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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 the second half of 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. David Riley – who was elected as the SMISA rep in 2018 – will continue, and David Nicol – who was initially elected by members in 2016 and has continued on the board – has agreed to act as the second SMISA rep for the next few months while we put in place a process to select his replacement (see 2.6 for more info on this).

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.

Kibble

3.1 Why did Kibble need to buy a stake in the club to do this?

 Kibble are putting St Mirren at the heart of their operations, and they are making changes to how they deliver other parts of their business to let them do that. But they need to have a degree of influence over their investment – and being part-owners of the club gives them that. But part-owning club means they are tied to it – it will be in Kibble’s interest to do all they can to make sure St Mirren is successful.

SMiSA

4.1 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.

Find Out More

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