New beginnings - 25% Truth, 80% Bollocks

[4D]

Looking back at the advisory board minutes from 22nd Sep, it states a review was in place for a £2.95m debenture.

[Bob's Orange]

In the Sept 22 advisory board minutes the debt was noted as down to circa 1.1m, so where has this 2.9m appeared from?

It's on 2.4 of the minutes and action review -

"CM reviewing the position of historic £2.95m Debenture debt outstanding since 2012 and how this could be resolved to ensure the Club is debt free. CM’s focus is laying strong foundations,
working to make the Club debt free, owning the ground and starting plans for development of the ground."

[Nemo]

When times are tough, just announce a betting firm as an official advertising partner.

We've had enough good PR this week already, so makes sense to balance it out.

[4D]

It's on 2.4 of the minutes and action review -

"CM reviewing the position of historic £2.95m Debenture debt outstanding since 2012 and how this could be resolved to ensure the Club is debt free. CM’s focus is laying strong foundations,
working to make the Club debt free, owning the ground and starting plans for development of the ground."

Yeah, just amended my comment after noticing that

[Bob's Orange]

Yeah, just amended my comment after noticing that

Sorry 4D, hadn't realised you spotted it bud.

[Bennett]

Let's face it, the FA can no doubt see that the whole regime stinks but that probably applies to many EFL clubs.

I was talking to someone about this yesterday. I get the impression there's a lot of chaos behind the scenes of most lower league clubs, we're just seeing it play out in real time now

[The Artist Formerly Known as Audrey]

Perhaps it is the possibility that Mrs Parladorio is holding them for Standing that is of interest?

Let's face it, the FA can no doubt see that the whole regime stinks but that probably applies to many EFL clubs.

What they think doesn’t matter. If the shareholding is in her name that’s that.

[Bennett]

Is there not a minimum % shareholding whereby a minority shareholder doesn’t need to pass any FA test. 2 individuals holding 10% each doesn’t sound much.

Did Clem have to pass it when he originally bought 15%.

When in the timeline did these 2 people appear in official records at Companies House?

Needs to be 30% stake according to Wikipedia
https://en.wikipedia.org/wiki/Fit-and-proper-person_test

[JoeMezz]

I understand that the debenture money had to be made quickly, but now it's in the public eye could the club not sell the shares to fans to generate income? That way the club has the money it needs/needed and the fans have a say in the club. Please someone correct me if I'm wrong but would seem the most sensible moving forwards (unless there are skeletons in the closet of course).

[The Artist Formerly Known as Audrey]

But how long would that take. I understand it the debenture needed paying immediately.

[The Artist Formerly Known as Audrey]

Needs to be 30% stake according to Wikipedia
https://en.wikipedia.org/wiki/Fit-and-proper-person_test

Well, that’s that. Nothing to see here at all. Apart from the cloak of secrecy - which now seems to have been pointless - Clem (the club) have done nothing to get the FA’s interest tweaked.

[Quagmire]

Aren’t the FA already investigating the club from the Power/Standing era anyway? So that’s nothing new.

[Bennett]

I understand that the debenture money had to be made quickly, but now it's in the public eye could the club not sell the shares to fans to generate income? That way the club has the money it needs/needed and the fans have a say in the club. Please someone correct me if I'm wrong but would seem the most sensible moving forwards (unless there are skeletons in the closet of course).

The club (axis group) no longer hold the shares in swinton reds, they can't do anything with them other than ask nicely of the new owners.
Issuing new shares might be something they look at, but I'm not sure there's a long term plan for the club at this stage.

[Nemo]

The club (axis group) no longer hold the shares in swinton reds, they can't do anything with them other than ask nicely of the new owners.
Issuing new shares might be something they look at, but I'm not sure there's a long term plan for the club at this stage.

That's not quite true, there might be separate legal agreements allowing Clem to purchase the shares back at an agreed price (or, to look at it another way, allowing other parties to buy more of Clem's shares at an agreed price/under certain circumstances). Those sorts of options wouldn't need to be registered with CH as far as I can tell.

Issuing more shares in the club to dilute existing minority shareholdings was how Fitton screwed over the minor shareholders in his day, right?

[The Artist Formerly Known as Audrey]

Aren’t the FA already investigating the club from the Power/Standing era anyway? So that’s nothing new.

Yeah. That’s a fair enough inquiry - clearly breaking the FA rules on ownership. Not sure if the club could/should get sanctioned now or just the 2 individuals concerned. Even then the punishments would be meaningless. Power gets banned from owning another club, Standing has already resigned from his agency. This will hinge on the outcome of the civil case of Standing v Power.