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BrahimHemdani

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  1. BrahimHemdani
    As far as Gersave is concerned I believe that the Club could have helped more e.g. allowing leaflets on seats and ultimately despite the (albeit modest) shareholding communication was difficult at best which may have been for a variety of reasons. As far as the Arsenal Fanshare scheme is concerned they have 1800 members (more than twice the number of members in the Trust) with a £500,000 total investment but according to my well placed contact "Suffice to say Stan Kroenke gave up meeting AST or any other fan group the instant he got majority control. As we suspected the charm offensive before that was just PR fluff." Anyway, in a sense that is all academic as we have moved on from there and hopefully can make progress with the Working Group.
  2. BrahimHemdani
    Thanks for your kind comment and I would just like to add that I found your presentation very impressive though I disagreed on a few points. I was only quoting from SD documents and have taken further advice about the CIC vehicle over the weekend but see no need to pursue ahead of a discussion tomorrow night. I should know how SDS is constituted since I was its first Chair but have also written to the Secretary of SD to ask about the Corporate Director situation. I raised it only because you put it forward that way and I didn't see how that could work. However I agree that the important aspect of SDS' involvement is facilitating the Working Group and that is something I am certainly looking forward to.
  3. BrahimHemdani
    You couldn't have been down in Ayr yesterday, I just thawed out.
  4. BrahimHemdani
    The initial UEFA Report was superceded on appeal.
  5. BrahimHemdani
    Is that why you knocked me back Christine; I've known about your secret romance all along but of course I covered it up to protect the innocent.
  6. BrahimHemdani
    Apologies again for the delay and I have not been able to contact Andy at the moment to have him review the following. REPORT OF MEETING TO DISCUSS A RANGERS COMMUNITY INTEREST COMPANY LOUDEN TAVERN GLASGOW 14 APRIL 2014 The room was full with approximately 50 persons representing various bodies and some fans in an individual capacity. (I have asked for clarification of the numbers.) Paul Goodwin, Head of Supporters Direct Scotland, opened the meeting by saying that Community ownership allows an increased level of involvement and engagement by fans leading to financial responsibility, sustainability and transparency by clubs. He gave examples of clubs in fans ownership around the world especially Germany, Spain and Argentina as well as Scotland and England, the most striking example of which was Portsmouth. Richard Atkinson, a member of the Scottish Council of SD and former St Mirren FC Director https://www.linkedin.com/pub/richard-atkinson/28/5b1/699 http://www.bbc.co.uk/sport/0/football/23721154 then gave the main presentation. He confirmed (as I said earlier in this thread) that because of its SG funding, SD in Scotland has a wider remit than SD in England (where the Football Supporters Federation undertakes this kind of work). Therefore SDS can speak to anyone interested in Community Ownership of a Scottish Football Club. The motivation (not sure if he said his motivation) is that certain football club assets should be community owned. He gave the following examples: • St Mirren – Target £2 million 1007 @ £13.50 per month committed but not drawn down (implying other funding and/or approx a 7.5 year commitment). He said there were community companies who would provide the capital. • Dunfermline – HNW individuals & Donations. Regular giving after the event was approx 1,000 @ £20 per month. • Hearts (FOH) – out of CVA 7,600 @ £15.50 per month to repay funder. Equivalent to approx 50% of season ticket holders. He made it clear that the circumstances were different in each case. • Rangers? should be 20,000 pro rata excluding overseas supporters. Say £15 per month = £3.6 million per year Company Law prescribes: 5% shareholding – Can call and EGM (at current prices and assuming availability this would cost £800,000 which he claimed was achievable in 3 months). 10% shareholding – can block the purchase of all shares 25% shareholding – can block special resolutions e.g. to sell assets 30% shareholding – must make an offer for all shares. FAN OWNERSHIP The purpose of the scheme should be to achieve CONSULTATION and TRANSPARENCY. He said that if the Club was willing to conceded these objectives then it would not be necessary to buy shares but instead the money could be put into special projects e.g. youth academy. “A fans group with sufficient capital can engage with the Club in a number of ways.” A COMMUNITY INTEREST COMPANY is “designed to be wide ranging, open and transparent” (RA) and can have various different structures. A holding company would own the shares. The members would decide who sits as the trustees. The structure would be one member one vote + high net worth individuals.