King Kebab Posted February 1, 2015 Author Share Posted February 1, 2015 BuyEastFife Feb 1, 2015 - 6:00PM Quote Reply Details of Share Bid Plan HIGHLIGHTS Finance of £200,000 available Credit Union Provides the Solution Financial Forecasts Included Fife Firms Being Contacted for Support Final Attempt to Get Directors On Board Meeting on Saturday 21st February after home match SHARE OFFER MOVE The EFSS Working Group have decided to make their move to buy the majority shareholding. A sum of £200,000 has been identified as being required to buy the shares and have sufficient working capital. As negotiations are far from complete we are keeping our final offer figure for the shares confidential. ASSURANCES RE YOUR MONEY No cash from any source will be taken from anyone until the share deal has been agreed and finalised. If this does not happen any loan agreements or other pledges will end before any money has been taken HOW WE PROPOSE TO FINANCE OUR DEAL. The intention is to accumulate a cash sum of around £200,000 to allow us to buy the shares and have adequate working capital with a target date of the end of the season. The bid and offer process will be time bound and a specific date will be set. If we fail to meet the target that we seek then nothing more will happen and no-one will have given any cash. The cash will be sourced in three ways. Some will come from straightforward donations from those who have already said they will contribute; some will come from the community and local businesses - a working group member is already arranging appointments with businesses throughout Fife and we are confident of support from local media; but the main source will be through the credit union. HOW THE CREDIT UNION AGREEMENT WILL WORK The EFSS will set up an account with the credit union and will create a Share Offer Agreement. Our supporters will be asked to join the credit union and to take out a loan at ethical rates payable over for example five years and with a range of monthly payments similar to the amounts that many people had previously pledged. The advantage of doing this for our bid is that it means we are advanced the money in a lump sum which allows us to make a straightforward cash offer as opposed to having to pay for the shares over 10 or 12 years. For you the individual the advantage is that unlike an open ended commitment you were looking at before, this will only last for five years or whatever period is agreed. WHAT THE INDIVIDUAL CREDIT ARRANGEMENT WOULD INVOLVE *Please remember that no cash leaves your account until all the purchase arrangements have been made* 1 You as an individual fill in the form to join the credit union. We will have forms available at the meeting and it will also possible to join on-line. You will need your NI number and some form of identification such as passport or driving licence. 2 Once your membership is accepted you will then be asked to complete a simple loan agreement for a sum that you are comfortable with. 3 When this has been processed the money will be made available to the account for share purchase. 4 No money will be taken from your account until everything else has been settled. 5 It is a requirement of the credit union that when you take a loan out you must also take a savings account with a monthly payment of 10% of the loan payment. This loan linked saving is for the duration of the loan, and can be used to pay off the loan early or as a lump sum at the end of the loan term. EXAMPLES OF HOW THE SUM COULD BE MET These assume a target of £200,000 but of course this could be considerably reduced depending on the level of lump sum donations, support from other businesses or a joint bid with the EFFC directors. This could be repaid over five years by: 100 supporters could borrow £2000 + fees and 5 years membership of DotComUnity. They would pay monthly £43.81+£4.38 per month linked savings = £48.19 per month 200 supporters could borrow £1000 +fees and 5 years membership of DotComUnity. They will pay monthly £23.05 +£2.30 linked savings = £25.35 per month 300 supporters could borrow £670 +fees and 5 years membership of DotComUnity They will pay per month £15.56 + £1.56 linked savings = £17.12 per month Clearly the actual combination of arrangements would include a range of loan amounts. We also expect a proportion of the £200,000 would be in the form of donations made at the start of the process. William McQuilter of the Credit Union will be at the meeting to answer questions. HOW THE CLUB FINANCES WILL LOOK The Working Group has created a draft budget for season 2015-2016. As no information has been supplied