• Welcome to the ShrimperZone forums.
    You are currently viewing our boards as a guest which only gives you limited access.

    Existing Users:.
    Please log-in using your existing username and password. If you have any problems, please see below.

    New Users:
    Join our free community now and gain access to post topics, communicate privately with other members, respond to polls, upload content and access many other special features. Registration is fast, simple and free. Click here to join.

    Fans from other clubs
    We welcome and appreciate supporters from other clubs who wish to engage in sensible discussion. Please feel free to join as above but understand that this is a moderated site and those who cannot play nicely will be quickly removed.

    Assistance Required
    For help with the registration process or accessing your account, please send a note using the Contact us link in the footer, please include your account name. We can then provide you with a new password and verification to get you on the site.

Shrimpers Trust News Shrimpers Trust Surgery re Oustanding loan of 40k.

Forums New posts
Cricko

Cricko

Zone Owner⭐⭐
Staff member
Joined
Oct 25, 2006
Messages
38,822
Location
Leigh-On-Sea
On Sunday 4th February 2024, the Shrimpers Trust Board will be holding an online surgery with Trust members to explore options concerning the outstanding loan of £40,000 made to Southend United Football Club in November 2022.
The surgery will begin at 1:00pm, lasting no more than 90 minutes, and will provide some background as to how we arrived at the current position, although the primary focus will be to obtain views and opinions about how we move forwards.
At the recent Shrimpers Trust Annual General Meeting, Southend United FC consortium leader Justin Rees challenged the Shrimpers Trust to decide what, as an organisation, we wanted to do with the £40,000 loan.
The surgery discussion will be fed back to the next Shrimpers Trust Board Meeting, scheduled for the following evening, and will also help provide options for a forthcoming Shrimpers Trust survey, to ensure we best represent the views of our members.
If you would like to participate in this online surgery and you are a member of The Trust, please complete the short form and a link will be emailed to you closer to the event: https://forms.gle/syTuiMNjnjcFXXBb8
 
Last edited:
Interesting - what does JR want to do? What is he offering?


My first thought is that it should be repaid as other club debtors presumably have been - I appreciate not all have, some have payment terms etc which could be mirrored, e.g., paid back in installments.

Alternatives....
(1) convert into a large amount of equity with a seat on the board forever
(2) no repayment but we get X years of youth team sponsorship (does the trust still sponsor them with the demise of the academy?) or some other repayment in kind.
 
The fact the Justin Rees has even challenged the Trust to come up with options says to me that he is open to ideas and options.

Given that the Trust has long asked for a seat on the Board of the club, and of course their obvious and high profile involvement in the lobbying for the new regulatory authority for football, for me the only logical answer is a conversion of debt to shares in the club and a permanent seat on the board.

Obviously, I am not party to any of the planned future structure and workings of the club, but hoping to hear a bit more from the Consortium at the Cliffs next week. As an aside, it would make sense for the club to safeguard themselves from future regulator requirements by offering supporters the chance to be involved at a business level - it can be done in a number of ways.

Something that might be a good way forward would be as a NED (Non Executive Director), who is elected for a fixed term (say 2 years as an example). This position could be to exclusively represent supporters interests with the position filled by someone who has been voted into the position by Trust members.
 
ms brush said:
The fact the Justin Rees has even challenged the Trust to come up with options says to me that he is open to ideas and options.

Given that the Trust has long asked for a seat on the Board of the club, and of course their obvious and high profile involvement in the lobbying for the new regulatory authority for football, for me the only logical answer is a conversion of debt to shares in the club and a permanent seat on the board.

Obviously, I am not party to any of the planned future structure and workings of the club, but hoping to hear a bit more from the Consortium at the Cliffs next week. As an aside, it would make sense for the club to safeguard themselves from future regulator requirements by offering supporters the chance to be involved at a business level - it can be done in a number of ways.

Something that might be a good way forward would be as a NED (Non Executive Director), who is elected for a fixed term (say 2 years as an example). This position could be to exclusively represent supporters interests with the position filled by someone who has been voted into the position by Trust members.
Click to expand...
That will not happen on the Main board of the club but they are going to have a "Shadow Board" that will include The Trust and the idea is they meet before the main board meetings so what is discussed can then be looked at by the main board.
 
Cricko said:
That will not happen on the Main board of the club but they are going to have a "Shadow Board" that will include The Trust and the idea is they meet before the main board meetings so what is discussed can then be looked at by the main board.
Click to expand...
Good to know. As I say, I am not party to any future plans.
What is important from my perspective is that we have a strong role in the structure of the club so we get our say as supporters. Our main aim has to be that we can properly hold custodians to account so that the club remains sustainable and stable. Any decent business would welcome this set up. We can never allow any situation or general mismanagement and asset stripping / land plundering a'la Ron et al to happen again at OUR football club!
 
Hadleigh-shrimper said:
No they have said this a lot of them are fans. Shadow board is similar too what Wrexham do
Click to expand...
But is there any reason why trust official can't be on the main board? Think their some value (to the fans) of having a truly independent from ownership board member who is elected by the fans/trust.

All I'm hearing is that there'll be a shadow board - but why not a rep on the proper board?
 
Conversion into a golden share with veto rights on things e.g.,

Name change
Kit design
Sale of stadium
Sale of club?
 
Napster said:
There is - Gary Lockett. (as Ron has pointed out, ad nauseam)
Click to expand...
Ah yeah I missed the vote electing him and his regular consultations with fans.

Nb - I'm not saying a trust rep would need to be elected to the board (it might be sufficient for the trust elections or even the trust board to nominate someone). But I would expect there to be some semi regular fan update from the fan rep.

I'm sure GL does a great job - but not convinced he is a fan rep.
 
You must log in or register to reply here.

.



Club News
Fixtures and Results
League Table
SUFC Ticket Stats
Shrimpers Trust
SoccerBase
SUEPA (Ex Players)
Shrimperzone on Facebook
Shrimperzone on Twitter
Shrimperzone on Instagram
SUFC Exiles


ShrimperZone Sponsors

FFM MSPFX Foreign Exchange Services

Zone Advertisers MFF2

Zone Advertisers Zone Advertisers

ShrimperZone - Player Sponsorship


Southend United Away Travel


All At Sea Fanzine


Back
Top