New beginnings - 25% Truth, 80% Bollocks

[JoeMezz]

What’s to stop Clem selling his shares and letting the buyer sort out the riff raff

I think because Kiely is a part shareholder, the value that Clem “sells” his shares to someone for will also be offered to Kiely with Kiely getting first dibs. So Clem can’t get out cheaply as then it hands all power over to Kiely. It’s basically how Clem stung Lee Power

[ThreeDrawsMentality]

I think because Kiely is a part shareholder, the value that Clem “sells” his shares to someone for will also be offered to Kiely with Kiely getting first dibs. So Clem can’t get out cheaply as then it hands all power over to Kiely. It’s basically how Clem stung Lee Power

I feel this is partly the reason why Clem is valuing the club way higher than it's truly worth. Try and out-price Kielys affordability.

[Broadbents Tackle]

I think because Kiely is a part shareholder, the value that Clem “sells” his shares to someone for will also be offered to Kiely with Kiely getting first dibs. So Clem can’t get out cheaply as then it hands all power over to Kiely. It’s basically how Clem stung Lee Power

I think it depends what is written in the Article of Association. I'd be surprised if the same clause is in there given what happened before, although that was something of a unique situation with Power trying to pull a fast one.

I feel this is partly the reason why Clem is valuing the club way higher than it's truly worth. Try and out-price Kielys affordability.

More likely he thinks he deserves some profit for his time, beyond what he's put into the club. People do this all the time when trying to sell businesses, before the hard reality that is doesn't work like that hits them. A huge reduction is revenue might force this kind of re-evaluation.

[ThreeDrawsMentality]

I think it depends what is written in the Article of Association. I'd be surprised if the same clause is in there given what happened before, although that was something of a unique situation with Power trying to pull a fast one.

More likely he thinks he deserves some profit for his time, beyond what he's put into the club. People do this all the time when trying to sell businesses, before the hard reality that is doesn't work like that hits them. A huge reduction is revenue might force this kind of re-evaluation.

I'm sure the latest Articles or Association confirm Pre-Emption rights exist. Asked this question once on a Clem Q and A, can't recall which one, and he stated he didn't know if he existed, would take away and confirm. Alas, nothing ever was confirmed.

[robin_hood]

In January I submitted a question for the advisory board. Can't see that it's ever been included or answered:

'In the September advisory board notes, the question was asked: “Do the Kiely and Parladorio shares hold pre-emption rights that have the ability to block, force or influence any potential sale of the Club?” The answer given was “it is understood that this is a no, however Clem is going to confirm this, and a further update will be given at the next meeting”. I can see no answer to this question in the October, November or December Advisory Board notes. Please tell us: do the Kiely and Parladorio shares hold pre-emption rights that have the ability to block, force or influence any potential sale of the Club?'

[BenTheRed]

it's strange if Clem wants out and has to inflate his asking price to make sure Kiely doesn't do the pre-emptive rights thing. If clem gets out, and gets the money then why does he care who owns the club. So, I assume there's a whole bunch of bad blood around and it's not happy families? no shock. And do we think there's a whole bunch of side deals that make selling up more tricky?

There's a real culture at the club around 'not caring' it's coming from the top with the admin errors and tricking down with releasing shoddy promo videos for the concert - imo the 'lack of care' culture is a real danger.

[RobertT]

Power stitched himself up - it was just that Zav (or his lawyer) spotted it.  While the terms were a bit vague, he tried to sell to himself (Curran) for a cheap deal.  He believed he had to offer Clem a few shares at the knockdown rate, but it would essentially transfer the legal ownership away from him and solve the Standing issue (to a degree), while Curran was clearly still in bed with Power.  He hadn't realised he had to offer every share to Clem at the same price.  Hence Zav getting a good kicking as a result, when the people hanging on around the club split into their factions.

What has materialised from all this, if nothing else concrete, is that plenty of people have been dipping into the running of the day to day business over the past 10 years, with no real oversight in place.  It continues today, that much is also clear.  Clem may moan about a Merc being on lease, or a catering deal he can't get out of, or a plot of land being leased to "wash cars", but have no doubts the next incumbents will be scratching their head at the finer print around the Karachi deal, or the Aus Kids Muck About Soccer Academy (I'm being unfair to that business), or the Recruitment consultants we are tied to etc.

[Frigby Daser]

In January I submitted a question for the advisory board. Can't see that it's ever been included or answered:

'In the September advisory board notes, the question was asked: “Do the Kiely and Parladorio shares hold pre-emption rights that have the ability to block, force or influence any potential sale of the Club?” The answer given was “it is understood that this is a no, however Clem is going to confirm this, and a further update will be given at the next meeting”. I can see no answer to this question in the October, November or December Advisory Board notes. Please tell us: do the Kiely and Parladorio shares hold pre-emption rights that have the ability to block, force or influence any potential sale of the Club?'

You are assuming that there is more than just a desperate handshake to evidence the "share sale".

[RobertT]

https://find-and-update.company-information.service.gov.uk/company/08462753/filing-history/MzM3MTQ4OTU1OGFkaXF6a2N4/document?format=pdf&download=0

Section 13

Swinton Reds 20 Ltd, which I think is the company holding the shares.

[robin_hood]

You are assuming that there is more than just a desperate handshake to evidence the "share sale".

You're probably right because the main thing we know about this lot is that they find admin a bit of a challenge.

But my assumption was that given the way in which Morfuni got his hands on the club, the question that was posed in September should have been pretty easy to answer.

[TailBetweenLegs]

Theres a lot of thinking and assumptions in this thread. Which is of course the biggest problem