There's no moral voice in a share that cost a penny

Last updated : 18 October 2013 By Mark Dingwall


With the pomposity of a cut-price town crier in nylon socks we keep hearing of how various parties claim to control between 25% and 51% of the shares in the club as proxies or as a voting block.


The performance of the Green group has been disastrous for the club and has left us in chaos - a mere million projected to be left in the bank by the end of the season and eight directors sacked or resigned in a year.


Notwithstanding this debacle, we are expected to tug our forelocks at the prospect of former directors and assorted shadowy figures hiding behind PO boxes and lawyers offices in far-flung corners of the world deciding how the club will be run.


Some people did very well out of the club and took advantage of the state it was in to reward themselves and their business partners very well - included in that was the issue of over 10million shares at the price of 1p.   The rest of us had to pay 70p a share in the IPO.


Now that we know so much more of what was done in the last year  and the performance of Green and his cronies these shares hold no moral weight.   Anyone who relies on them has no moral voice either.


The message to those who hold these share is simply - the strategy you bought into has failed and failed utterly.    It’s time to change sides.