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Medda to go for share issue


TheMeddaPie

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Is the 'share issue' still on the cards? No not shares in the football club, but shares in some new makey up company that has the potential to make the scams at The Rangers to be good business practice. Are there still enough dafties around who can be suckered by this sort of nonsense?

Banning the media is usually a sure sign that the powers that be are up to no good.

This should be on the Conspiracy Theory thread.

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There was the local councillor and an Irvine Vics fan there so if were hiding anything wouldn't be inviting them along?! Will be an official statement from Meadow tonight / tomorrow but supporters have got behind us in wanting to partake in share issue plus load of other fundraising activities plus cutting costs next season.

Things aren't exactly rosy but certainly a good reaction by our support and some ideas discussed for the future.

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Fundraising activities for you interest folks. Feel free to come along!

Saturday 9th April - Club Dance - Carol Black - Tickets £5

Sunday 10th April - Scottish U21 Semi Final - Bonnyton vs Tower Hearts

Friday 15th April - Speakers Night - Tickets £25 - price includes 3 speakers and 2 course meal

Friday 29th April - Irvine Meadow fundraising cycle. Jimmy Ryland doing 200 miles racing a team of 10 participants doing 20 miles each on a static bike in Meadow Social Club. Still looking for 1 or 2 more volunteers?!

Sunday 1st May - Ladies Fashion Show - Tickets £3

Dexi Wingate has also kindly donated his shirts from Hibs game to Meadow and have raised over £600 to have them displayed in Social Club.

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There was the local councillor and an Irvine Vics fan there so if were hiding anything wouldn't be inviting them along?! Will be an official statement from Meadow tonight / tomorrow but supporters have got behind us in wanting to partake in share issue plus load of other fundraising activities plus cutting costs next season.

Things aren't exactly rosy but certainly a good reaction by our support and some ideas discussed for the future.

Surely the cost cutting would need to start asap especially with the taxman involved? Darroch & Twaddle were let go so why not the other high earners & bring in some amateurs/under 21s ? Or has the club reached an agreement with the taxman until the end of the season ?

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Surely the cost cutting would need to start asap especially with the taxman involved? Darroch & Twaddle were let go so why not the other high earners & bring in some amateurs/under 21s ? Or has the club reached an agreement with the taxman until the end of the season ?

Twaddle left of his own accord.

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If they paid him he would have stayed so technically they let him go

He could no longer commit to training and games due to his work in the police. Meadow would much rather Twaddle stayed as been short defensively even with Rutkiewicz coming in at the back.

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Ok folks . Good on you for towing the party line .

Hardly towing the party line. Ask Twaddle if he left of his own accord. Just you go back to defending the Kilbirnie hooligans and winding up the fixture secretary.

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Hardly towing the party line. Ask Twaddle if he left of his own accord. Just you go back to defending the Kilbirnie hooligans and winding up the fixture secretary.

Had sympathy for the Medda plight and even considered attending a fund raiser, some folk have a knack of making you reconsider
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He could no longer commit to training and games due to his work in the police. Meadow would much rather Twaddle stayed as been short defensively even with Rutkiewicz coming in at the back.

Just a coincidence or did he not leave when Strachan arrived ?

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Ok will do. You keep believing everything is rosy in the Meadow garden bud .

who said everything was rosy? Everyone at the club has admitted there are problems and are dealing with it. There will probably be a few lean years to come but the most important thing is there is a Meadow team on the park representing North Ayrshires capital.
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who said everything was rosy? Everyone at the club has admitted there are problems and are dealing with it. There will probably be a few lean years to come but the most important thing is there is a Meadow team on the park representing North Ayrshires capital.

Saying that wages have been paid & up to date I would state as everything being rosy . If I were the taxman & I was hearing of a company that owed me the amount of cash compared to revenue they generate still paying the wages they are & it's still high wages compared to some I would be doubting that I would be getting my money back & wondering why said company aren't doing their damnedest to reduce their outgoings enormously ie remove players from the budget or severely reduce their wages . Actually shocked that they haven't been looking here & elsewhere & saying bugger it & walking in to close the place down .