* The company could buy shares from the 12% of individuals who currently own shares in their own right. A CIC must meet the so-called ‘community interest test’. * Here I took slight issue with Richard. According to http://www.supporters-direct.org/wp-content/uploads/2013/11/Supporter_Share_Ownership.pdf “CIC’s that are structured as a CLS or Plc can issue shares but work to the principle of one-share-one-vote, thus allowing an individual, entity or small group of people to have overall control” (page 7) and do not conform to co-op principles and “CICs work to the principle of one-share-one vote, it is also possible for them to issue a category of share that provides certain rights on a one-member- one-vote basis (page 8). Also according to http://www.supporters-direct.org/wp-content/uploads/2012/07/Financing-Supporter-Community-Ownership-Briefing-3.pdf “i) A CIC does not have to conform to co-operative principles. ii) Shareholders in a CIC usually have one vote per share, meaning that the more you invest the more influence you have, which contrasts with the IPS ‘one member one vote’ structure. HOWEVER iii) The CIC model can replicate one member one vote if required or provide for weighted voting. AND iv) There is also the ability to allow for different classes of shareholders or members with different voting rights. This means that a CIC might be useful where both fans and high-net worth investors are involved in the ownership and governance of a club.” (Pages 36/37) So what is clear is that the precise structure of the CIC is critical. Richard said that they have a standard/proposed structure. The differences between the Community Benefit Scheme model (the current RST BuyRangers Scheme) and a CIC are clearly set out in these documents (which were not referred to at the meeting) but according to Richard “the essential difference is that a CIC is not tied to buying shares and has the ability to offer institutional shareholders a different method of return (e.g. by offering them (or others) a coupon or interest on their money at a rate between 0% and 8%. THE WAY FORWARD If it is agreed to form a CIC, Richard proposed that the First Trustee be a solicitor and that the second director is a Corporate Member who he suggested would be SDS. (In my opinion this requires clarification because, so far as I am aware SDS is not itself a legal entity but part of SDUK.) He proposed the formation of a working group under this initial structure which he said would not be legal until a significant number move from the working group to be trustees. He also suggested that one way to kick start the new scheme might be to seek £1 per person. An information page and sign up has been launched on scottishfans.org/rangers. Andy was kind enough to say that I made a plea for unity which was warmly received. I said that under the original IPS Supporters Trust model e.g. Gersave, Arsenal Fanshare Society, the Clubs simply ignored the supporters; under the CBS/RST/BuyRangers scheme the RST were only back to the position they were in with oldco and (if Shoredbear is correct about the numbers paying monthly) it will take them 10-20 years to get to 5% as well as having to raise £100,000+ for a rights issue in order to prevent dilution of their current holding; and that what was needed was a scheme to bring everyone together; and that I saw a CIC as being that vehicle. The meeting closed with those present unanimously agreeing to proceed along the CIC lines suggested. (To be fair to the RST, Gordon Dinnie had left by that point and Christine Somerville was sitting behind me so I do not know if she had her hand raised.)
  7. BrahimHemdani
    I agree with those who say that an initial 5,000 might be a more realistic target but I also believe that there are circumstances in which 20,000 or more are perfectly achievable. No doubt you will tell that to SDS.
  8. BrahimHemdani
    It will be entirely possible for a new CIC scheme to embrace the existing BuyRangers scheme.
  9. BrahimHemdani
    I did have a number of PM's to the effect that we needed to avoid May in order to ensure that you cold not attend That said, I'm sure an overseas dinner could be arranged, and Porto (which is the only European venue I have ever gone back to on holiday) seems as good a place as any. There's a good choice of restaurants on the north side of the river in the Ribeira near where Goram famously danced on the tables the night before the match in 2005.
  10. BrahimHemdani
    Apologies but by the time I got home and thawed out from Ayr and had something to eat I didn't get the report finished tonight; although I think most of it has been said here or on Twitter etc. I'll get it done tomorrow.
