Manly Sea Eagles Chairman Scott Penn has made a bid to wrest sole control of the club

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Volley said:
Jonesyv2 said:
This is what I have always feared, luckily the Fc own the preference share

If they've got the Preference share, why would you be worried about a majority share holder?

Doesn't make sense that you'd be fearful of this.

Exactly right.
 
Eagle Eyed Cherry said:
If Penn wants a majority stake in the club I feel he must shave off his mostauche. It looks like something out of a 70's porno flick.
As long as Penn can keep us UP and competetive he can keep the mostauche and the porn.
 
Utility Player said:
MadMarcus said:
If Penn had a last right of refusal in the constituion or a shareholders agreement I'm not sure why he didn't try to enforce it earlier.

Because he would have had to carry the can for a longer period prior to the new broadcast deal and an increase in the NRL grant.

I'm not knocking him by the way he seems a very smart business man.

Also just think about Quantum's current financial situation and Penn's timing.
 
mickyj said:
The main point is that MAx and now quantem seem to be in the position that when the club is back on its feet ownership will return to the FC fully.

What is Penn's position here?
I think the change should be that 4 to 3 is enough to get most things over the line at board level.

For starters, I can't see the football club ever being in a good enough position to buy back the club. Also, I can't see a problem with Penn being majority owner for the long term. He loves Manly, and is willing to back the club with his finances. As long as he doesn't move the club or change the name/colours (which he can't anyway, as the football club have the preference share), then I can't see how the clubs ownership structure really affects us fans.

The only reason we care about it and are talking about it now is because the owners can't agree and are constantly fighting, which seems to have directly led to Hasler leaving. At least if we have one major owner we shouldn't have all this infighting, and the club can move in one direction.

I don't believe anyone is 100% right or 100% wrong here. But from what it looks like from the outside the board are all paddling in different directions and it's getting us no where. If one person take charge of the boat at least we'll head in one direction, even if at times we slightly steer off course at least we're moving. From what it sounds like, Penn is the only one at the table capable of financing it alone, so I say give him the captain's hat.
 
Good post above mcatt - agree

Seems like its all come together CC in a perfect storm - incl the great GF win :D

Quantum's financial problems are probably because of the solar power section of their business biting the dust when Barry O Farrell changed the solar rebate scheme as he came to power - he shafted most of the solar industry with these changes at the same time.

But the rest of Quantum's business should be fine and is prob growing such as their hot water heat pump systems - sounds like they're going great guns from what I was told on GF day by one of Quantum employees.

Am sure all Manly fans would appreciate Quantum's sponsorship and support over the past few years
 
The issue that confuses me is this :

Penn 2 Votes
Quantum 2 Votes
LC 2 Votes
FC 1 Vote

5 votes needed to get a majority yes? How does buying Quantum out help? Penn would still need the support of the LC/FC.
 
Rusty said:
The issue that confuses me is this :

Penn 2 Votes
Quantum 2 Votes
LC 2 Votes
FC 1 Vote

5 votes needed to get a majority yes? How does buying Quantum out help? Penn would still need the support of the LC/FC.
Four versus three is a much better position for negotation, using the common sense that all parties want the best for Manly. The other one for the conspiracy theorists is some secret plan to get control of the Leagues Club seat on the board or one of the seats from the Football Club.
 
Where does this news about 5:2 majority needed before any decision can be made by a board of directors? Urban myth?
 
Is relation to the 5:2 vote (as has been mentioned many times in the press), does this mean that Surfside , Leagues Club , Football club ( making up the 5 votes) vote against Penn's 2 votes pretty much all the time, is this what's causing the drama's??

I can imagine the LC and the FC voting as a block, after all they are from the same "stock".

Or is it that Penn's 2 votes vote with the FC/LC and Surfside is the one on their own.

But correct as posted, even if Penn gains the 2 votes from Surfside unless one of the others "cross the floor" nothing is going to get up.

Possibly a way around this in the future is that the FC vote only comes into play IF it's a vote about Colours /Name / Games away from Home / Venue of games.

I in fact reckon that's all the FC should be voting on anyway...given they are a very minority player (financially speaking).
 
Rusty said:
The issue that confuses me is this :

Penn 2 Votes
Quantum 2 Votes
LC 2 Votes
FC 1 Vote

5 votes needed to get a majority yes? How does buying Quantum out help? Penn would still need the support of the LC/FC.

A majority of the board is 4 votes and this is all that is required for most issues.There are a handful of issues that require a unanimous vote eg CEO position, Chairman etc (Matters to do with the Coach is not one of them, it is standard simple majority 4 votes required issue).

There is nothing that requires 5 votes to go through.
 
westbec said:
Rusty said:
The issue that confuses me is this :

Penn 2 Votes
Quantum 2 Votes
LC 2 Votes
FC 1 Vote

5 votes needed to get a majority yes? How does buying Quantum out help? Penn would still need the support of the LC/FC.


