SUMMARY OF BUYEASTFIFE
MEETING
30 August 2014

STOP PRESS EFFC DIRECTORS ALSO MAKE BID FOR MAJORITY SHAREHOLDING
Just as this was being written we were courteously informed by the existing club directors that they too were trying to buy the majority shareholding. They made it clear they would welcome the EFSS and others as part of this. We have not yet seen the details but hope to meet soon with EFFC to find out more.

Introduction
The meeting was attended by approximately 160 people and started with a brief talk by Paul Goodwin of Supporters Direct Scotland who explained that there are now nine Scottish senior clubs in the process of becoming owned by the community or had already achieved that state. A short description of the background to the meeting was given and the rest of the time (approximately 60 minutes) was given over to questions from the audience which were answered
by Allan Duthie of the EFSS with interventions by Eugene Clarke and Paul Goodwin.

Why Do We Want to Do this?
The ultimate aim of our campaign is to transform EFFC into a community owned club which will produce a successful football team and generate sporting and social opportunities for all.

Who/What is EFSS Working Group?
The East Fife Supporters Society is the formal name for the Trust and the Working Group was formed to incorporate and represent all groups and individuals interested in securing a majority shareholding in EFFC. It was stressed that this group is not simply Trust members - it includes
supporter club members and people who are members of no formal group.

Background to Bid
Contact was made with a member of the EFSS group by an advisor to the majority shareholders who said there was an opportunity for the Trust to buy the majority shareholding.The majority shareholders have indicated their willingness to open discussions with EFSS representatives and advisors from Supporters Direct Scotland with a view to selling their 52% holding in the club. It is possible there will be other bids from other parties but we cannot influence that.

Bid Cost and Financing
The price has still to be negotiated The final figure will be influenced by professional advice regarding the financial situation of the club and the value of its assets. No offer will be made until due diligence has been carried out. The purchase would be achieved through paying a deposit and then annual payments over 15 years. For example, should the final price be £400,000, this could be paid by a deposit of £25,000 plus 15 annual payments of £25,000 - the monthly equivalent is £2,100.

What would we get for the money?
Once we had paid the deposit this would give us ownership of the football club, membership,of the SFA and League, the stadium, and the surrounding land. If we failed to pay an instalment there could be interest penalties applied but the shares would still be ours. We need to carry our full diligence of the deal to confirm both the legal details re assets and the
financial situation of the club.
We had approached EFFC with a request for a brief financial statement before the Saturday meeting but their directors decided it was not appropriate at this stage.
We are keen,however,to keep communication between the EFSS and EFFC open and wish to stress that our bid is not simply a way of changing the composition of the current EFFC board.

Raising the Money
We believe our supporters can raise the cash needed for the deposit and to pay for the shares over the 15 year period. Written feedback from the Saturday meeting showed that 59 people were willing to donate a one-off sum while 85 would commit to a monthly payment.In addition to that, members of the EFSS have been contacted by dozens of people who could not attend the
meeting but who said they would support the bid financially. No money will be requested until a legally binding agreement is in place. Anyone who sets up a monthly payment will be able to amend or cancel it if circumstances change.
Everyone who contributes at least £1 will become a member of the EFSS if she/he are not one already. As it is a legally constituted IPS everyone who contributes will have an equal say in voting irrespective of how much has been contributed.

Who will Run The Club after the Purchase?
Upon conclusion of an agreement the EFSS group would appoint a board of directors to manage the club. This board would be made up of people with the skills and knowledge to run the club and could include current EFFC directors and would not necessarily include any of the current EFSS working group. It was stressed that the club would not be run by those currently on the EFSS board.
Any newly joined equal member of the EFSS with the appropriate skills would be eligible to be appointed as an EFFC board member. After a period of 12-18 months when the appointments have created a stable structure at the club there will be elections to appoint a new board. Again all members,(this includes the
EFFC directors appointed by the EFSS) will be eligible to hold a board position. Selection of the new board will be done at an open meeting of all members with each member having equal voting rights.

