Now we are a private company...

[farawaysaint]

MLT is all the fan we need on the board, thanks.

 

A couple of like minded directors wouldn't go amiss in terms of a vote of course

[hypochondriac]

Give it a rest John. Mlt is a fan and we don't need any others getting involved

[StuRomseySaint]

I see the Saints Trust are still claiming to represent 838 fans.

 

I have looked through their membership policy, and I cannot seem to find anywhere anything that suggests that once you have become a member, you are a member for life.

 

Maybe one of the Saints Trust can correct me?

 

Lastly.... why have the Saints Trust wiped off every piece of material since September 2008?

Edited 9 June, 2009 by StuRomseySaint

[aintforever]

Can a trust still be a trust if it has no shares?

[StuRomseySaint]

Can a trust still be a trust if it has no shares?

 

No. And as it has no shares, it cannot include people as lifetime members without their consent, and claim to represent them.

 

They keep saying they are a 'legal' vehicle.... well completely fudging your membership numbers is completely illegal, isn't it?

[MarkSFC]

Im summising here but would imagine that SLH shares still "technically" exist even if they aren't tradable and effectively worthless. So, from that point of view the Trust can still exist in the form of proxy share-holdings. NI once told me though that members of the trust could be so even though they do not own shares...not sure the point of that but may indicate that it may carry on...I hope not though!!

 

It would be interesting to know the legality of the trust once the shares wiped oout in the process of SLH PLC to "NEW OWNER LTD".

 

Does anyone KNOW?

[StuRomseySaint]

Im summising here but would imagine that SLH shares still "technically" exist even if they aren't tradable and effectively worthless. So, from that point of view the Trust can still exist in the form of proxy share-holdings. NI once told me though that members of the trust could be so even though they do not own shares...not sure the point of that but may indicate that it may carry on...I hope not though!!

 

It would be interesting to know the legality of the trust once the shares wiped oout in the process of SLH PLC to "NEW OWNER LTD".

 

Does anyone KNOW?

 

SLH is being de-listed, which means the shares will be worthless. Our new owner will have 100% ownership in the club. Any previous shareholders will have no stake in the new company.

 

Therfore their shares are worthless and they can no longer claim to represent their made-up figure of 838.

[MarkSFC]

SLH is being de-listed, which means the shares will be worthless. Our new owner will have 100% ownership in the club. Any previous shareholders will have no stake in the new company.

 

Therfore their shares are worthless and they can no longer claim to represent their made-up figure of 838.

 

 

Re-read my post

[StuRomseySaint]

Im summising here but would imagine that SLH shares still "technically" exist even if they aren't tradable and effectively worthless. So, from that point of view the Trust can still exist in the form of proxy share-holdings. NI once told me though that members of the trust could be so even though they do not own shares...not sure the point of that but may indicate that it may carry on...I hope not though!!

 

It would be interesting to know the legality of the trust once the shares wiped oout in the process of SLH PLC to "NEW OWNER LTD".

 

Does anyone KNOW?

 

I don't think anyone 'knows' , but once SLH PLC is delisted, then stock is removed, therefore shares no longer exist.

 

You might be right and there may be a loophole to continue as a 'Trust' for SLH PLC, but surely this would be pretty worthless, as it would have absolutely no affiliation to Southampton Football Club.

 

I have no doubt though, that if there is a way, then Saints Trust will try and exploit every loophole to keep hold of their 838 *s******* members.

[um pahars]

I don't think anyone 'knows' , but once SLH PLC is delisted, then stock is removed, therefore shares no longer exist.

 

You might be right and there may be a loophole to continue as a 'Trust' for SLH PLC, but surely this would be pretty worthless, as it would have absolutely no affiliation to Southampton Football Club.

 

Why shouldn't the Trust cease to exist?

 

Without going in to the merits or not of it existing, the very fact that the PLC is no more and a new company has been set up to own the Club will have no bearing on the status of the trust. It is a totally seperate entity.

