New Investment Options

[Kmcalpin]

I've read the official statement. Going by the wording, I assume he'll stay on as a club Director? Maybe semantics but it doesn't say he's resigning from the Executive Board. 

[weeyin]

43 minutes ago, Kmcalpin said:

I've read the official statement. Going by the wording, I assume he'll stay on as a club Director? Maybe semantics but it doesn't say he's resigning from the Executive Board. 

It's not 100% clear, but I thought " I wish the new Club Chair and Board every success in what will be an exciting next chapter for the Club." suggested he was stepping away from the Board too.

[Spiderpig]

17 minutes ago, weeyin said:

It's not 100% clear, but I thought " I wish the new Club Chair and Board every success in what will be an exciting next chapter for the Club." suggested he was stepping away from the Board too.

Given his recent performance and the shit show that the Barmack offer turned into he should not have a choice, go and never darken the door again should be the response to him.

[joewarkfanclub]

I think its always best to remember someone for the good that they did rather than the occasions they let themselves down. So I thank Jim for his service to the club and wish him well for the future.

I do wonder though, given his parting words, whether he now regrets the way it ended......

"The overall effect of this operational and managerial professionalism has left the Club in a very stable financial position. The combination of income from future player sales and the additional growth and investment promised in the Well Society’s business plan, means the Club has never been in a better place."

[wunderwell]

1 hour ago, Kmcalpin said:

I've read the official statement. Going by the wording, I assume he'll stay on as a club Director? Maybe semantics but it doesn't say he's resigning from the Executive Board. 

01 Aug 2024

Termination of appointment of James Cairns Mcmahon as a director on 31 July 2024

[Villageman]

All we need now is the 2 Directors on the Board supposedly to enact the interests of the WS to follow.. It is my intention to raise this at the AGM wording along the lines of support for the takeover with or without the WS view. 

[Mad Dog]

4 hours ago, Spiderpig said:

Given his recent performance and the shit show that the Barmack offer turned into he should not have a choice, go and never darken the door again should be the response to him.

He's still a Well fan and did a lot of good for the club so he should always be welcome - just no longer in a professional capacity.

[Kmcalpin]

We should thank Jim for his years of service and he did some positive things. Its a pity that he made a wrong choice latterly, albeit it was a serious one. 

There have been some big personalities on the club board in recent years  but, they have now  moved on. Let's hope the new Board  when its appointed, can work on a more democratic and collective basis. 

[prideoflanarkshire]

Is there any update from the WS about any new investment coming into the club? 

3 months since the WS issued the plan and objectives and just wondering if there is any update?

[David]

12 hours ago, prideoflanarkshire said:

Is there any update from the WS about any new investment coming into the club? 

3 months since the WS issued the plan and objectives and just wondering if there is any update?

From my limited knowledge, the Society board has been diligently working at putting the plan into action. It's going to take time, mainly because the Society board all have full-time jobs of their own. 

[StAndrew7]

12 hours ago, prideoflanarkshire said:

Is there any update from the WS about any new investment coming into the club? 

3 months since the WS issued the plan and objectives and just wondering if there is any update?

There's been a couple of mentions in the WS update e-mails about the work that's been going on; engaging the different workstreams with fans and members to shape them a bit more (like investment/growth etc.)

But like @David says, this will take time - delivering a plan like this takes time and it's being done part time by the Board and the other members who are on the workstreams.

[steelboy]

Has anyone seen any details of the percentages involved in the Hearts investment offer?

Tony Bloom has a net worth of £1.3bn so it's a bit different from Erik who could only afford to put in £300,000 a year while taking out £500,000.

[StAndrew7]

Only information I've seen on that is the investment figure of £10m. It's following the same strategic investment model the WS have proposed; albeit for slightly more cash than we'd be after (understandably, Hearts are a bigger team etc.) although if someone offered it... 😅

[steelboy]

6 minutes ago, StAndrew7 said:

Only information I've seen on that is the investment figure of £10m. It's following the same strategic investment model the WS have proposed; albeit for slightly more cash than we'd be after (understandably, Hearts are a bigger team etc.) although if someone offered it... 😅

Aye the limited information makes me think there's going to be a catch. Although I think we can be certain that FoH won't be paying in an extra £9m for a reduced shareholding.....

The big question seems to be what percentage FoH will be left with. They have 75.1% at the moment and i suspect if the plan was to keep them above 50% that would already be public. 

 

 

[StAndrew7]

8 minutes ago, steelboy said:

Aye the limited information makes me think there's going to be a catch. Although I think we can be certain that FoH won't be paying in an extra £9m for a reduced shareholding.....

The big question seems to be what percentage FoH will be left with. They have 75.1% at the moment and i suspect if the plan was to keep them above 50% that would already be public. 