  11. BrahimHemdani
    Another knock back, what can I say
  12. BrahimHemdani
    Christine, you may recall back in 2010; 20,000 was precisely the number we hit on as being realistic after looking at a lot of variables including number of shareholders, season ticket holders, worldwide fan base etc and also looking back at the Celtic example. I agree that it will not be easy by any manner of means but I also do not think it is an impossibe dream; otherwise I would not be prepared to commit my time to it. Also I can understand why you might well feel aggrieved about SDS's stance but it is a fact in Scotland that they now have a much wider remit than just being the umbrella for Trusts; indeed it is arguable that Trusts are now a minor part of their work.
  13. BrahimHemdani
    I agree with your last sentiment though the number of votes doesn't necessarily reflect the numbers who might attend as some had no preference on dates. Anyway it's a decisive victory for 26 April 2014 with almost 70% of the votes cast. So Andy and I will go ahead and plan on that basis and we will incorporate contingencies in case the date or time of the game is moved. I would hope to be able to post a menu and firm price within the next 7/10 days.
  14. BrahimHemdani
    You and me Christine?
  15. BrahimHemdani
    Not sure if that's a compliment or not but........
  16. BrahimHemdani
    Andy has put up a very good summary of what was said and I will concentrate on the detail (as is my want) in the report that I am starting now but probabaly won't finish before leaving for Ayr. I will definitely get it up (well perhaps I should rephrase that) tonight, though it might be quite late.
  17. BrahimHemdani
    I am obviously aware of this and have had a PM along similar lines. My personal feeling is that it is time to move on. I believe that my experience with the RST and SD nationally and SDS puts me in a unique position to help this project and to that end, I am willing to stand whatever brickbats come my way from certain quarters. However, I will make the possible pitfalls 100% clear at the first meetting of the working group and if the feeling is that I would be a hindrance rather than a help I will, of course, step down. My own feeling is that Mr Dingwall is a far more divisive figure amongst the Rangers support than I ever was or will be. I am quite sure that 99% of Rangers fans do not know my name. The same cannot be said for Mr Dingwall. I will not resort to name calling or inuendo of any kind. As I have said before I only deal in facts that I can prove. I shook hands with Christine (aka plgsarmy) after the meeting and as I said I believe it is time to let bygones be bygones for the greater good.
  18. BrahimHemdani
    A reminder that the poll remains open until 6.15pm tonight.
  19. BrahimHemdani
    Having been a victim of actual threats and intimidation, I think that was in very poor taste to say the least.
  20. BrahimHemdani
    The guys have just left my office and I can endorse what everyone has said; really friendly and no trick questions. Just wanted to know about experience as a Rangers fan, favourite players etc. The cash is for extra film of old games etc. They want to try to tie in film with fans comments. NOW, I'll try to write the report of the Louden Meeting.
  21. BrahimHemdani
    It was put forward as an advantage but I'll try to explain more in the piece I am writing now!
  22. BrahimHemdani
    Thanks, I was thinking around 5.15pm for 5.30pm so people can go straight from the match, but that's a detail that can be discussed once we have a date.
  23. BrahimHemdani
    Just back from the meeting which ran on until after 1.30pm. Andy is off on Valentine's duties this afternoon and I will be this evening. So we have agreed that I will draft a report and send it to him to review and publish on here asap (probably at some point this evening). However, in the short term; it was the unanimous decision of the meeting that a CIC was the way forward to unite Rangers fans in the worldwide diaspora in a fund raising scheme with the object not just of buying shares but also funding other projects. A working party is being formed and I have put my name forward.
  24. BrahimHemdani
    Speaking of which......... moving over to Louden thread...........................
  25. BrahimHemdani
    Guys, as I said, finding a date that suits everyone is going to be difficult if not impossible; but we had a democratic poll (and with the benefit of hindsight perhaps should have included an "other" option but no one objected to the options at the time) and it came out 70% in favour of after a Saturday a match. Earlier in the thread, the proposal was a Saturday dinner should be near Ibrox, midweek could be the city centre. No one mentioned Edinburgh at that point. Someone else can organise the next one.
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