Friday Meeting

[RobertT]

it was ben wah balls, possibly on thisis though.

[mattboyslim]

On the subject of shares, a few years ago cliff puffett allowed fans to buy shares in the club, I grabbed a few, but by giving them a notional value does that suggest the total number is x, valued at £y.  Because if Bill power bought 1/3 of the club (as is alleged) for £1m does that value the shares in the club at £3m? and does this mean that all the fans who invested actually own a % of the club? If I've interpreted this correctly my shareholding should be worth my % of £3m?  I prepare to stand corrected and the shares were bought as a fundraiser not to make any money, but its just a connumndrum I've pondered. Also does anyone actually SSW's % ownership of shares?

[TalkTalk]

Swindon Advertiser Sports Pages

Wednesday 4th October 2006

D-day for Town?

By Steve Butt

SWINDON TOWN: PEACEMAKER' Cliff Puffett has won the first round of his battle to end the fighting at Swindon Town Football Club with all warring parties set for crucial talks on Friday.

Sir Seton wills, the Town board and representatives from Trust STFC and the Official Supporters Club have all agreed to attend the meeting while James Wills is expected to confirm his place in the next few days.

Puffett, who has been called in by the current Town board to look at the club's finances, is delighted that all parties have agreed to the talks but admitted there is still a long way to go.

"This problem needs to be resolved," said Puffett. "It is a situation that cannot go on for much longer.
continued...

"I'm delighted to have got this meeting sorted and I'm hoping to help everyone sit down and have their say.

"I am sure the Trust will come out all guns blazing but once the dust has settled we will see where we go from here.

"It is a step forward though and I am pleased that Sir Seton is perpared to do this. All parties need to sit back and listen to each other and then we can discuss the way forward."

The behind-closed-doors meeting is set to take place at 5pm on Friday with a press statement expected immediately afterwards.

Puffett also revealed that while the purpose of the meeting is stop the current public fighting at the club, that this was also a time for change.

He confirmed to the Swindon Advertiser that if the Trust STFC can prove they have the ways and means' to launch a takeover then they would be considered. Puffett also revealed that fans' groups could be entitled to have their say during Town's monthly board meeting.

"They (Trust STFC) have said in public they have the ability to generate enough funds to bring about a takeover and if that is true than it is fantastic," added Puffett.

"If they have that ability and can prove they have the ways and means to do so then so be it.

"What we might also be able to do is allow the fans groups to have their say at some point during each monthly board meeting so that they can raise their ideas, issues or concerns with the club then."

With sales and marketing manager Mike Sullivan and chief executive Mark Devlin also on leave at present, Puffett also talked about the possibility of fans using their skills to help the club at the present time of turmoil.

Puffet added: "At the moment we are reduced to a bare minimum staff wise so if the fans have any skills such as sales and marketing or public relation wise then they may be able to help. And what better way for this gap to be filled than by the fans."

9:59am today

http://www.swindonadvertiser.co.uk/sport/swindontownfc/display.var.951199.0.dday_for_town.php

[TalkTalk]

it was ben wah balls, possibly on thisis though.

Found them. They are 01/02, so a year older than the last published accounts (but not much different from the last set apparently).

http://www.thisisstfc.co.uk/Forum_New/topic.asp?TOPIC_ID=24772&whichpage=3

An interesting read for me over lunch then...  

[TalkTalk]

Ok then, for anybody interested.

As at 31st May 2002

Called up equity share capital £2,250,000

Which is 4,500,000 shares at an issue value of £0.50 each.

The share premium account stood at £2,585,161. This is what was paid for the shares above their issue value.

So the "notional value" of the shares are £0.50 plus £0.575 = £1.075 each. Which would put the club's notional value at £4,837,500.

Director's shareholdings:

W Carson 100,003 (=2.2%)
N Prescott (who?) 50,201 (=1.1%)
Mrs W Godwin 398,934 (=8.8%, which tallies with the 10% they mentioned on the radio this morning)
J Wills 283,350 (=6.3%)

Total director's shareholdings is therefore 18.4%.

Assuming SSW holds most of the rest then his holding is probably around the 70% mark.

If he "sold" 30% to Bill Power for £1M then that values the shares at £0.74 each, which was a pretty good deal for BP if the notional value was £1.075, as above. Again, the shares are in reality probably worthless in business terms.

