Probably one of the shareholders (I hazard the guess it's not AEHC).
ACL chairman forced to resign (11 Viewers)
- Thread starter SlowerThanPlatt
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Probably one of the shareholders (I hazard the guess it's not AEHC).
Yes, it would be in the shareholders agreement - or Joint Venture Agreement (JVA). The document sisu were not allowed to see before they put in their bid.
Grendel
Well-Known Member
He's hardly going to say is he?
Still it stops people like you believing they have any choice who to sell to.
Kingokings204
Well-Known Member
The question still remains why ask Robinson to leave? Surely his position becomes redundant when the take over of 100% is complete? (Not sure) I assume ACL as a business will not exist when wasps get all 100%.
It has become clearer now. The council and Higgs are fucking over the club but I can't help but think it's the owners who have their back up. The Ricoh has been up for sale since day 1 and to any other owners in most part anyway would of got it. All as bad as each other.
I hope there is a twist in the tale still but looks all but over. I don't understand how we get ourselves out of this mess of we don't get 50%. (Please no one say a new stadium)
It has become clearer now. The council and Higgs are fucking over the club but I can't help but think it's the owners who have their back up. The Ricoh has been up for sale since day 1 and to any other owners in most part anyway would of got it. All as bad as each other.
I hope there is a twist in the tale still but looks all but over. I don't understand how we get ourselves out of this mess of we don't get 50%. (Please no one say a new stadium)
letsallsingtogether
Well-Known Member
Grendel
Well-Known Member
You've answered your own question.
100% was agreed on day one - only a blind man would have not seen it. Astute still says they own 50%!
Transfer will happen this week and I assume a new board has all biit been appointed.
ACL will most likely continue as the business it is only the ownership change. ACL will become part of the Wasps group just as it would become a company under SBS&L if sisu had bought it.
Replacing the chairman - and probably all directors - is common when a company gets a new owner.
AFCCOVENTRY
Well-Known Member
Sisu failed over the last how ever many years in purchasing the Higgs shares. Instead they acted as incompetent and untrustworthy business people.
They missed the boat. Do I feel sorry for them?...no
Do I feel ccfc as a club have missed out?...yes
Sisu have put us in a terrible situation out of their own greed and childish petulance.
They missed the boat. Do I feel sorry for them?...no
Do I feel ccfc as a club have missed out?...yes
Sisu have put us in a terrible situation out of their own greed and childish petulance.
Rusty Trombone
Well-Known Member
Grendel
Well-Known Member
It's the council sale that has forced the issue and we now know under the terms of the shareholder agreement the council would almost certainly have blocked a sale.
Grendel
Well-Known Member
They can't sell to anyone else can they?
torchomatic
Well-Known Member
Nah, with the hypocrites on here - they're not hard to find - there are hedge funds and there are hedge funds.
bigfatronssba
Well-Known Member
We almost now certainly know that the council would have sold to anyone capable of responsible negotiation.
I don't agree with the sale to Wasps, but you and your ilk have encouraged this.
Rusty Trombone
Well-Known Member
They did not have to sell.
If they did not want Wasps to buy from the Council they could have used their veto.
The Lurker
Well-Known Member
and there are hedge funds who have fucked our club up. not hypocritical, im more bothered about sisu and what theyve done to this club of ours then a hedge fund who have fuck all to do with us and basically showed our glorious owners how its done to buy a stadium.
torchomatic
Well-Known Member
There you go again, complaining about a stadium being "far out of town". Yet, you agree and support Wasps and their owners despite moving their club 85 miles "out of town". You're a fucking hypocrite.
torchomatic
Well-Known Member
Unbelievable, isn't he? How many times did we hear his "tale of woe" as CCFC were in Northampton and he felt "disconnected".
torchomatic
Well-Known Member
And some of the fucking idiots - no, I haven't forgotten who you are - were even sharing templates and writing begging letters to the Council asking them NOT to sell to the stadium to the club they support.
Grendel
Well-Known Member
Of course.
Then I'm sure a few behind closed doors conversations would have taken place.
