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

[+snorbens_caleyman]

His lapel badge is a clue - it's Spurs.

[Scotty]

6 minutes ago, snorbens_caleyman said:

His lapel badge is a clue - it's Spurs.

thought that too ... it was the tie that threw me off but the stadium looks right on google. Big screen on the profile looks like it is for some corporate event as those are not players who are shown but photo not so hi-res that you can zoom in. However, that's enough time wasted on this rabbit hole for me. Just NO Facebook, NO. 

[Scotty]

I went down the rabbit hole didn't I !!! 

https://seventy7.ventures/seventy7-ventures-appointed-as-capital-and-business-advisors-to-ldg-group

https://www.linkedin.com/in/scot-gardiner-ab659847/?originalSubdomain=uk

https://seventy7sports.com/

and my personal favourite page: https://seventy7sports.com/client-portfolio

[IBM]

1 hour ago, Scotty said:

ehhh, Facebook ... just NO !!! 

 

Well I am trying to think who his 5 friends might be 

[The Mantis]

10 minutes ago, IBM said:

Well I am trying to think who his 5 friends might be 

The 5 fingers on his right hand. 

[+DoofersDad]

1 hour ago, The Mantis said:

The 5 fingers on his right hand. 

I hope not.  Not if they are 5 mutual friends of Scotty!

[Scotty]

29 minutes ago, DoofersDad said:

I hope not.  Not if they are 5 mutual friends of Scotty!

Lol. All people associated with the club in some way as supporters, former players or journalists (not CB). Assuming they just have not unfriended him yet. 

[Charles Bannerman]

Alan Savage gave a talk to this morning’s Inverness Football Memories group (where Danny Devine also gave an excellent inside account of the Scottish Cup win 10 years ago).

Alan’s talk was both autobiographical, as well as informative in terms of progress on administration. It seems that all conceivable obstacles are on the point of resolution and it’s highly likely that he will be owner by June 6th. He also gave an insight into possible money making initiatives (whilst strongly emphasising the need to concentrate on football) as well as several cost cutting possibilities such as low energy floodlights.

 The autobiographical part was also rather interesting, highlighting his origins effectively as a technician in the Manchester area before relocating North after a “temporary” assignment to oversee equipment at Ardersier. Orion followed on from that, helped by a range of breaks such as staff becoming surplus at McDermotts and in need of re-employment, to an unexpected windfall from a contract near Singapore.

Edited May 30 by Charles Bannerman

[CELTIC1CALEY3]

From Companies House today - Resolution of Allotment of Securities - document to follow. 

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

[CaleyTennis85]

Has the fact we've not heard anything about the cva meeting being moved a good thing would you guys say ?

I'm just desperate for this saga to end hence asking the question .

[Scotty]

Press conference tomorrow - just received a note from the club:

"Mr James Stephen from BDO and Mr Alan Savage will be hosting a press conference in person at the Caledonian Stadium at 4.30pm tomorrow"

Also have it in my calendar that there is an online call for shareholders (or should that now be ex-shareholders) at 2pm. 

 

[IBM]

59 minutes ago, Scotty said:

Press conference tomorrow - just received a note from the club:

"Mr James Stephen from BDO and Mr Alan Savage will be hosting a press conference in person at the Caledonian Stadium at 4.30pm tomorrow"

Also have it in my calendar that there is an online call for shareholders (or should that now be ex-shareholders) at 2pm. 

 

That’s good news. I hope it’s the start of rebuilding the club and we get our invite to purchase our season tickets. 

[ictchris]

Press conference is soley to announce return of Lionel Nessi.  Nothing else will be discussed.

[+snorbens_caleyman]

Interesting that yesterday's Companies House filing is simply documentation of the 2023 AGM resolutions empowering the directors to create new shares (to "allot shares").

Is this

a) filing something that should have been filed two years ago?

b) indicative of a plan to issue more shares to Savage?  (which would dilute the value (what value?) of each share, unless more security (what security?) was converted into shares)

c) a & b?

d) demonstrating my ignorance of business practices? 

[Scotty]

for me its option e. 

e) not got a feckin clue

 

[Yngwie]

8 minutes ago, snorbens_caleyman said:

Interesting that yesterday's Companies House filing is simply documentation of the 2023 AGM resolutions empowering the directors to create new shares (to "allot shares").

Is this

a) filing something that should have been filed two years ago?

b) indicative of a plan to issue more shares to Savage?  (which would dilute the value (what value?) of each share, unless more security (what security?) was converted into shares)

c) a & b?

d) demonstrating my ignorance of business practices? 

Definitely a) and likely b) and c). Not d)!

[Scotty]

https://www.inverness-courier.co.uk/sport/savage-confident-ahead-of-key-date-in-caley-jags-administrat-383917/

 

 

 

[The Mantis]

1 hour ago, Scotty said:

for me its option e. 

e) not got a feckin clue

 

Reminds me of the famous David Francey quote and the Spanish footballer...

[+CaleyD]

11 hours ago, snorbens_caleyman said:

Interesting that yesterday's Companies House filing is simply documentation of the 2023 AGM resolutions empowering the directors to create new shares (to "allot shares").

Is this

a) filing something that should have been filed two years ago?

b) indicative of a plan to issue more shares to Savage?  (which would dilute the value (what value?) of each share, unless more security (what security?) was converted into shares)

c) a & b?

d) demonstrating my ignorance of business practices? 