Also interesting in the accounts at that time were the loans, totalling £4,354,369, with one single loan "from a director or connected person" of £2M and a loan from Swindon Town Properties Limited of £889,927.

Just a guess but I would suggest that £3.5M loan is SSW's money.

[Simon Pieman]

I'll see what I can find...

[Simon Pieman]

The last set of accounts submitted to companies house (year end 31/05/2004) have the same share capital and share premium. Can't find a breakdown of shareholders though, but I doubt it changed if those two values are the same...

[Northern Red]

God Holt was a better guy than I gave him credit for......

"....said Mr Holt, who hit the headlines last year when he shot dead two robbers in Africa."

 :box:

Old story, but here's a linkage to it:

http://www.findarticles.com/p/articles/mi_qn4158/is_20000503/ai_n14308665

 :shock:  Strike one back for the victim's - Bob Holt's just gone up in my estimation.

[Ben Wah Balls]

I got my copy of the new accounts for year ending may 2004 today.

 There is 4.5m shares. Carson still had 100,003 in May 2004. James Wills didn't have 283,000 any more but it says Swindon Town FC Limited has the majority shareholding and that is James Wills's company.

There is also a couple of thousand minority shareholders (like me).

Accounts for 2004 are a bit better than the last ones, we only lost £602k over the financial year compared to nearly £2m in 2003. Turnover was up over a £1m to £3.9m which would have been because of the higher attendances as we made the playoffs that year.

A loan of £879k was also waived during the year so that helped a bit.

[Dazzza]

I got my copy of the new accounts for year ending may 2004 today.

 There is 4.5m shares. Carson still had 100,003 in May 2004. James Wills didn't have 283,000 any more but it says Swindon Town FC Limited has the majority shareholding and that is James Wills's company.

There is also a couple of thousand minority shareholders (like me).

Accounts for 2004 are a bit better than the last ones, we only lost £602k over the financial year compared to nearly £2m in 2003. Turnover was up over a £1m to £3.9m which would have been because of the higher attendances as we made the playoffs that year.

A loan of £879k was also waived during the year so that helped a bit.

Cheers Ben.

Looks like Sir Seton Wills is no longer a majority shareholder then and we're now owned by Swindon Town FC, which was originally a holding company.

Did a bit of digging if anyone is interested Swindon Town FC paid £1,081,890 to acquire a majority 70% shareholding in the club.

Bit worrying though is the listed loan of £2,450,000 in  the 2005 accounts from Shaw Park Developments whom Swindon Town FC own an equal split 50/50 with St Modwin.   :shock:

That doesnt include the approx 800k that St Modwin leant the club directly and likely to be the loan that was waived in this years accounts.

[Ben Wah Balls]

That doesnt include the approx 800k that St Modwin leant the club directly and likely to be the loan that was waived in this years accounts.

Yeah think you could be right there, would be the right season I think.

[RobertT]

The most worrying thing in the accounts is the fact that auditors won't sign off on them as giving a true and fair reflection.  That would give a big nod as to why very few people have come forward to invest - would you?

The loan waiver reduced the trading loss of £1.5m ish.  Trading wise we reduced our loss by about 300k in that year, mostly because of increased gate receipts it seems from the play off campaign (it was a good 1000 more a game on average I think).

[Dazzza]

The most worrying thing in the accounts is the fact that auditors won't sign off on them as giving a true and fair reflection.  That would give a big nod as to why very few people have come forward to invest - would you?

The loan waiver reduced the trading loss of £1.5m ish.  Trading wise we reduced our loss by about 300k in that year, mostly because of increased gate receipts it seems from the play off campaign (it was a good 1000 more a game on average I think).

Sorry Rob you're more likely in the know do you know what the status of the 2 million loan from Shaw developments is and whom it has actually come from?

[RobertT]

I'm also fairly sure that's the St Modwen money.  Using a seperate company as the vehicle for funding, I think the loan is secured on SSW's land - but that is guess work based on knowing that's how they gave us the money to clear to VAT bill that time.  As it's seperate to STFC I presume it's a safer way of investing in us for a company like them.

[TalkTalk]

It is the St Modwen money.

I've been here before...