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Squirrelhumper

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5 hours ago, Squirrelhumper said:

Jim Mann is as bad as MJ and the others. 

2pm on a Tuesday is a deliberate attempt to shaft fans yet again and hide from scrutiny. 

I'll be there.

No, no, he's a good guy, Killie man, etc, not a stool pigeon, nothing to see here, buy a season ticket, sit down and shut up, it's the Killie Way!

Edited by kev1869
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I got my letter this morning.  I'm bitterly disappointed in JM, I thought he would be a good chairman but seems to be just a puppet with MJ's hand up him.  We seem to owe (at May last year) almost £1m to Bowie and Park Hotel.  On the one hand it may be good that BB finances us but on the other, what kind of business runs up a loss of £0.75m and debts of £1m in a year.  MJ got £100k in fees.

Seems as though we need about £1m a year from elsewhere to keep going.

I don't know if I can make the AGM but I hope the board get pelters for:

Holding AGM with accounts a year behind

Picking a working day

also can someone ask about the Killie Pie situation (I assume there wont be a free one at AGM)

Read all about it here:

http://www.kilmarnockfc.co.uk/restricted

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The chairmans report was incredible! Is he really that far out of touch with the fans and the town that he doesn't understand why attendances and hospitality income is dropping?  He's as bad as the rest!

We can't beat the board on shares but we should have a show of hands on the day to see how many want MJ off the board

th?id=OIP.Me0636b7a7b3866b96c2179f4e5bc1

Jim Mann writing the chairman's report

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So Richard Cairns was a director from 2 March  to 31 May 2015 only?

And wasn't replaced by another director from the CEB? Does the CEB still exist in any form?

The statement by JM shows no understanding of why attendances are down nor, indeed, any apparent curiosity to find out why. 

He should by now be aware of how critical it is to make the correct appointment as  manager, for a start. Is he prepared to carry the can for that?

 

 

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1 hour ago, findis said:

So the board still don't understand why crowds are falling. Have they had their heads in the sand,or are they just hoping that nobody will mention the elephant in the room?

They're hoping to do an arms length sale of the Elephant in the room Kilmarnock to the Elephant in the room Ayrshire, which would see 800,000 ordinary shares in Kilmarnock FC transferred to MJ & BB in consideration of discharging some unspecified debt. The names "Killie elephant" and "Kilmarnock elephant" have been registered as trademarks and the club have entered into a contract which ties us to using the Kilmarnock elephant Ayrshire as our official transport provider for the next five years. Plans have been lodged with East Ayrshire council for the construction of an elephant pen in the Frank Beattie stand, and building costs will come out of the playing budget. It is hoped the club shop will have a stock of Kilmarnock elephant toys, complete with highwayman mask and swag bag, from early next month. If you don't buy them, you're not a real fan and its your fault if we have a crap season. The squirrels from the club badge have also been transferred to BB, as security, until such times as we repay the debt we owe him for buying the club and giving himself half a hotel. From next season a sewage tanker and an elephant will replace them on all official club merchandise. It's the Killie way. 

Edited by Zorro
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2pm on a Tuesday?

and I hear about it on BookFace

No email / letter yet?

oh, except the one begging for the early bird season ticket money which doesn't mention the fact I might want to renew the one free and three paying kids tickets. 

Given your treatment of 'we, the customer', what expectation can you have of any loyalty or commitment from us?

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The report suggests we are in serious trouble if we don't find investment. Well we didn't find investment in the twelve months that followed and I can guarantee those projections were not made. We are in serious trouble now regardless of survival or relegation.

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7 minutes ago, livvy said:

Nearly a million pounds paid to the park hotel and we owe them another 300,000 odd? That's blatant robbery surely. What other club in the league spends nearly a third of their turnover on hospitality?

None.

We kept being told how good it was to get rid of the hotel, but with these type of figures ,you really have to wonder just how good a deal we got.

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1 hour ago, killiehippo said:

Is anyone actually surprised by this? It was a great day today, the first for a long while, but as long as Johnston and Bowie remain we will crash and burn.....if not this season then in the next year or two.  I like Lee Clark  but he is stuck with working under parasites. 

Continually pushing money into the club isn't parasitical behaviour.  

If MJ wishes to also be excluded from that description, maybe he wants to write off the circa £100k owed to his business by the club (which would bring his total investment to circa £100,001 and in line with the other directors (excluding BB)

The contracts with the hotel appear to have trebled in value over the last accounting year. Clarification on what the detail / reason for that is will be required. 

Wages are horrific given turnover / revenues. I appreciate the club tried to bring in some staff in marketing / health as well as paying off a couple of managers but we don't get an acceptable ROI in my opinion. 