Obviously no football fan would wish to see that happening but continue as you are then it's a strong possibility

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It's becoming more apparent that they are pinning their hopes on NAC, producing a " Get out of jail Free" card, giving them first dibs on the proposed development of a new community club football facility at Quarry Rd. The goodwill of the fans just now even buying shares isn't going to stretch to £100k, which is the amount needed to clear the debt. As for the share issue, for every £100 you fork out, you're buying a chunk of the debt, nothing else.

You'll get guys coming on ,toeing the party line,and say this is shite,but that's the reality. You still have the same people managing the finances, who have made a pigs ear of it, already and by all accounts,pardon the pun, still a bit cagey about what the players are getting paid. As other posters have already stated the obvious,you need to reduce the outgoings quickly and that means offloading high wage players, and which doesn't seem to be happening.

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I really hate being a killjoy when so many Meadow supporters on here are being positive about their club.

 

I think I am siding with the views of "fan of the juniors". When the club is under pressure like this, with their very survival at stake there are two things to do, one is to cut costs and second is to turn whatever assets the club has into cash.For whatever reason, nether of these seem to be happening.

 

The Meadow fans here are delighted to tell us that players are still being paid their wages, Cutting the wage bill is important if only to convince HMRC you are serious. And sale of assets? Presume the ground is the main thing here, but where is the for sale sign? If I was sitting within HMRC I would just assume the club is not serious and creating a smokescreen of nothingness. 

 

The announcement on Facebook offers more questions than answers.

 

Club Statement

At the Supporters Meeting on Sunday 20th March Supporters agreed to a Share Issue of £100 per Share. (This £100 per share seems to be the only firm information on offer). Given the immediate requirement for funds Supporters also agreed to contribute funds now and convert these donations to Shares when the new legal entity is set up. (So it is not setup yet? Why the hell not? It takes 20 minutes to do this and register at Companies House, and 24 hours to be processed. Cost £15.00) https://www.gov.uk/register-a-company-online

 

The Committee is happy to report that a substantial sum has been raised in 24 hours from cash received, pledges and the conversion of supporter Loans to Shares. (Is that long established loans to be converted, or new loans that will be converted to shares in the Newco?) This is a very positive start but there is a long way to go and the Committee will contact Supporters that were unable to attend the Meeting advising them of the Share Issue.

 

The Committee are also exploring a proposal to relocate to Quarry Road as part of the new development. The Committee must stress that this is only at the proposal stage and that Supporters will be updated when there is anything (this implies there could be nothing to report) to report.

 

A follow up meeting will be held on Sunday 3rd April. 
The Agenda will include:
Share Issue Update Is that just counting 'donations' to date?
Legal Structure Update. That assumes there is already a legal structure in place that will be 'updated'? 
Relocation Proposal This will clearly depend on a firm agreement with North Ayrshire Council. I don't believe the club could have anything other than words of support from NAC or a couple of keen councillors at this stage and definitely nothing in a legal sense. Without that it is merely hot air. 

And as for selling the ground, this would be automatically be blocked by SportsScotland and the Scottish Government, until NEW equivalent or better facilities are agreed. And then you are into planning approval, change of use etc. Transport surveys, impact on local area, all this take ages. Unless some property 'speculator' would do a quick deal where they take the risk = less money for the club. 

Committee Support Is this support FOR the Committee, or support by the Committee?

 

£100k is mentioned as the total due. No doubt interest is adding to this daily. It is not at all clear why there needs to be a limited company set up to hold 'donations' then converted to shares in the Newco. 

 

£100k is not trivial. Even with their big payroll this must have taken a good few years to rack this up, despite the windfall from The Hibs cup game. Did they not see this coming? If not, why not?

 

If the club is keeping the same committee and similar management approach that got them into this mess, do those people have the competence to get the club out the hole they have dug, regardless of the number of donations or new money from whatever source. 

 

Clearly the answer is no in my opinion. The people who are being asked for 'donations' to this Newco deserve answers on how well their money will be managed. Wisely or wasted?

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