in response to our due diligence requests, we have based this on knowledge of current and historical costs and have made what we think are reasonable assumptions. INCOME SPENDING TOTAL £387,000 TOTAL £385,350. Unfortunately the table hasn't copied properly but the detailed figures are on the buyeastfife website www.buyeastfife.org and FB and Twitter accounts. . We have done this on a monthly basis but include the annual figures only here. We also have produced a written narrative which explains in detail how we will achieve the figures we have included. This will be available at the meeting and the group will be happy to explain our thinking and answer questions. HOW WE PLAN TO GET COMMUNITY SUPPORT We know that we cannot achieve our aims if we depend only on our team supporters. We are therefore planning a campaign to get our community - both people and business - to back our bid. You no doubt will remember similar campaigns for other clubs. Specifically we will Contact Fife businesses to seek their help. This process has started and we are currently trying to arrange appointments with businesses to engage their support. Identify suitable candidates with the right commercial and business experience to keep the club finances on track - again this process has started and early conversations are being held Work with our local media to gain their help to enlist supporters and donations Contact local organisations of all sorts, both sports and otherwise, to gain their support SEEKING THE SUPPORT OF EFFC DIRECTORS The working group have constantly made it clear that we think the amount Jim Stevenson, John Donaldson, Dave Marshall and John Barclay appear to have offered for the shares excessive. We also acknowledge however that we would value their help and involvement should our bid be successful. We are therefore approaching them to have a meeting before the end of next week if possible. At this meeting we will ask them to publicly and formally withdraw their current offer to the majority shareholder and to join us and all supporters in achieving this together. NEXT STEPS MEETING SATURDAY 21ST FEBUARY AFTER THE HOME GAME (approx 17.00) at the Fife Innovations Centre across from Bayview. Main business: working group will answer questions and add details to the above information A presentation and QnA from the Credit Union Signing up for the credit union AOB The EFFS Working Group: Allan Duthie; Laura Anderson; Stephen Mill; Eugene Clarke; Liam Anderson; Paul Munro; Colin McInnes; Kerriann PatersonStephen Mill; Eugene Clarke; Liam Anderson; Paul Munro; Colin McInnes; Kerriann Paterson Email 0 Quote Link to comment Share on other sites More sharing options...
airdrieman Posted February 1, 2015 Share Posted February 1, 2015 How is McAleer getting on for you guys? Was disappointed when he never signed for us TBH. 0 Quote Link to comment Share on other sites More sharing options...
The Pidgeon Posted February 1, 2015 Share Posted February 1, 2015 Coo... coo... coo! 0 Quote Link to comment Share on other sites More sharing options...
MichaelWeatherly Posted February 2, 2015 Share Posted February 2, 2015 Weve signed ola adeyemo from dundee utd on loan till the end of the season. 0 Quote Link to comment Share on other sites More sharing options...
Mon_The_Fife Posted February 3, 2015 Share Posted February 3, 2015 Adeyemo looks like a unit, the likes we haven't saw since Kevin Nade. Appears to be well thought of at Dundee United too, should do pretty well for us I would think. 0 Quote Link to comment Share on other sites More sharing options...
FifeBudgie Posted February 3, 2015 Share Posted February 3, 2015 Looks like Loraine has you lot by the bollocks and is sticking a Twigg up your backside at the same time. 0 Quote Link to comment Share on other sites More sharing options...
Ludo*1 Posted February 9, 2015 Share Posted February 9, 2015 We've had a scout at 2 of your past 3/4 games I believe. I have no idea who we've supposedly been looking at. The only one I could think of offhand is your Spanish lad. How is he? Any good? Who else could it possibly be? 0 Quote Link to comment Share on other sites More sharing options...
T-zero Posted February 10, 2015 Share Posted February 10, 2015 We've had a scout at 2 of your past 3/4 games I believe. I have no idea who we've supposedly been looking at. The only one I could think of offhand is your Spanish lad. How is he? Any good? Who else could it possibly be? I think it could only be julien or maybe Ross brown but I doubt that, probably watching the opposition! 0 Quote Link to comment Share on other sites More sharing options...
