We know they haven't been consulted

NEP 12/6/09

quote:

The family of Haydn Green – whose investment of more than £3.2m in 2003 preserved the future of the club – has today issued a statement.
The family is upset at speculation that Green, who died in May 2007, would have approved of the takeover bid from Munto Finance or the potential 'gifting' of the Trust's shareholding – of which he funded the purchase – to the group.
"It was the desire of Haydn Green for Notts County to operate on a cash in, cash out basis," said the statement.
"The reason for this philosophy was the significant financial sacrifice Haydn made in his lifetime, following previous financial gambles by others.
"The Estate of Haydn Green intends to protect the future of NCFC for future generations of supporters. Haydn provided a home for the club and we intend to preserve this.
"Sadly, it is impossible to say whether Haydn would have approved of any bid for the club. We can confirm that in respect of the current bid, we have had no discussions with the club, the Trust or any representative from Munto."
The estate own the long-term lease, from the City Council, for the land on which the Meadow Lane stadium is built.
They are not thought to be against the takeover, but are upset at not being consulted.

What purpose actually would have been served by consulting the family anyway.

Who do you consult, all of them, some of them?

Hadyn Green facilitated the Trust being able to own more shares not the family.

What if, it was part of the deal that no one outside the Trust board and club board were to know about the deal?

That would have excluded any consultation what so ever.

Having examined the information booklet sent to Trust members and followed the online discussions here and in other places, I am now fast approaching the point at which I must decide how to vote. Unfortunately the Forum planned for June 24th has been scheduled too late to influence my vote as I cannot attend and it allows insufficient time to be confident that the Royal Mail will deliver before the deadline.

I find that Munto’s requirements have been clearly explained, in that they are asking Trust members to transfer all the shares controlled by the Trust to Munto without payment, and to write off all Trust loans to Blenheim 1862 Ltd. – the club. They explain that they want to invest available funds in the club rather than repay debt.

What they are offering is less clear, which in itself is not unreasonable as I can understand their reluctance to share their detailed business plans with competitors, the likely outcome by sharing it with the wider Trust membership. Munto have explained their intention to invest in conferencing and banqueting facilities at Meadow Lane, and in the players, coaching staff and development of players with the ambition to be playing in the Championship in four to five years.

Whilst I am not personally convinced that Meadow Lane is well situated to exploit the conferencing / banqueting sector, I am aware that there is a market for the right facilities at the right price. This is the only sustainable business model that anyone has ever proposed and Munto might be able to run it profitably.

We are therefore being asked to give away our ownership of the club in the hope that the new owners will run the business effectively, provide a better quality of football than has been available since before we went into administration.

My decision therefore rests on whether I believe that Munto are likely to provide a better quality of football over an extended period. It doesn’t matter to me whether they make money, other than that appears to be an enabler of the improvements on the field. This decision can only be taken once, so we need to get it right.

The key questions appear to be: who are Munto; is their offer of substance; are they likely to deliver on the elements that are important to me.

Ownership of Munto has been deliberately structured to ensure that it is not transparent. Whilst this is not in itself a reason to refuse the offer, it does not offer assurance. Peter Willett and Peter Trembling have been identified as representatives of Munto. Both appear to have relevant business experience, and Peter Trembling appears to have the right background to be an effective Chief Executive. As there has been no positive response to repeated requests to identify the individuals behind Munto, I do not expect any more information to be forthcoming before the vote.

I am therefore dependent on the Club and Trust Boards to convince me that the offer is of substance. Unfortunately neither has a consistent record of good judgement and reliability. Whilst the Club Board state that they have undertaken due diligence, they do not appear to have engaged qualified, independent, professional advice. The Trust Board also do not appear to have sought qualified, independent, professional advice. This is inconsistent with their recent behaviour. The Information Booklet is poorly presented, contains inconsistencies and little new information beyond that previously published.

I am also concerned at the way this offer has been structured to avoid repaying Haydn Green’s estate for the loan to purchase shares in the club, as was clearly explained to members at the time and as understood by members of the then Trust Board. Then the artificial separation of this vote and the vote on the Trust’s future, apparently to avoid the higher majority required to close the Trust(which is the probable outcome should this offer be accepted). Such practice does not encourage confidence in those making such arrangements.

At present I am minded to vote against both parts of the offer because the Boards have failed to convince me that this is the right offer. I am in no doubt that it is time to move on from Trust ownership but the case to support this particular change is unproven.

I do have concerns whether I am rejecting this offer for the right reasons, which come down to the incompetence of the Club & Trust Boards in presenting the offer to members. That Munto have not taken a more active role also casts doubts upon them. I am also trying to put aside those contributors to this & other forums who are attempting to force this matter through without consideration of the facts, resorting to intimidation and threats.

What would help persuade me to support the offer? Greater transparency behind the ownership of Munto. Independent, qualified verification that the offer and Munto have substance (the due diligence). Confirmation from the other shareholders that they are gifting their shares to Munto – personal loans are a separate matter, as the Information Booklet is unclear & it would show them supporting their words with action. Resolving the matter of the loan to acquire additional shares in a way that shows respect to Mr. Green and his significant contribution to saving our club.

Not all of these are likely or, perhaps, possible but movement in some areas would help.


Simon

Or more realistically the Club and Trust Boards are misleading the supporters in order to avoid paying the estate of our greatest ever benefactor.

Members of the Al Thani family (as in the Qatar Al Thani royal family) who are behind this takeover and deal in billions, would find your remarks derisory Stuart.


SIMON,

All I can do is urge you to speak to JAH. I had a query over the proposed failed vote to unseat him sometime ago. He didn't know who I was but returned my call when he was able to do so.

I put to him then some pretty robust questions which he answered to my full satisfaction.

I have absolutely no doubt that if JAH and the fellow club directors say this is the right thing for the club to do then I believe them.

Simon,

I would also add that you do not make your final decision until the Q and A from Wednesday appears on here, which I hope it will on Thursday.


This will give you time to send your vote in for it to arrive on Monday. (Assuming you are in the UK)

Magpie64 did you take into account that he is a compulsive liar ?

May I reaffirm Simon Bird's last post, the points made which I entirely agree with.
Magpie 64 - do you have undoubted proof that the Al-Thani family are behind the bid? If they deal in billions, an equitable settlement to Mr Green's estate should have been agreed long before all of this. Please reassure us as to where you received the information that the Al Thani are supporting this?

This message has been edited. Last edited by: waittwatcher,

Magpie64

I am interested that you believe that the Al Thani family are involved in Munto as there has been no suggestion in any official communication that they are. Peter Willett acts as Client Representative for them but there is no suggestion that he is doing so in this instance.

If they were behind the bid and willing to be publicly associated with it, I'd have expected that to have been confirmed in response to repeated requests for information about those behind Munto. If they were not willing to be publicly associated with the bid, Peter Willett's link would not have been publicised.

I believe that my questions are worthy of a formal response in this forum. They are reasonable given what is being asked of Trust members. A private conversation with JAH is not appropriate for a matter of this importance.

& to provide a rough timeline, I will not have chance to read any Q&A until Thursday evening with Friday morning the first opportunity for posting. The record of the Royal Mail in delivering to Nottingham from this part of London would suggest it probably would arrive in time. For something of this importance that isn't good enough.

Simon

You'd have thought the sensible way to organise proceedings would be to make an announcement, consult with the members, have a public meeting and the have a vote.