If you genuinely believe that you are beyond help I'm afraid.
torchomatic
Well-Known Member
And so have "you and your ilk" by crying and beating their breasts begging the council NOT to sell to the football club.
letsallsingtogether
Well-Known Member
Coming from the man who with his mates were happy for City to play in Northampton for 4 years and then move out of the City away from the monstrous white Elephant in Coventry. That was worthless because no one else wanted it.
So because Sisu plan didn't work it is now blame everyone else.
Don't get me wrong didn't want Wasps here but just like the rest of the shit that has happened had no say in it.
It is a shame that our owners never got the fans on there side as things would have been different, Funny but hey they soon came running to us to help them when they realised they had fucked up, asked us for help and advise and still ignored everything we told them.
torchomatic
Well-Known Member
Ah, so the 2003 agreement is worthless then? Wasps will get full control and CCFC is well and truly fucked. I wonder if people will be still be bleating about the "poor children's charity" getting LESS money for their shares.
torchomatic
Well-Known Member
No, I wasn't HAPPY and never said I was - more bullshit from "let's all sing together" - always makes me laugh that. I was PREPARED to watch my team for four years though. There's a big difference.
Wait for the next set of accounts to be released....
Astute
Well-Known Member
Cut the crap out for once.
Yes wasps do own 50%. Even you can't twist this. And we all know why this has ended up happening. And you backed SISU all the way with the methods that they used. You even tried to make out that SISU lost the JR on purpose.
olderskyblue
Well-Known Member
Bloody hell Torch, you really have hit rock bottom. What an idiotic and crass thing to say
Rusty Trombone
Well-Known Member
What would be said in these conversations?
There is nothing at all to support your conspiracy theory that Higgs are being forced to sell against their wishes.
Astute
Well-Known Member
Everything seems to be getting in place so some can blame CCC and Higgs for what is happening and to make SISU look the innocent party in it all by a few.
SISU have fucked up. CCC have fucked up. And if Higgs end up selling to Wasps they will have fucked up as well. Thanks Joy. Hope you enjoy church on Sunday.
letsallsingtogether
Well-Known Member
Fuck me I am full of Bullshit read your posts.
You are still defending them, and blaming everyone else.
Higgs at fault
CCC at fault
Fans at fault
Wasps at fault
But poor old Sisu have been stitched up.
covcity4life
Well-Known Member
corrupt council
oldskyblue58
CCFC Finance Director
As far as I can see there are 8 ACL directors still registered at Companies House. The latest being Nick Eastwood. It would seem to me that the resolution was needed because there could be a 4:4 split on board decisions and therefore stalemate. Wasps even if they only have 50% will be the driving commercial force from here on in at the Ricoh - whether that's good or bad I do not know - but it would make sense for them in that context to have the deciding vote. Even if CCFC got 50% (I do not think they will) then it makes sense for one side or other to have the final say you need to amend the company articles to do that.
Do we know who the chairman is now?
Has a chairperson been appointed?
Why are Council officers still listed as directors?
If the loan has moved as claimed by some why are the mortgages charges unaltered?
There is a JV agreement between the stakeholders which clearly must sit above the option that CCFC Ltd have because the JV agreement gives the other stakeholder the right to approve or reject any incoming shareholder. The JV agreement is an ACL document and forms part of its records - at least that's my understanding. The JV not the directors governs the sale.
As far as the Charity decision goes ...... first off the Charity has taken a decision to sell and have received an offer from Wasps they find acceptable. They have a contract with CCFC Ltd that means they must inform CCFC Ltd that they have received an offer they find acceptable and give CCFC Ltd time to make their own bid. Presently they are in receipt of two bids. They have already assessed the unconditional bid from Wasps. The conditional bid from CCFC Ltd is being assessed. That assessment does not mean a group of lay people sitting round a table sipping coffee yeah I like this one because its Wasps or no because its CCFC. The bids will be examined by the Trustees but also by accountants and specialist lawyers who will advise the Charity which bid is better and for instance what complies with Charity Laws & duties. So you could very easily have CCFC Ltd bidding more than 2.77m but the whole bid being unacceptable to AEHC for sound commercial and Charity Law reasons - ie not because "we don't like them" For similar reasons AEHC can not accept the CCFC bid simply because they are fans if the Wasps bid is better for the Charity
I think that we as fans want what is best for our club quite rightly. BUT the decision in this for AEHC has nothing to do with what is best for CCFC only what is best for AEHC and its charitable aims. If or when they reject the CCFC offer then they must do so on the basis that the Wasps bid is better for the AEHC and its charitable aims.
