Simon Hallett and John Morgan have joined the board of directors which a, is a surprise and b, looks like very positive news. Simon , a lifelong fan of Argyle is a big cheese in a US based global investment management company whilst John (his brother in law) lives in Devon and is something in 'argribusiness'. There seems to be conflicting reports but it appears that Simon has invested a 'significant sum' in the club in return for a minority shareholding but neither JB nor TW have sold any of their shares. Dont know whether that means Simon Hallett's investment is in the form of a loan or whether more shares have somehow been created. Regardless of the financial deal, it looks like genuine inward investment that everyone has been calling for and interestingly SH carried out 'due diligence' on the club, and is said to be very impressed on how it is structured and is being run. New grandstand anyone?
Clearly he does. Refreshingly, Simon Hallett has just posted on PASOTI-it seems he has bought a significant chunk of the club by way of a 'new share' issue. i.e. the other shareholders haven't sold any of theirs but obviously their holdings in percentage terms have reduced. I presume this means that the total funds have gone into the club rather than reimbursing JB and TW. He also stated that he has taken on some of the outstanding historical debt. Really cant see a down side to any of this.
I suspect that eventually he will, but I dont think it will be anytime soon. He still owns a big majority of the club and it looks like the new guy owns about 29% of the total (old +new) shares.
Simon Hallett explains his position on pasoti.....seems that he has roughly 29% of the shares.....and how that money will be used will be decided later at a board meeting. Has lived in the States since 1991 and has dual citizenship between the two countries.....a Plymouth lad done well....been a fan since 1966......will be interesting to see what direction that two new directors will help take PAFC.....beside his shares he has taken on some of the debt as well.
I've just looked up his statement on pasoti. On face value there doesn't appear to be anything to worry about but then again we all thought that prior to the last debacle. Not much in the way of information on it but then again I wouldn't expect them to give anything away at this point. So, at last a positive move and about time too. Those that have looked this bloke up seem to be happy with what they see. Will now watch this space but won't get carried away just yet.
Not getting carried away, but someone with a bit of financial clout investing in the club with real cash(apparently) that will actually go to the club appears to be good news.
Interesting, very interesting... I'm not sure what the other shareholder percentages are but I presume this leaves Brent well in control with a 75% + ownership.
Ah OK, still, money and local and club connections. Not the billionaire we might have hoped for but looks like a sound move. Welcome the pair of you. Neither of you play as a striker do you?