 

Of course the Trust will have no shares in "newco", but that is not a pre-requisite of being a Trust (and of course there could always be an aspiration for shars to made available to supporters, or the trust itself at some point in the future).

 

Some of the points you mention about how the trust runs itself have some merit in them, but you obviously don't have much of an idea about the structure of Trusts themselves and their ownership model etc etc etc.

[StuRomseySaint]

Why shouldn't the Trust cease to exist?

 

Without going in to the merits or not of it existing, the very fact that the PLC is no more and a new company has been set up to own the Club will have no bearing on the status of the trust. It is a totally seperate entity.

 

Of course the Trust will have no shares in "newco", but that is not a pre-requisite of being a Trust (and of course there could always be an aspiration for shars to made available to supporters, or the trust itself at some point in the future).

 

Some of the points you mention about how the trust runs itself have some merit in them, but you obviously don't have much of an idea about the structure of Trusts themselves and their ownership model etc etc etc.

 

No I don't. I happily admit that. Much of that is based on limited knowledge of the setup, you are much more qualified to say what would happen to them in the SLH afterlife.

 

What I do know is that absolutely nowhere in their membership policy does it state that any members of the Trust will have their 'head' counted in the Trust membership figures for life, regardless of whether they want it to be or not.

 

That makes them wrong and corrupt, as well as desperate, and probably illegal too.

[MarkSFC]

I don't think anyone 'knows' , but once SLH PLC is delisted, then stock is removed, therefore shares no longer exist.

 

You might be right and there may be a loophole to continue as a 'Trust' for SLH PLC, but surely this would be pretty worthless, as it would have absolutely no affiliation to Southampton Football Club.

 

I have no doubt though, that if there is a way, then Saints Trust will try and exploit every loophole to keep hold of their 838 *s******* members.

 

I think you may have understood my points. Until the transaction of converting SLH into "newcompany Ltd", (and we do not know if thats happened yet) technically the SLH shares exist, despite their intrinsic worthlessness and non-trading status. My point therefore is that the Trust CAN still exist until such point as "its memebers shares" are no longer in existance. You are talking in the present (particularly your OP) in regard to the fact that we are already a limited company.

 

Until then, I would imagine also that legally the Trust HAS to exist.

 

Once the takeover IS complete and the shares are sold and delisted then hopefully NI will do the decent thing and disband the trust...and depending on its funds either give them to a charity or do something for its memebers!!! Bet you then that 838 or whatever it is make themselves known!!

 

By the way, I have absolutely nothing to do with the Trust and never have!!

 

I want to see a new fans group.

 

HTH!!!

[SFC Forever]

MLT I agree, is all we need. He is intelligent enough to understand his priorities. The club will not always come first but I am sure he will be able to keep us heading in the right direction.

[um pahars]

I think you may have understood my points. Until the transaction of converting SLH into "newcompany Ltd", (and we do not know if thats happened yet) technically the SLH shares exist, despite their intrinsic worthlessness and non-trading status. My point therefore is that the Trust CAN still exist until such point as "its memebers shares" are no longer in existance. You are talking in the present (particularly your OP) in regard to the fact that we are already a limited company.

 

Until then, I would imagine also that legally the Trust HAS to exist.

 

Once the takeover IS complete and the shares are sold and delisted then hopefully NI will do the decent thing and disband the trust...and depending on its funds either give them to a charity or do something for its memebers!!! Bet you then that 838 or whatever it is make themselves known!!

 

The Trust can happily exist in its own right even after its small shareholding in SLH PLC is no more. When the Trust was first established it had no shares in the PLC and it is not a pre requisite of a Trust that it has to own shares in its respcetive club.

 

Whether it should carry on, whether it has any support, whether it needs a new focus/direction etc etc etc are totally separate arguments, but the Trust does not have to fold with the cessation of the PLC.