Trevor Birch - New Boss

[Yankee_Jack]

It's only going to dilute the Trust's shareholding if the corporation mints new shares and thereby expands the number of shares outstanding. Birch is not putting money into the club that's for sure, so any equity granted as part of his compensation maybe in the form of options on stock already authorized and in treasury. The equity element would be an "at risk" component of his compensation, meaning Birch would have to perform to determined levels or achieve certain goals to earn and vest in that component of his competition. Also, the equity may not be of the club entity itself but of the holding company forming the majority ownership.

Am I missing something, or is the Trust yet again showing a lack of sophistication.

The statement refers to "concerns raised by members" over "remit and targets" ... have they been published anywhere.

 

[CroJack]

It's only going to dilute the Trust's shareholding if the corporation mints new shares and thereby expands the number of shares outstanding.

I thinks it's already been done, I mean they've issued new shares. I heard it a month ago.

1. Four months ago the yanks said that they were considering issuing new shares.

2. A month ago someone mentioned on Twitter that the new shares had been issued.

3. In today's statement the Trust says Birch's renumeration package contains an equity element (probably some of the new shares).

 

[Jackflash]

Received the following from the Trust.

New Chairman Appointment

Trevor Birch Alerts

Dear.........

The Swans Trust welcomes the appointment of Trevor Birch as the new Chairman of our football club.
The Trust was informed that Mr Birch was the majority owners’ preferred candidate in advance of his appointment and we were given the opportunity to speak with him at that time, which we did. We have also been able to meet him this week and we are grateful to Trevor for his time and willingness to facilitate a meeting so quickly after his appointment. He brings wide experience and expertise to the role.
However, the Trust does have concerns regarding some aspects of his remuneration package, which we have been informed contains an equity element. The details and conditions of this are unclear but, if true, would potentially dilute the Trust’s shareholding and further prejudice our position as a minority shareholder in the football club. Therefore, the Trust is unable to support this element of the proposal. The Trust raised our objections to the majority owners prior to the appointment but, not for the first time, we have not received a response.
The Trust shares the concerns raised by our members about the remit and targets he has been set by the majority owners. However, we have been told that his focus is on stabilising the club rather than preparing the club for a sale.
The Trust is also aware of the press reports regarding members of staff being notified of a consultation period regarding potential redundancies at our club. The Trust is acutely aware of the financial challenges which life in the Championship brings, but it is disappointing that jobs are at risk primarily due to the poor management of the football club in the past. The Trust, through our supporter director, will be strongly representing the views of our members to the new chairman and the club board that any decisions made are taken with the best long-term interests of the football club at heart.
Swansea City Supporters Trust

At least some response from them Ivor, but still very tight lipped on the Jenkins saga. I hope Birch is allowed to do as he sees fit, but in the yanks case I'm afraid the old adage will apply. 'He Who Pays The Piper Calls The Tune.