Aye, the articles I've seen say it'll be a minority stake Bloom receives, so you'd guess it won't be any more than 25% to make sure FoH has 50.1% remaining, although like you say it might be more.

The terms might be under NDA etc. until it goes to a vote? I would imagine he'll have his shit in a pile better than Barmarck did, alongside our terrifically astute Executive Board...

[steelboy]

35 minutes ago, StAndrew7 said:

 

The terms might be under NDA etc. until it goes to a vote? 

Maybe but unsurprisingly the £10m figure leaked leaked out to get the fans excited.

[stv]

1 hour ago, steelboy said:

Maybe but unsurprisingly the £10m figure leaked leaked out to get the fans excited.

Are you excited, I find it hard to tell sometimes 

[David]

5 hours ago, wellgirl said:

In a recent email they said that there would be some news re investment in October 

Which email was that?

[StAndrew7]

1 hour ago, wellgirl said:

I got it on the 7th of Sept 

*Puts on pedantry hat*

That email mentions an update regarding the Board co-option, not the investment:

The investment bit does mention there'll be further updates but doesn't give a month/timescale.

[David]

16 minutes ago, StAndrew7 said:

The investment bit does mention there'll be further updates but doesn't give a month/timescale.

Yes, that's not something that can really be constrained by a specific timescale. There are numerous variables involved in the investment process.

[StAndrew7]

41 minutes ago, wellgirl said:

That's from the email of the 13th of September. The one that talks about investment is the one that was sent out on the 7th

Got you, so it's in the plan from July rather than directly quoted in the email, apologies.

I would caution, (similarly to @David above) timescales for these types of negotiations, investments etc. aren't always set in stone.

There's potentially a lot happened since July that could impact on those timescales, I guess. A lot of which we won't have any idea about. For example, we still don't know the new Exec Board members from the WS/others etc. I'd suggest that's more important to sort out for the overall governance of the Club. That in place would give the solid base to start looking at strategic investments.

Hopefully there'll be some kind of update, but not sure I'd be expecting the first strategic partner to be announced.

[David]

It’s definitely something that is ongoing, that much is certain. However, there are many variables involved that will determine what is made public and when.

[italix]

At the AGM on 12th August WS board confirmed, when answering a question,  that while they were talking to some investors,  collectively the sums involved were not at the level of EB proposal.  

Would hope that progress has been made, but doubt very much it will be anywhere near the level fans would like. 

[EKWellfan91]

Hi Folks

Just recently joined the forum and noticed the above queries from fans and members and thought i would comment.

Although myself and others on the society board have been in dialogue with interested parties who have expressed interests in investing in the club in a variety of ways at different points , as David has mentioned these things do take at times a long time to get to a point where its something that we would discuss as a collective and bring to the membership for consideration. 

My first 3 weeks in truth have been an eye opener into the work that my colleagues on the board have been putting into their roles and they have ( in between the investment offer work) made monumental strides in delivering a society membership that we can be proud of.

You will have seen many of the team pounding the streets to promote this Fridays game and whilst some have been working hard on that in supporting the club, others have been refining our membership payment streams, our offering, our communications and dialoguing regularly with the club on a variety of issues amongst pulling together short lists for co-opting onto our society board and Exec board.  So much of this has been done in just the last 3 weeks since myself, Gavin, and martin joined and Derek was re-elected.

What i don't want to lose sight of is the enormous opportunity we have to significantly increase our own revenue streams within the society. a strong increased recurring revenue that can support the club will only make for a more attractive investment proposal and strengthen our negotiating power when it can be used to support the club.

Along with investment its key that we engage and grow our membership whilst encouraging junior steel members to step up to our adult offerings when the time is right to continue to grow our society to be the strongest it possibly can be.

If you are a society member i sincerely thank you for your support, and if you are not please do get enrolled Join Adult Membership - The Well Society  as myself and the rest of the board will work tirelessly to ensure we deliver an ownership model you can be proud of.

Should you have any questions/ ideas/suggestions please don't hesitate to reach out to me at greg.anderson@thewellsociety.uk  whilst Jay/Martin and Gavin will continue to keep you updated on our weekly progress and meetings through our newsletter and the website thewellsociety.uk 

 

Cheers folks and lets hope we get a result on Friday!

 

Greg

[EKWellfan91]

19 minutes ago, wellgirl said:

Is the first strategic partnership still going to be announced next month? 

At the moment there is full focus on our current governance gaps following a number of absentees on our exec board.

I think quite rightly this has to come first before we announce any potential partnerships. As there is a notable absence of a full complement on our exec board who have to be working alongside the society board for potential investment incomings.

once you see these positions filled in the coming weeks then its full steam ahead and i would hope you will start to see some exciting movements over the coming months ahead.

a huge amount of work to be done but its an extremely exciting time to be a society member and a well fan!