There is nothing that requires 5 votes to go through.

not even when deciding what toppings go on the pizzas, or sandwiches?
 
Daniel said:
westbec said:
Rusty said:
The issue that confuses me is this :

Penn 2 Votes
Quantum 2 Votes
LC 2 Votes
FC 1 Vote

5 votes needed to get a majority yes? How does buying Quantum out help? Penn would still need the support of the LC/FC.


There is nothing that requires 5 votes to go through.

not even when deciding what toppings go on the pizzas, or sandwiches?

game of 2 up?
 
Mark from Brisbane said:
Is relation to the 5:2 vote (as has been mentioned many times in the press), does this mean that Surfside , Leagues Club , Football club ( making up the 5 votes) vote against Penn's 2 votes pretty much all the time, is this what's causing the drama's??

I can imagine the LC and the FC voting as a block, after all they are from the same "stock".

Or is it that Penn's 2 votes vote with the FC/LC and Surfside is the one on their own.

But correct as posted, even if Penn gains the 2 votes from Surfside unless one of the others "cross the floor" nothing is going to get up.

Possibly a way around this in the future is that the FC vote only comes into play IF it's a vote about Colours /Name / Games away from Home / Venue of games.

I in fact reckon that's all the FC should be voting on anyway...given they are a very minority player (financially speaking).

Can I just say Mark, you are making an abundant amount of sense!
 
westbec said:
Rusty said:
The issue that confuses me is this :

Penn 2 Votes
Quantum 2 Votes
LC 2 Votes
FC 1 Vote

5 votes needed to get a majority yes? How does buying Quantum out help? Penn would still need the support of the LC/FC.

A majority of the board is 4 votes and this is all that is required for most issues.There are a handful of issues that require a unanimous vote eg CEO position, Chairman etc (Matters to do with the Coach is not one of them, it is standard simple majority 4 votes required issue).

There is nothing that requires 5 votes to go through.

Exactly as I suspected, in spite of the misinformation spread about on this point. Which means the FC/Leagues Club block of 3 votes cannot be the only problem.
 
Mark from Brisbane said:
Is relation to the 5:2 vote (as has been mentioned many times in the press), does this mean that Surfside , Leagues Club , Football club ( making up the 5 votes) vote against Penn's 2 votes pretty much all the time, is this what's causing the drama's??

I can imagine the LC and the FC voting as a block, after all they are from the same "stock".

Or is it that Penn's 2 votes vote with the FC/LC and Surfside is the one on their own.

But correct as posted, even if Penn gains the 2 votes from Surfside unless one of the others "cross the floor" nothing is going to get up.

Possibly a way around this in the future is that the FC vote only comes into play IF it's a vote about Colours /Name / Games away from Home / Venue of games.

I in fact reckon that's all the FC should be voting on anyway...given they are a very minority player (financially speaking).

Scott Penn gets the Quantum shares and then all he needs is Zorba to win the LC election and there is your 5 votes...and the Football Club retain veto power of the colours/emblem/ground. Everyone wins
 
SeaEagleRock8 said:
westbec said:
Rusty said:
The issue that confuses me is this :

Penn 2 Votes
Quantum 2 Votes
LC 2 Votes
FC 1 Vote

5 votes needed to get a majority yes? How does buying Quantum out help? Penn would still need the support of the LC/FC.

A majority of the board is 4 votes and this is all that is required for most issues.There are a handful of issues that require a unanimous vote eg CEO position, Chairman etc (Matters to do with the Coach is not one of them, it is standard simple majority 4 votes required issue).

There is nothing that requires 5 votes to go through.

Exactly as I suspected, in spite of the misinformation spread about on this point. Which means the FC/Leagues Club block of 3 votes cannot be the only problem.

That is why I was saying way too much blame was being put solely on Bob Reilly's back. For anything to go through the FC/LC block still needed Quantum or Penn to side with them.
 
My point is that if a simple majority is needed for most business decisions, and the Football Club and Leagues Club only have 3 votes between them ... they therefore cannot block anything by themselves. The private owners have 4 board positions between them, so any impasse necessarily means the private owners are not in agreement. Doesn't it?
 
Which means ... the argument about the FC having board representation without financial liability has nothing to do with the real problems at board level.

Penn needs to acquire all the private shareholding as he seems to be trying to do currently. If there are meddlesome/difficult/contrary types still involved with the club through either FC or Leagues club then too bad, just deal with it. However those persons (if they exist) clearly don't have power to block anything at board level, unless either Surfside or Penn also wants to block it.
 
Team P W L PD Pts
3 3 0 48 6
4 3 1 28 6
3 2 1 10 6
4 2 2 39 4
3 2 1 28 4
3 2 1 15 4
3 2 1 14 4
2 1 1 13 4
2 1 1 6 4
3 2 1 -3 4
3 1 2 0 2
3 1 2 -5 2
3 1 2 -15 2
3 1 2 -22 2
3 1 2 -36 2
2 0 2 -56 2
3 0 3 -64 0
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