Offers for the club - would this ever filter down to members?

[SaintJames]

On the Exeter city website the trust only own 53.9% of the club!

I believe this is incorrect but someone within the club can confirm. I think we are mid 60's perecentage with I thought an expecttion of that rising?

 

[SaintJames]

We are doing alright (probably the best in our entire history) because we are a trust run club, not despite that fact. We own our football club but as Dr Dave points out we don't actually own very much in the way of genuine assets.
Any individual wanting to buy Exeter City would be onto a loser from the start.

Many clubs dont own their training facilities and a number don't own their ground. Property development isn't the primary motivation for owning a football club in the vast majority of cases. Notwithstanding that I agree with your first two lines completely!

 

[geoffwp]

We are doing alright (probably the best in our entire history) because we are a trust run club, not despite that fact.

This says it all for me.

 

[gilbertshoot]

Relocate up North perhaps?

Tivvy?!!!

 

[Colesman Ballz]

I believe this is incorrect but someone within the club can confirm. I think we are mid 60's perecentage with I thought an expecttion of that rising?

Au contraire, I believe that you are wrong. Iirc there was a misconception over the shares purchased from Ivor when the Trust stepped in. There was a mix of two types of shares, some with voting rights, and others without. The former numbered just above 50 %. In recent times an odd share or two were donated to the Trust, but the only substantial movement of shares was when Gino Vecce decided to retire back to the Med and asked Ivor Doble to buy his holding which represented between 5-6%. The Club Board approved this transfer, and personally I was perplexed that the Trust Directors on the Club Board approved this, rather than seizing the opportunity for the Trust to purchase them instead, given the Trust's long standing stated objective to reach 75% + one share ownership.

 

[Super Ronnie Jepson]

Au contraire, I believe that you are wrong. Iirc there was a misconception over the shares purchased from Ivor when the Trust stepped in. There was a mix of two types of shares, some with voting rights, and others without. The former numbered just above 50 %. In recent times an odd share or two were donated to the Trust, but the only substantial movement of shares was when Gino Vecce decided to retire back to the Med and asked Ivor Doble to buy his holding which represented between 5-6%. The Club Board approved this transfer, and personally I was perplexed that the Trust Directors on the Club Board approved this, rather than seizing the opportunity for the Trust to purchase them instead, given the Trust's long standing stated objective to reach 75% + one share ownership.

I wonder what happened to them since Ivor is no longer with us?

 

[SaintJames]

Au contraire, I believe that you are wrong. Iirc there was a misconception over the shares purchased from Ivor when the Trust stepped in. There was a mix of two types of shares, some with voting rights, and others without. The former numbered just above 50 %. In recent times an odd share or two were donated to the Trust, but the only substantial movement of shares was when Gino Vecce decided to retire back to the Med and asked Ivor Doble to buy his holding which represented between 5-6%. The Club Board approved this transfer, and personally I was perplexed that the Trust Directors on the Club Board approved this, rather than seizing the opportunity for the Trust to purchase them instead, given the Trust's long standing stated objective to reach 75% + one share ownership.

I thought from reading these esteemed boards that the suspense account had been cleaned up meaning that the lost or untraceable shares were now the property of the Trust

 

[Colesman Ballz]

I wonder what happened to them since Ivor is no longer with us?

Could still be in Probate possibly ?

 

[Super Ronnie Jepson]

Tongue in cheek I assmue, but the Trust are not allowed to do this.

Trust Rules:

5. Application of Profits or Surpluses

The profits or surpluses of the Trust are not to be distributed either directly or indirectly in any way whatsoever among Members but shall be applied:
5.1. on expenditure to achieve the Trust’s objects;
5.2. to maintain prudent reserves.

If the Trust was to be wound up then

118.

If on the winding up or dissolution of the Trust there remains, after the satisfaction of all its debts and liabilities, any property whatsoever the same is to be transferred to:
118.1. a sporting charity or sporting charities operating in the local area; and/or
118.2. one or more societies established for the benefit of the community operating in local the area; and/or
118.3. one or more societies established for the benefit of the community in each case as determined by the Members at a meeting called to decide the issue. Nothing belonging to the Trust shall be transferred to any other society unless that society has in its rules a rule substantially in the terms of this Rule.

I would hope that the Trust would not be wound up and that it would continue and maybe repurchase a shareholding at a later date. However, realistically I can only see the membership decreasing in those circumstances.

I wonder if part of the reason no investors come sniffing round is is because of the stability brought about since Trust ownership. From the outside looking in you're going to assume you have no chance of being able to purchase us, Shirley?

 

[Colesman Ballz]

I thought from reading these esteemed boards that the suspense account had been cleaned up meaning that the lost or untraceable shares were now the property of the Trust

If the suspense account has been cleaned up, surely any non traceable holdings would have reverted to the Club itself not the Trust ?