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Discussion in 'Gillingham' started by grumpygit, Oct 20, 2020.
Talking about the future.
Actually quite a lot of sense there.
And we all know how genuinely difficult it must be for Gills and most L1 and L2 clubs at the moment.
But I'm looking forward to seeing the quality of scraps that he's been able to find for himself when we eventually see the 20-21 accounts. As we haven't even seen the 2018-19 accounts yet (due by 29th February, so now nearly 8 months late) it would be foolhardy to make a prediction on when that may be, though. Perhaps he's hoping we'll all have forgotten about it by then.
This is actually, from a corporate responsibility point of view, far more serious than it might appear on the surface. Although PS is the majority shareholder he only holds about 75% of the shares of the club. There are, roughly, 3,300 other shareholders. Some may even be members of this forum. Many hold 1,000 shares or fewer - and to put that in perspective, 1,000 shares represents about 0.002% of the issued shares - but those shareholders have a right to know the financial situation of the club. If you had purchased 1,000 BT shares when Maggie sold it off, and still have them now, if my calculations are correct you would own slightly more than 0.00001% of the company. But you still get twice yearly accounts.
If I were a shareholder I'd be on the back of Companies House demanding that they take action.
I remind you of my ''stock '' answer .. Scally is in a no-lose situation. He can simply 'walk away'. He can turn Priestfield into a housing estate - and make £ Millions for himself...... He has previously threatened to 'walk away' - when he didn't like justifiable criticism from fans -- who, he forgets, are the idiots who keep Scally in the lifedstyle to which he has become accustomed. There are times ( too many ), when I fear that Mr. Scally may think that the Club can't survive without him ---- he hasn't proved otherwise by any investment ( other than the initial £1 ), of his own money..... He's certainly a clever and shrewd businessman - to have manipulated the finances of the Club to be in possession of 75% of its' shares.
You still forget about the old Three Directors Ltd loan where he contributed potentially up to £600,000 so there is that @alwaysright
Why do you say that I forgot -- I may not have mentioned it --- perhaps to not heap on the cynicism (reality ) than already exists.