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 Paterson

Good luck and all the very best.

I realise that the sale of the land surrounding Bayview and purchase of shares from Rankine/Johnson/Twigg are SUPPOSED to be separate transactions but the fact appears to be that Rankine is purchasing the land for £80000 with the club hoping to get the proceeds this coming week.
Personally I cannot see a shrewd businessman handing over £80K in one hand and allowing the Directors to walk away from their current offer.In other words if they did walk away,he would ask for his £80000 back.
Without the proceeds of this land sale,I cannot see how the club could survive.

If it is a legitimately conducted sale of land he isn't entitled to his money back later.
Rankine knows as well as anyone that the directors don't have 400k. He wants the land because he believes it has value. It is a stronger commodity than EFFC shares.

We need to rally behind this bid and stop this internal squabblefest.
Rankine is the scrote laughing up his sleeve at this division between the directors and the supporters. He is a money grabbing weasel who has finally been found out out by the powers that be. He has probably never attended an East Fife game in his life.
I would urge the directors (all good EFFC fans) to see sense and grasp this opportunity to rid the club of this chancer once and for all.

Think we need to look carefully at this. Firstly the credit union charges seem a bit expensive, if we raise 100k through them it will cost us 30k in fees compared to Zopa it is about 50% more expensive. Even that is a lot of money to raise for this type of arrangement.

Going on to dotcomunity website they state they are not accepting money or giving loans at present. So what is happening? On moneysavingexpert.com there is a thread about them. Last year a lot of interest was generated re advantageous ISA rates with many taking them up on this. More recently there has been some disquiet and talk of withdrawing their funds in April if not before so there may not be funds available to loan.

I know credit unions have to balance funds v loans and that be why they approached us to fund their generous interest rates. Need a bit more thought on this.

The other thing I would like more info is on the land sale. To a large extent Rankine will be buying the land from himself, so is the value of the land 80k or 160k the difference in payment being taken off the share price? It is obvious the assets of the club will be greatly reduced and so reflected in share price. Although separate transactions they are closely related and those taking part should be wary of Rankine's deviousness.

I am the only one other than JJ that think this credit union stuff is duff. I don't think so, there as been no action on this thread at all since it came out. We need to move forward, is this the way?

I wonder if it's worth doing at all. I heard the Go4 had to ask the supporters club for money to pay a bill.

With a heavy heart I reckon the fans should wait until the inevitable administration happens and buy a Phoenix club.

Where did you here that from as the secretary of the supporters club this is news to me !!!!!!

More shite.

But Jocky, just last week you were an "Investor with a big heart". Why do you only ever manage to criticise takeover attempts? Are you still "Just wondering" if there is any more you can do to undermine the EFSS? As "A real realist" don't you think that, really, we all know that this is the same person posting all the time, a one-man vendetta against supporters' attempts to make East Fife a better club for everyone?
Could you break the habit and offer something positive to say about the efforts that are being made to fix this mess? All you ever do is snipe, belittle and mock East Fife supporters who are putting a lot of work into trying to find a solution. Now that everyone knows you are not a director, your behaviour looks even more disappointing.

Got to agree that Jocky and his 47 "pals" need to grow up. A man around 60 years of age shouldn't be acting like a wee spoiled brat.

Fan, Why are you criticising someone for using multiple names when you do the same yourself to destabilize anything the directors do for the good of the club. Can you break the habit and say something positive about the efforts the pensioners do to get the club stable. Tell JJ where he is going wrong, he questioned the Credit Union fiasco. How many people have been writing in to say what a great idea it is. None, it will never work you know it and so do most other sane people. Who is going to take out a loan for years and pay the interest to help out the club, none methinks. How much are you going to put in, none methinks. Stop trying to bully people who have a different agenda from you.

How much will you put in, Rab Robertson?

"Agenda", "Destabilize", "how much money are you putting in"

Jocky bingo - fun for all the family.

You are a cyber bully. You have answered none of my questions,I rest my case.

Maybe I am biting at the bait here but I have previously seen Rab's name mentioned on a thread. Without understanding exactly what is being insinuated I need to say that Rab is a long time member and financial supporter of the Trust as is his son.

I've never known such a bunch of nasty vitriolic trolls as you get on this site. No wonder the club is screwed with some of the supporters they get.

Is your point that the club's plight is because of what some fans write on a website rather than the way the club has been run?

Interesting.

Tell me more.

I'm concerned that individual posters are allowed to be named on this forum. Surely only moderators have access to this information.

No Grant, I think he is saying that the trolls on this site are not helping the plight of the club. Infact they are not helping anyone, I wonder why they do it while the club is struggling, they are only hindering the club, unless of course they want the club to flounder, now that is worth thinking about. You may be one of them.

Sickest one yet Jocky!

Hiya Grant, Hiya! Hiya G-Mal Hiya, Hiya Eck, Hiya, Hiya Noisy Crossbar Hiya, Hiya Just Saying, Hiya, Hiya fan(ny), Hiya Charlie, Hiya ... need ah say mair?

The club has been floundering for quite a while now in case you haven't noticed.

No, we simply are questioning what is going on and asking for some answers. Clarity and transparency. Unless you think that we should just accept what the Board are doing at the club and keep quiet like good little boys and girls? You know, trust me I'm a Board member sort of thing?

Sorry ain't gonna happen.

No Jocky, I and everybody else would rather you said nothing and just fucked off!

And before you fly off the handle, into your usual self-deluded buffoonery, making references to only getting to post if you agree with the majority type bullshit, can I just say that whether or not your posts are Pro or Anti buy-out, for or against the Board or in favour or opposed to the EFSS, because of your predictable bullyboy tactics which usually consists of you shouting very loudly and insulting anybody who disagrees with you and always bloody-mindedly taking the minority point of view, no matter the debate, nobody and I repeat absolutely {b}NOBODY[/b} can take either you or your posts seriously. To quote the current phraseology, "you've got no fans". This and the very fact that you have had to concoct another 47 identities in order to provide your own support to your various diatribes must make the fact that your antisocial behaviour impresses no one, this must be obvious even to you.

It's a pity as well Jocky, because in amonst all the dross and verbal attacks which account for the majority of your posts, there is sometimes, just sometimes mind you, some really good and rather pertinent points, but they quickly get lost as soon as you, unsurprisingly and rather par for the course, drop into character and unleash the bile, hence why no matter what UserName you are using at the time, it would be obvious even to a blind man that it is you who is posting!

Jocky I refer you again to my post in the "Buy East Fife FC" Thread.

"" No, we simply are questioning "" - So whit username hiv you been questioning unner TN? Whit questions wur they?

Whit a tosser! Dae ye honestly think onybuddy's takin in wi yer crap?

Hiya Grant, Hiya!


FFS AKA Grant =

Congratulations Jocky, with just one post you managed to prove every point I originally made.

You are indeed a deviant antisocial tool!





btw I'm not Grant!!!

Pull the ither wan Grant AKA FFS AKA plenty ither nims, including Charlie ind Jocky! Wha are ye tryin tae kid?

possibly you because you are thick as mince

You really are quite an oddball. Why have you changed writing style? What are you trying to achieve?

Will the club directors be at the next EFSS meeting.

There are plenty of questions to be answered......or at least asked.