WullieBroonIsGod Posted February 10, 2015 Share Posted February 10, 2015 Are you certain? We've only played 2 games since the New Year with postponements. We have played Arbroath twice in the last 3 games though, so you might be looking at one of their players? 0 Quote Link to comment Share on other sites More sharing options...
Ludo*1 Posted February 10, 2015 Share Posted February 10, 2015 WullieBroonIsGod, on 10 Feb 2015 - 10:02, said: Are you certain? We've only played 2 games since the New Year with postponements. We have played Arbroath twice in the last 3 games though, so you might be looking at one of their players? We've had a scout at their games as well, you could be right! Sorry for any confusion. 0 Quote Link to comment Share on other sites More sharing options...
WullieBroonIsGod Posted February 10, 2015 Share Posted February 10, 2015 We've had a scout at their games as well, you could be right! Sorry for any confusion. To be honest, unless your scout fancied a laugh, he'd be nowhere near Bayview 0 Quote Link to comment Share on other sites More sharing options...
Ludo*1 Posted February 10, 2015 Share Posted February 10, 2015 WullieBroonIsGod, on 10 Feb 2015 - 10:06, said:To be honest, unless your scout fancied a laugh, he'd be nowhere near Bayview Things that bad eh? I thought Naysmith was going to be a success for you lot as well. Take it that Spanish lad hasn't worked out? 0 Quote Link to comment Share on other sites More sharing options...
WullieBroonIsGod Posted February 10, 2015 Share Posted February 10, 2015 Things that bad eh? I thought Naysmith was going to be a success for you lot as well. Take it that Spanish lad hasn't worked out? The Spanish lad looks class, but we've hardly seen any of him with the postponements. And he kind of fell into our hands, he wasn't a Naysmith find. It's been a strange year with Naysmith, we have players being moved around to different positions, and quite a defensive approach at times. We've added Ola from United, Sean Dickson and Julen, so I would hope we improve second half of the season 0 Quote Link to comment Share on other sites More sharing options...
T-zero Posted February 10, 2015 Share Posted February 10, 2015 We've had a scout at their games as well, you could be right! Sorry for any confusion. Aberdeen have been watching mark whatley of Arbroath so I suppose it could be him 0 Quote Link to comment Share on other sites More sharing options...
King Kebab Posted February 23, 2015 Author Share Posted February 23, 2015 http://m.scotsman.com/sport/football/spfl-lower-divisions/derek-riordan-set-for-return-to-scots-football-1-3699460 That'll do nicely!!! 0 Quote Link to comment Share on other sites More sharing options...
Mon_The_Fife Posted February 24, 2015 Share Posted February 24, 2015 Nothing to lose by giving Riordan a go. We are struggling up front with injuries. Should do well at this level if he is interested and avoids a night out in Edinburgh. 0 Quote Link to comment Share on other sites More sharing options...
WHM Posted February 24, 2015 Share Posted February 24, 2015 2 trialists on the bench for East Fife,I take it one is Riordan ,and East Stirling have 1 trialist 0 Quote Link to comment Share on other sites More sharing options...
mo83 Posted February 24, 2015 Share Posted February 24, 2015 Hope the fifers do us a favour tonite:-) 0 Quote Link to comment Share on other sites More sharing options...
Rob1885 Posted February 26, 2015 Share Posted February 26, 2015 Nothing to lose by giving Riordan a go. We are struggling up front with injuries. Should do well at this level if he is interested and avoids a night out in Edinburgh. Shouldn't be too hard, he's banned fae everywhere 0 Quote Link to comment Share on other sites More sharing options...
gibsona07 Posted March 3, 2015 Share Posted March 3, 2015 Quick question. Why is Fash called Fash? 0 Quote Link to comment Share on other sites More sharing options...
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