It's a) - I raised this question when it became known that Ross Morrison had put securities in place as the previous resolution allowing it had expired.  This is the administrator doing further tidying up of the records/filings.

What it does mean is that those securities were/are likely 'legit', as shareholders had given permission for them to happen at the AGM.

That also means he won't be included in the CVA, so any fear anyone had that he could sink that process are removed... although from what we've been told, it seems he's already agreed to forego his rights to repayment, regardless.

[Kind of Blue]

Oh well today is the day that we hopefully get approval to come out of Administration. Let’s hope that’s there’s not any last minute hitches.

 

[Scotty]

7 hours ago, CaleyD said:

It's a) - I raised this question when it became known that Ross Morrison had put securities in place as the previous resolution allowing it had expired.  This is the administrator doing further tidying up of the records/filings.

What it does mean is that those securities were/are likely 'legit', as shareholders had given permission for them to happen at the AGM.

That also means he won't be included in the CVA, so any fear anyone had that he could sink that process are removed... although from what we've been told, it seems he's already agreed to forego his rights to repayment, regardless.

Going by the document dated 19th May, circulated to (ex-)shareholders, and to be approved today, RM does indeed lay claim to £0.00 in relation to both the floating charge and the 'pledge over shares held by borrower'. Thats a pretty hefty concession and while he has been vilified over the last year, I stick by my original opinion which is that he was a supporter first and chairman second. He was one of few who had money, and is guilty of putting his trust, and extreme loyalty in, someone who was unable to deliver on the promises made rather than anything else. He definitely deserves criticism for that, but it also cost him £1.65m     

Lots of stuff in the document, much of it positive, and much of it also showing how much Alan Savage has done (and ploughed into the club) since October. It also shows how apart from Ross Morrison, other directors have also written off debts and loans that in the end totalled somewhere in the region of £3.5m. These write-offs allow a higher proposed dividend for unsecured creditors which is better than they perhaps anticipated. Not going to post the full document given that various meetings take place today, and the press conference takes place later this afternoon. 

 All-in-all, from a personal point of view, I thank Ross for what he did and what he has done in relation to the loans and really thank Alan Savage for what he has done until now and appears to be willing to do for the foreseeable. It is clear from the document that without AS and his money since October (and RM not insisting on payments) this is a liquidation event not administration. 

 

Just re-read the document and the timeline for today is clearer. 

• 11:30 AM - Creditors Meeting
• 2:00 PM - Shareholders / Members meeting
• 3:30 PM - Press conference has been brought forward 1 hour from 4:30 PM/. 

 

edited to add: got my link to join the 2pm meeting so will report back afterwards

[Scotty]

1 hour ago, Scotty said:

• 11:30 AM - Creditors Meeting
• 2:00 PM - Shareholders / Members meeting
• 3:30 PM - Press conference has been brought forward 1 hour from 4:30 PM/. 

Apparently the first meeting was met with 100% agreement as was the second. No surprises there. 

Press conference later this afternoon which will no doubt put more detail into this, but it is looking like we will be free of all restrictions placed on us and free to operate as a normal business immediately. Crucially that means the club can sign players and look to build the squad ahead of the 2025/26 season. BDO looking to get everything wrapped up in the next 28 days or so. 

 

[AndyC]

The 2pm meeting was a bit strange tbh - the letter I received implied it was to review and hold a vote (I didn't send back the proxy form that was with the letter), but there was actually nothing to really review or discuss. Given I'm no longer technically a shareholder, I guess I didn't actually have a vote anymore anyway!  

 

But as Scotty says, we seem to free to proceed - look forward to hearing more about it. And then someone can maybe ask what the plan is to pay off the whopping administrator's bill when we're already short on money? 

[Scotty]

9 minutes ago, AndyC said:

someone can maybe ask what the plan is to pay off the whopping administrator's bill when we're already short on money? 

Bill was close to £600K of which they appear to be seeking £325K in total. It's a high number but based on reading the document it does sound like our fractured structure was very complicated to unravel so presumably this is all warranted. 300K seems to be the fees for administration itself and the 25K seems to be for the period from now until everything is wrapped up. Thats a capped fee so will not exceed £25K. 

Reading the CVA document it said that the funding provided by AS would not only pay the preferential and secondary preferential creditors as well as unsecured creditors, but it noted: "The funding will also enable the costs and expenses of the Joint Administrators (so far as they are unpaid), unpaid legal fees, and those of the Joint Supervisors to be settled". 

Basically, AS is footing the bill for administration and the wrap-up period as part of his current and additional funding put into the club. There may be nuances in there, or maybe I misunderstand some things (?) but bottom line is that if AS is happy with the numbers then I think we can be also since he is the one opening the wallet ! 

I just look forward to seeing this footer on the club website being removed

[Scotty]

32 minutes ago, AndyC said:

Given I'm no longer technically a shareholder, I guess I didn't actually have a vote anymore anyway!  

I think we technically are until the CVA is activated. I wondered about the same thing. I guess this is why it was a pretty tame Teams call.

The Administrator made it clear that all proxies already received were 100% in favour (unsurprisingly) and I would assume some of those were heavy hitters ... my measly 250 shares was not going to - nor would I have wanted to - derail the process. I was there partially out of nosiness at the end of the process and also because this was likely my last act / meeting as a shareholder of ICTFC.