The K's In Point

Re: SACK THE BOARD

By Cardiff Ks (reximus)25/10 15:28Fri Oct 25 15:28:08 2024In response to Re: SACK THE BOARD

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John, as always, your heart is in the right place. But, however kind your offer might be, what value can we place on your shares?

At present, you own a minority share in a company owned and controlled by the Chairman. That company's only assets are a franchise to play under the name Kingstonian FC in the Isthmian League (essentially, just the goodwill of the supporters - diminishing every day) and an escrow fund that can only be spent on a stadium that we have no prospect of finding. I'm struggling to put a value - either financial or strategic - on those shares, especially if they were transferred to a supporter group...

If the status quo prevails, and you were to gift those shares to (eg) a Ks Supporters Trust 2024, they would be worth no more financially because Ks is essentially a busted flush, and would be worth no more strategically because the Chairman owns a majority and would never yield control. If the Club is controlled by % shareholding, then Yioryos will forever more control it. If the Club is controlled by OMOV (one member one vote) than your offer would only be valuable if you could persuade two of Jim Page, Ben Flatt and Paul Forrester to join you in your gift. And even then, Yioryos would simply appoint more Directors to out-vote any 'rebellion'.

If the opposite comes about (Kingstonian FC goes bankrupt in a few years) your shares would by definition absolutely have no financial value. And as far as I know, nobody has ever worked out what would happen to the escrow fund if a phoenix club came into being.

Or have I missed something? I'm really not trying to piss on your chips, John. I'm genuinely curious.

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