We do not know the detail of either bid
we do not know which bid is bigger or the terms
we do not know what the conditions are that SISU have imposed
do any of the conditions imposed mean that the AEHC can not actually meet those conditions
we do not even know which SISU company has bid for the 50%
Are there any legal challenges involved
we do not know who now owns the shares in CCFC Ltd, it used to be CCFC H Ltd but that has ceased to exist
Does the liquidator control the option, or does SBS&L because in 2008 it was transferred in to those accounts and included at £1m, or do Otium claim it as part of what they purchased in 2013
Can the option be transferred at all without the AEHC permission
What ever happens this week I think there are going to be legal challenges to whatever the decision is........ situation normal ?
Do we know who the chairman is now?
Has a chairperson been appointed?
Why are Council officers still listed as directors?
If the loan has moved as claimed by some why are the mortgages charges unaltered?
There is a JV agreement between the stakeholders which clearly must sit above the option that CCFC Ltd have because the JV agreement gives the other stakeholder the right to approve or reject any incoming shareholder. The JV agreement is an ACL document and forms part of its records - at least that's my understanding. The JV not the directors governs the sale.
As far as the Charity decision goes ...... first off the Charity has taken a decision to sell and have received an offer from Wasps they find acceptable. They have a contract with CCFC Ltd that means they must inform CCFC Ltd that they have received an offer they find acceptable and give CCFC Ltd time to make their own bid. Presently they are in receipt of two bids. They have already assessed the unconditional bid from Wasps. The conditional bid from CCFC Ltd is being assessed. That assessment does not mean a group of lay people sitting round a table sipping coffee yeah I like this one because its Wasps or no because its CCFC. The bids will be examined by the Trustees but also by accountants and specialist lawyers who will advise the Charity which bid is better and for instance what complies with Charity Laws & duties. So you could very easily have CCFC Ltd bidding more than 2.77m but the whole bid being unacceptable to AEHC for sound commercial and Charity Law reasons - ie not because "we don't like them" For similar reasons AEHC can not accept the CCFC bid simply because they are fans if the Wasps bid is better for the Charity
I think that we as fans want what is best for our club quite rightly. BUT the decision in this for AEHC has nothing to do with what is best for CCFC only what is best for AEHC and its charitable aims. If or when they reject the CCFC offer then they must do so on the basis that the Wasps bid is better for the AEHC and its charitable aims.
We do not know the detail of either bid
we do not know which bid is bigger or the terms
we do not know what the conditions are that SISU have imposed
do any of the conditions imposed mean that the AEHC can not actually meet those conditions
we do not even know which SISU company has bid for the 50%
Are there any legal challenges involved
we do not know who now owns the shares in CCFC Ltd, it used to be CCFC H Ltd but that has ceased to exist
Does the liquidator control the option, or does SBS&L because in 2008 it was transferred in to those accounts and included at £1m, or do Otium claim it as part of what they purchased in 2013
Can the option be transferred at all without the AEHC permission
What ever happens this week I think there are going to be legal challenges to whatever the decision is........ situation normal ?
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torchomatic
Well-Known Member
torchomatic
Well-Known Member
I don't think so. Go back and read their silly little threads and letters to the council begging them to block any chance of the club THEY support getting a slice of the stadium which was built for the club. That is rock bottom.
torchomatic
Well-Known Member
Yep, they have all fucked up. Now CCFC will NEVER get any part of the Ricoh. Never.
I'm beginning to think a new stadium IS the way forward.
I'm beginning to think a new stadium IS the way forward.
Astute
Well-Known Member
And I suppose SISU have acted in our clubs best interests :facepalm:
It all comes down to cause and subsequent actions. Yes the subsequent actions are shit for our club and shit for us fans. But what was the cause all the way through this?