]

16 minutes ago, CELTIC1CALEY3 said:

https://www.inverness-courier.co.uk/news/breaking-6-strong-highland-consortium-ready-to-mount-bid-to-364144/

 

6 businessmen that already have a majority shareholding, fronted by a former county director ?

You couldn't make this (mess) up !

[Scotty]

I am actually ok with Don Lawson fronting this bid and rallying around other local folks to get something in place. He is known to be a football fan, albeit County, but I am sure his business gets plenty of income when there is a successful football team in the area - or two teams so one of them is at home every week. Thats his incentive, I am sure !! 

Hard to know how OK this is without knowing the names but it says former directors and current large shareolders. I would have questions if one of them was Rae as this is where our decline started in my opinion and he - and the CEOs he employed - both proved hard if not impossible to deal with.  

[ClickbaitProponent]

7 minutes ago, snorbens_caleyman said:

"It is understood the group, who together already command a majority shareholding in the stricken Inverness club...."

I'll let someone else crunch the numbers on the shareholders' list (available at Companies House) to work out which six individuals would have a majority shareholding

As I said recently, last time I looked it seemed as though my old school buddy* Graham Rae has the largest individual shareholding.  Please God not again!

 

* Actually he wasn't a buddy - our paths simply never crossed.  Though I was gobsmacked when he took over a few years ago.

"I've been talking to the almighty and he says he can get me out of this mess but he says you're ******!" 

[big cherly]

1 hour ago, CELTIC1CALEY3 said:

https://www.inverness-courier.co.uk/news/breaking-6-strong-highland-consortium-ready-to-mount-bid-to-364144/

 

You just have to hope their philanthropic nature and interests is football related and not what profit they can maximise for there own personal gain! (Freeport and government funds to exploit/extort)
Christ, I am sick to the back teeth of these ‘businessmen’. This has good old Grazza stamped all over it. 

Edited October 18, 2024 by big cherly

[Charles Bannerman]

58 minutes ago, snorbens_caleyman said:

I'll let someone else crunch the numbers on the shareholders' list (available at Companies House) to work out which six individuals would have a majority shareholding

As I said recently, last time I looked it seemed as though my old school buddy* Graham Rae has the largest individual shareholding.  Please God not again!

 

* Actually he wasn't a buddy - our paths simply never crossed.  Though I was gobsmacked when he took over a few years ago.

I’ve done that, and I can’t make 50% out of any permutation of six current shareholdings.

There are 4.902M existing shares, half of which is 2.451M. If you include the Supporters’ Trust’s fixed 10%, then you need 2.723M for a majority.

The biggest “holding” I’ve been able to trace, according to the last confirmation statement, is Muirfield Mills whose combined stake among around 9 people is around 820K. The McGilvray family have 487K; the Sutherland family 300K; David Cameron has 175K; Roddy Ross has 170K. We’re still struggling to approach 50% and I’ve been assuming that Savage/Orion, who prefers admin, wouldn’t be part of this, but if you even add in his 467K, then the top six shareholdings (I’ve omitted the ST’s 729K since they aren’t “businessmen”) come to 2.410M which is still short of a majority by either definition.

And then is there’s the proposal to convert current debt to equity. If that came about, Ross Morrison becomes the largest shareholder with over a million of what would become a total of more than 6 million. So is he among this group?

I’m also struggling to reconcile the categorical statement yesterday (Thursday) that the time had “come and gone” with the stated intention to make a bid by Monday.

Edited October 18, 2024 by Charles Bannerman

[big cherly]

58 minutes ago, Charles Bannerman said:

I’ve done that, and I can’t make 50% out of it. There are 4.902M existing shares, half of which is 2.451M. If you include the Supporters’ Trist fixed 10%, then you need 2.723M for a majority.

The biggest “holding” I’ve been able to trace, according to the last confirmation statement, is Muirfield Mills whose combined stake among around 9 people is around 820K. The McGilvray family have 300K; David Cameron has 175K; Roddy Ross has 170K. We’re still struggling and I’ve been assuming that Savage/Orion, who prefers admin, wouldn’t be part of this, but if you even add in his 467K, then the top six shareholdings (I’ve omitted the ST’s 729K since they aren’t “businessmen”) come to 2.410M which is still short of a majority by either definition.

And then is there’s the proposal to convert current debt to equity. If that came about, Ross Morrison becomes the largest shareholder with over a million of what would become a total of more than 6 million. So is he among this group?

You would have to think RM is better to be involved in any takeover (back controlling events), as opposed to being exposed to whatever Administration offered. 

Edited October 18, 2024 by big cherly

[+Northern_jaggie]

14 minutes ago, big cherly said:

You would have to think he is better to be involved in any takeover (back controlling events), as opposed to being exposed to whatever Administration offered. 

This. Morrison has an interest in avoiding administration for sure.

[Scotty]

Press Release I just received: 

The Directors have signed a Notice of Intention to appoint Administrators to be filed at the Court. We envisage that the proposed Administrators will be appointed on Monday or Tuesday. A plan is in place to allow the club to continue to trade whilst efforts to secure a long-term future are explored.

 

ICTFC Board of Directors

[LisleRightPeg]

This sounds like an interesting consortium set up purely to avoid administration. I personally can’t see it being a good thing for the long term future of the club sadly. My concern is that Alan Savage would walk away from the club if this deal goes through 

[Pele_Is_God]

The press release was done before this consortium declared interest, I believe.