The politics of following Killie suck as much of the joy out as the poor performances do these days (today excepted apparently although I missed it as a family break beckoned)

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Taken from the Auditors' Report:

"Should the company not achieve its projected future cash flows, which are dependent on future football performance, additional finance will be required in order to continue operations for the next twelve months. Failure to secure additional funding would result in the existence of a material uncertainty, which may cast doubt as to the company's ability to continue as a going concern."

Relegation would definitely not achieve projected future cash flows.  So, in such circumstances, would I be correct in assuming that without substantial new investment (loan or capital) we would be unable to continue as a going concern?

Should that be the case, there would be a legal obligation on the Directors to place the company in administration as it is illegal to trade when knowingly insolvent.

Basically, it looks like if we don't stay up we could become Sevco Mark 2.  If we do stay up, there is every possibility that that may happen anyway.

To meet financial projections, there will have to be a significant increase in ST sales; a substantial increase in walk-ups; a substantial increase in the use of Park Suite hospitality and other sales via the shop etc.; and a marked improvement on league position plus a cup run (to paraphrase the Chairman).

Good luck with all of that; there are reasons for the fall-off in attendances and they are not just football performance related.  (The "Naughty List", if published would support this).

 

 

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Based on the accounts that are 1 year old it would be justified for the shareholders to ask the board to report the current financial state and what progress has been made on revenue and investment? If the directors are unable to supply this information or demonstrate a plan to turn the financial situation around a Vote of no Confidence by the shareholders and motion to remove the current directors would be justified. A usual though this motion will fail as MJ / BB are the major shareholders and directors who have mis-manged the club for years. For this reason the only option will be to wait until the club runs out of cash and hopefully the administration process will get the change needed.

 

P.S The Killie Trust were trying to raise £100k and the club were going to give a seat on the board based on the accounts I have just read they may as well flush £100k down the toilet as we are operating at £700k per year loss. The money will keep us going for a month of two and when they run out of money which will happen it will be lost. Ask me to contribute to a fund that will save the club when they run out of money to create a new ownership / board and I will sign up for not worth putting any money in now unless a proper plan to turn things around it demonstrated..

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Is the board a one member one vote setup. If so then MJ and BB could be outnumbered 3-2 in any vote. Could something be arranged to vote them off the board as a start? The risk here is obviously them then calling in any debts owed although that would risk MJs pension as his shares would be worthless in administration. There's also the fact we don't really know if the other directors are for them or against them.

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Do we have any money stashed away in Panama?

I have said it before and will say it again.

Alas if anybody thinks MJ will ever change they are deluded. He is what some would liken to an egomaniac. Despot of a being who will only ever be removed if there was some sort of coup or US military involvement. 

Maybe we could have The Russians annex Killie as part of trying to retake Kadikoi post Crimean War and installing someone like a General to oversee the running of the club.

Or to go in a different direction get Donald Trump to buy the club, rename it Kilmarnock Trump FC and build a wall around MJ to stop him getting in (or out) That could be a vote winner for someone who is also an egomaniac but to a lesser extent..........obviously.

Or have Michael O'Leary of Ryanair buy MJ out but have him so confused with the terms and conditions of the sale he will have to pay money to get rid of the shares.

Unfortunately JM seems to be of the same mould. Add in BB and you have 3/4 of the 4 horseman of the apocalypse. 

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The one director one vote will have conditions and there is such a thing as "reserved matters" where certain decisions are excluded from the voting as they are deemed too important and the shareholding % is used and certain that this will include the appointment of directors at KFC.. I expect that anything other than minor decisions in the KFC board will be "reserved matters" as MJ would have this all written into the conditions before any new directors were allowed on the board.  

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Very worrying indeed. Maybe there's some master plan being concocted by the board but i wouldn't put too much hope on it.  Should the trust, KFCSA or both not restart the buy killie initiative and start taking pledges incase the sh*t hits the fan? 

It's worked for hearts and dunfermline in recent years.  

At the end of the day we are the only hope for the club in the long run. Fans have been there long before MJ,  JM and BB and will be there long after they're gone. 

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I have only skimmed through the detail so someone please correct me if I am wrong... it appears that J & AB Boyd are owed £105,678 in fees for 2015 work compared to £61,884 for 2014.

If correct, the above represents a 70% increase in fees from 2014 to 2015. As the sale of the Park Hotel went through in 2015, can we assume that the legal cost of this transaction was paid for by the club rather than the buying parties? As MJ is now part-owner of the hotel surely this is a conflict of interest.

With the impending legal battle for the use of the 'Killie Pie' name I am assuming the club can expect another bill for fees from J & AB Boyd which will no doubt be signed off by the clubs majority shareholders. I would hope that Jim Mann is seeking other quotes for this type of work to ensure the club is getting value for money, perhaps someone attending AGM could ask this?

To put things into perspective, the bill owed to J & AB Boyd is effectively taking the money paid for the first 320 adult season tickets for next season and giving it away for legal fees.

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