Dick Knight Share Dispute - Unnamed Director offer £0.01 per share

[Tooting Gull]

A sorry exchange that does neither side any credit. There are influential people connected to the club/shareholders/directors even who just are trying to wind up DK over what they presumably see as a cheap publicity stunt, but he has done his fair share of 'briefing' and digging at the current regime as well.

All my suspicions about DK's vanity were confirmed in his book - and that was a book supposed to make him look great! But if he thinks the 'new' Brighton is losing something of its connection with many of its fans (seems to be his main beef, apart from no longer being in charge), then he isn't the only one.

 

[Buzzer]

.. if he thinks the 'new' Brighton is losing something of its connection with many of its fans (seems to be his main beef, apart from no longer being in charge), then he isn't the only one.

It was always kind of inevitable though, wasn't it? I do like the new professionalism and the hands-off, no comment approach by the Board but saying that I really, really miss some parts of the Withdean experience and in particular the camaraderie of the group around me in the Family Stand. We really were crap on and off the pitch a lot of the time but we made allowances and had a lot of fun. I'm glad I was part of that.

 

[Tooting Gull]

It was always kind of inevitable though, wasn't it? I do like the new professionalism and the hands-off, no comment approach by the Board but saying that I really, really miss some parts of the Withdean experience and in particular the camaraderie of the group around me in the Family Stand. We really were crap on and off the pitch a lot of the time but we made allowances and had a lot of fun. I'm glad I was part of that.

Yes, it was. But like you, I am glad I was part of it in the 'getting there' bit of the journey. And hopefully you can say that without being accused of wanting to torch the Amex and play on a cabbage patch instead.

 

[beorhthelm]

Our impression is that many of the current shareholders are in it to make money first, rather than being true "fans" of the club. Have to say we would certainly hold more trust in what Dick Knight says over TB and his cronies.

eh? unless im mistaken, the current shareholders are the same as those under Knight, and the "cronies" are the same that supported the club through the dark days.

 

[Buzzer]

Yes, it was. But like you, I am glad I was part of it in the 'getting there' bit of the journey. And hopefully you can say that without being accused of wanting to torch the Amex and play on a cabbage patch instead.

Agree completely.

 

[Barrel of Fun]

The Forty Note Fund wasn't in any way organised by DK - it was set up by fans.

I think you're confusing it with the Alive & Kicking appeal.

Sorry. Yes, I was.

Collectively, we were putting in more than any single person, but we were never offered a say in things, were we?

It's now playground squabbles and a shame it has come to that. No one looks good coming out of thjs.

 

[Miami Seagull]

This. It's totally embarrassing.

It's funny isn't it - on Dick Knights watch, they had the buckets out (the 40 note fund) and our most expensive signing was paid for by Coca Cola. And yet all that time, NOT ONCE were any shares ever made available to the public as a means to raise money. Why not? I'd quite like to have had a handful of shares when Dick Knight was chairman, and I'm sure others would have too. Why didn't he make them available on his watch then?

All this bleating at the current board - it stinks of hypocrisy and is totally unfair.

I have to say I do agree with this. Perhaps DK will explain himself here. However, this whole thing is unseemly and i hope something can be worked out. Quite why TB would object to fans having a few shares baffles me too, costs are absolutely negligible. Now and again (and this is a good example) something happens where I think our board are not quite the shining lights we think they are.

 

[DPM0395]

If Dick Knight wishes to sell his shares, then that's his prerogative. The offers seems derisory, but this issue has been over-complicated. He's explained himself very well and a great many posts seem to display a ridiculous amount of bile and hatred towards someone who I remember as saving the club. The book is a good read (guessing this is still censored from the club shop). I was pretty appalled to see how much our directors were paid in 2012-13 compared to other clubs in the division, which is not an unrelated point.

 

[Couldn't Be Hyypia]

I think the club's attitude towards DK in this instance could probably be summed up as 'Right, you want to play silly buggers, we'll play silly buggers too'

Exactly. No one wins. As someone said earlier, Dick is leveraging the fans loyalty as a stick to beat the club he feels has done him a wrong. Such a huge shame.

 

[Westdene Seagull]

Just a little disingenuous, everything was in place and Bloom did the easy bit.

Err...coughing up £100M was the easy bit? Who's being disingenuous?

At the risk of putting down both DK and TB I'd like to suggest the real hero for delivering the stadium was actually good old Martin "Brutus" Perry.

 

[Working class pride]

At the risk of putting down both DK and TB I'd like to suggest the real hero for delivering the stadium was actually good old Martin "Brutus" Perry.