What about the Artificial Pitch?
Good progress had been made by East Fife Community Sports Academy. Unfortunately a bid for funding to develop an artificial surface and associated facilities at Bayview has been delayed due to boardroom changes at Bayview and the associated uncertainty. EFFS are committed to creating a stable environment at Bayview which will allow this project to progress.

Next Steps
The EFSS working group continues to meet twice a week. With professional advice we have started the process of creating a business plan and we will also soon be meeting with legal advisors.
A website and other social media channels including Twitter and Facebook are being set up. The website currently has a link to a survey on it which allows fans to show their support for the purchase. We would encourage everyone, including those who filled in the form on the night, to complete the form at www.buyeastfife.org.
We are also keeping the local press informed and will be distributing paper copies of this to ensure that people without easy internet access are kept informed.
We will be setting up a regular on-line newsletter and shortly will have a QnA section on the website which will be updated.

Thanks

The EFSS Working Group.
2 September 2014
@BuyEastFife
www.buyeastfife.org

I've removed a post which I view as a personal attack on Eugene from a poster who has surprisingly never been heard of on here before. Strange that.

This is a time for all East Fife fans to work together to remove the present regime (and current board). Any personal abuse or vendettas against those leading the EFSS negotiations will be removed.

Sounds promising. So, why have the current board only decided to make an interest in buying the club now? Will the EFSS be working alongside the board to obtain majority shareholding or going it along?

Anyway, best of luck from afar.

By 'current board' who exactly do we mean?
Jim Stevenson, Dave Marshall etc or are Lee Murray, Dave Hamilton etc included?

I think some people need to calm down and be a little less hostile. We might not agree with everything that the current board have done in recent years but their hands have been tied and they have been acting in what they have seen as in the best interests of the club. I understand that some have even put their hands in their pockets to keep the club afloat. Try to see it from their point of view.
In my opinion EFSS should listen to what they have to say and consider how we can work in partnership to achieve our goal of the club being owned by a supporters group within the community.

Who are the working group? And do any have any "business expertise?"

I'd like to think that the EFSS would be willing to sit down with all rival bidders and negotiate what's best for East Fife as a combined bid would hopefully have more money.

Anything that gets the club into fan ownership can not be a bad thing, however some peoples resentment of the current board could end up being divisive. Surely if the board are willing to go for a joint approach at obtaining the shares from the majority shareholders a combined approach would have more success of raising the required capital than two camps coming at things from differing angles.This is a time to be coming together for the benefit of the club not causing rifts.

If we want a club owned by the fans we cannot dilute our share ownership with the board. Not saying that combining with the board is such a bad thing as it will get rid of the negative impact of the Rankine shares. But the fans will not have control but at least a major say in the running of the club.

Then again we were pleased last year that Lee was going to purchase control so is it any different to the present board although we may not like some (and ever will it be so). So let them go ahead?

Three options to consider. I like the idea of fan's control but I am always worried of any group having overall control as the group can be manipulated especially when apathy sets in. However will hold judgement until further information comes in. It might be wise to keep our options open by the trust holding talks with the board but not with confidentiality conditions

Did eug not say at the meeting,that if the trust did get control off the club,some of the currunt board would be welcome to stay on for there expertese and nolage on the day to day runnings of the club.

What kind of timescale are we looking at for the due dillegence, consultation with members, then offer (if indeed the consensus is to make one)?

I understand that rankine is infront of the SFA today for his fit and proper test. Should he fail that test can should the efss partake in any further negotiations with him? (If indeed he is advising lolly and sammy). It would seem inappropriate to discuss matters relating to a football club with someone found guilty of the charges against him.

will there be any change with those who own minor shares in the club ie myself

I'd hope that the new board look at a share issue so that fans can invest directly in the club.

Is this now dead not heard anything.