what if BP's investment WAS to buy shares?

[Simon Pieman]

I think the holding company is Swindon Town Football Club Limited. The club itself is Swindon Town F.C. Limited.

Si Pie has checked companies house, and the latest accounts for the holding company show Bill does hold shares.

However, this is just accounts and is information supplied by the company. It's not neccesarily a true reflection.

Yes it's the return that states this. Obviously it doesn't show in the latest accounts as they pre-date Bill Power's investment.

[pauld]

So although it states he has shares, this can be done easily... Lets hope it's not easy to fake.

All the record at Companies House shows is what the Company Secretary has told them, the Co Sec does not have to supply any proof (e.g. share certificates etc) that the shareholders they list are indeed shareholders. So it proves nothing either way other than that Sandy Gray has sent Companies House a form saying "These are the shareholders and here's how many shares they all have". Which is more than she seems to have managed for the people who bought shares from Dave Jackson in aid of Prospect Hospice. Still, that's only been six months, can't expect the poor dear to move too quick, eh?

[herthab]

I think Si Pie mentioned that you don't need to have paperwork on loans (if they have no repayment terms built in) to a business because the Article of Association for the business should have a section on how Director loans are treated.

Well, if I was in the position of chucking 1.2 million into a club, I would want the terms of it signed and whitnessed, carved into a stone tablet and sealed in a bank vault in Switzerland. There would be no grey (Gray?) areas. That's all I will say about it :shock:

I agree with OST.

There might be no legal need, but surely if you parted with that amount of money, you wouldn't do it without first obtaining proof as to what is was for?

This is all becoming a farce.........................

[Simon Pieman]

proof from who?

"Hello Mr STFC Holding Company, can you give me some written proof?"

"Why certainly Mr Power, I can read, write and speak. I can even do handstands in the carpark."

[herthab]

proof from who?

"Hello Mr STFC Holding Company, can you give me some written proof?"

"Why certainly Mr Power, I can read, write and speak. I can even do handstands in the carpark."

A headed letter, witnessed by the respective solicitors and signed by the financial director of the holding company.

Why would that have been difficult?

[Simon Pieman]

It's not a loan to the FD. The directors act on behalf of the shareholders of the company. If Bill was a director, he could sign a headed letter himself for equal effect.

[Simon Pieman]

Although I would have thought the matter was dicussed in a board meeting. Do you think it was and if so the minutes would clear up the matter.

[herthab]

It's not a loan to the FD. The directors act on behalf of the shareholders of the company. If Bill was a director, he could sign a headed letter himself for equal effect.

But he's not, is he?

A letter, stating that the directors, on behalf of the shareholders, had accepted a loan from BP, for x amount.

Are you telling me that someone can give a company 1.2 million, without having any proof whatsoever as to what it is for, and then have to trust in the honesty of those he's dealing with?

That doesn't sound right to me....................

[herthab]

Although I would have thought the matter was dicussed in a board meeting. Do you think it was and if so the minutes would clear up the matter.

I don't know Si, but as most dealings within the club don't appear to be minuted, I'm not holding my breath!

I just find it strange that anyone would hand over that much cash without proof of what it's for.

But then I know fuck all

[Samdy Gray]

Legally, a bank statement showing Bill's £1.2 million going into the holding company's bank account is sufficient to suggest the money is a loan. If it was a share purchase, the money would be paid to James Wills.

[herthab]

Legally, a bank statement showing Bill's £1.2 million going into the holding company's bank account is sufficient to suggest the money is a loan. If it was a share purchase, the money would be paid to James Wills.

If that's the case Sam, then we'll know soon enough who's telling porkies!

And if it's the board and they know this fact, why can't they just fuck off now?

[Simon Pieman]

Unless it was a brand new share issue, in which case there would be some sort of supporting doumentation to create the new shares

[Samdy Gray]

Seems simple enough I know, but I very much doubt it is!

[OOH! SHAUN TAYLOR]

I will try to sum up this rather sorry affair through a scene from The Simpsons. (It helps me understand things):

Burns, Smithers and Homer escape to Cuba with the only trillion dollar bill ever made and they get to meet Castro:

Castro: Let me see that.

Mr Burns: See with your eyes, not with your hands!

Castro: Please! We are all amigos here!

Homer: Mr. Burns, I think we can trust the President of Cuba!

Mr. Burns: (hands over the money)..... now give it back!

Castro: (holding recently lit cigar) Give what back?

[Simon Pieman]

We're not talking briefcases of money though. There has to be a paper/electronic trail