Not sure about that. Perry did a job, TB got his cheque book out. All this is so Brighton, the club is busy shooting itself in the foot. Such a shame. DK was superb for this club, as is Tony Bloom but even the legacy of the fight against Archer can be turned into something negative down the Albion. How about they meet and remember what happened to this club, understand how they both played their part and shake hands.

 

[El Presidente]

Perhaps it's not the 'club' blocking the sale, but another existing minority shareholder who is unhappy at DK getting £1 a share?

The other investor, who stuck his hand in his pocket during the days before Tony Bloom when it was a knife edge whether the club would survive, is not being offered £1 a share, and feels resentful, therefore has invoked the Articles of Association.

I have done a valuation of the shares, albeit based on information in the public domain, that effectively values the shares at zero. It is possible to use other valuation models that produce a share value of 3-18pence per share, but they ignore to a large extent that TB wrote off £40 million of debt in 2012 ( and I think he's written off a further eight figure sum since then).

The club is between a rock and a hard place. Issuing shares to a few hundred fans is an admin job for a couple of days, but not significantly expensive, so they have little objection as the cash for the sale has no impact on their finances. The dispute is between DK and another investor, and it's being played out in the local media, when it would be far better dealt with behind closed doors.

 

[Herr Tubthumper]

Issuing shares to a few hundred fans is an admin job for a couple of days, but not significantly expensive

I'm glad someone has said this. The idea a few hundred shareholders is a huge admin burden is nonsense.

 

[Working class pride]

Perhaps it's not the 'club' blocking the sale, but another existing minority shareholder who is unhappy at DK getting £1 a share?

The other investor, who stuck his hand in his pocket during the days before Tony Bloom when it was a knife edge whether the club would survive, is not being offered £1 a share, and feels resentful, therefore has invoked the Articles of Association.

I have done a valuation of the shares, albeit based on information in the public domain, that effectively values the shares at zero. It is possible to use other valuation models that produce a share value of 3-18pence per share, but they ignore to a large extent that TB wrote off £40 million of debt in 2012 ( and I think he's written off a further eight figure sum since then).

The club is between a rock and a hard place. Issuing shares to a few hundred fans is an admin job for a couple of days, but not significantly expensive, so they have little objection as the cash for the sale has no impact on their finances. The dispute is between DK and another investor, and it's being played out in the local media, when it would be far better dealt with behind closed doors.

Valuation of football club shares are not the same tho El P. Like everything, they are worth what someone is prepared to pay for them and a football club is more a hobby than a business where people try and make money. Therefore the valuation is what someone will pay to further their hobby, not what return they will get from paying their $ for the share.

 

[Beach Hut]

I'm glad someone has said this. The idea a few hundred shareholders is a huge admin burden is nonsense.

Probably but clearly the club do not want them - I wonder why ?

 

[Herr Tubthumper]

Probably but clearly the club do not want them - I wonder why ?

I'm not sure but I am certain it is not due to an admin headache.

 

[Goldstone1976]

Perhaps it's not the 'club' blocking the sale, but another existing minority shareholder who is unhappy at DK getting £1 a share?

The other investor, who stuck his hand in his pocket during the days before Tony Bloom when it was a knife edge whether the club would survive, is not being offered £1 a share, and feels resentful, therefore has invoked the Articles of Association.

This is an entirely plausible explanation of what could be going on.

I've previously said on this thread that the club does not have to "object" to or "block" DK in order for us to have reached the current impasse. They are constrained by the Articles, which lay down very clearly what is to happen in the event one shareholder wishes to sell shares and, further, are explicit about what has to happen if the buying existing shareholder and the seller cannot agree a price.

It is very plausible that the club find themselves in a "no-win" scenario - all now being played out publicly, which they have done their best not to inflame (by not appearing on the radio yesterday morning).

 

[drew]

Valuation of football club shares are not the same tho El P. Like everything, they are worth what someone is prepared to pay for them and a football club is more a hobby than a business where people try and make money. Therefore the valuation is what someone will pay to further their hobby, not what return they will get from paying their $ for the share.

But the price DK is offering to sell at is a novelty value and not the true market value of the shares. The price someone is willing to pay for a couple of hundred shares is not the same price they would pay for a couple of million!

 

[Ernest]

Time to STRIP the POTLESS pillock of his life presidency and EXPEL him from the directors box

 

[Danny-Boy]

Time to STRIP the POTLESS pillock of his life presidency and EXPEL him from the directors box

As opposed to Ernest who has a pot and I suspect no pillocks...