Fan ownership FAQ

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The Basics

1.1 What was SMISA's original deal with Gordon Scott?

Until February 2020, Gordon Scott owned 50.1% of the shares in St Mirren and SMISA owned 28.3% (with the rest shared between several hundred individuals). Our previous legal agreement gave us until 2026 to buy Gordon’s shares and deliver majority fan ownership. We were required to buy the 42% stake Gordon bought in 2016 but not the 8% he held before then, meaning SMISA was set to own 71% of the club. The purchase price was fixed at £7.66 per share, which is what Gordon paid in 2016, meaning we had previously needed to raise £615,000 to buy that 42%.

St.Mirren

2.1 How will the club be run during the interim phase?

The interim phase will last until a date TBC in summer 2021 but no later than the end of that year. In that time, the current board will stay in place, with Gordon as chairman. There have been additions to the board – SMISA got an additional seat (meaning two in total) and Kibble also now have two seats.

The SMISA directors will continue to make sure our members and the wider fanbase are considered in all decisions. Our two representatives are David Riley (who first joined the board in 2018) and John Needham (who was appointed in 2020)

The three-way agreement in place between the three main shareholders (SMISA, Gordon and Kibble)  ensures major decisions or changes to the way the company runs (such as the appointment or removal of board members) could only happen if all three parties agreed.

The interim phase also means a managed transition from the current regime to a fan-owned one, giving St Mirren continuity and stability while the buyout is completed. It also gives SMISA the time we need to save up the share purchase money and a cash reserve, and further professionalise how our own affairs are run ahead of becoming the club’s owners.

SMISA

3.1 What will I get as a SMISA member in the future?

We created the #BuyTheBuds campaign to make sure the club could stay forever in the hands of the people who will care for it most – and that’s what these proposals deliver. But that work won’t end when we buy the majority shareholding – your continued support and involvement is needed to make sure majority fan ownership is a success, and to give the club a financial safety net.

As a SMISA member you will be able to help shape the direction of the club – we will expect your views and priorities to be reflected in how the club is run. And of course you will need to remain a SMISA member to have a vote on SMISA decisions – whether that is voting on where SMISA money should be invested, who will represent you on the SMISA committee, or on any club decisions which SMISA members are asked to vote on. Plus, once we own the club, SMISA will review the existing benefits package we offer to members to see if we can find new ways to reward you for your support and bring you closer to the club.

Kibble

4.1 Who are Kibble?

Kibble are one of Scotland’s largest charities, with a turnover of more than £30m a year, and more than 600 employees. They have been headquartered in Paisley since the 1840s and support children, young people and young adults with complex social, emotional, behavioural and educational needs, and give them the care, support and encouragement they need to move forward with their lives.

The charity is structured as a social enterprise, which means they are set up to operate as a business – but to reinvest all profits for charity and community good. They currently run a number of social enterprise businesses. Their priority remains the same as for the past 160 years – to support young people who need their help the most. For further information, visit www.kibble.org

Find Out More

Check the proposal summary and how the members vote will work by clicking the buttons below.
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