New beginnings - 25% Truth, 80% Bollocks

[Batch]

https://truststfc.com/2023/08/24/truststfc-statement-confirmation-statement-and-the-shareholdings-in-the-club/

August 24 2023

Following the events of last week, we’d like to provide a short update. Earlier today, the first of what we believe will be a number of discussions took place with the Club in relation to the Confirmation Statement and the shareholdings in the Club.

A list of questions provided by our membership was provided to the Club which they have agreed to review and respond to in detail. It has been agreed that a joint meeting will then be held between the Club and representatives of the Trust and OSC board’s which will be followed with an update to all supporters.

We share supporters concerns over the ownership of the Club and whilst it wouldn’t be appropriate to provide a running commentary, we will provide updates as often as we are able through this process.

TrustSTFC Board

[JanAirplaneMan]

https://truststfc.com/2023/08/24/truststfc-statement-confirmation-statement-and-the-shareholdings-in-the-club/

[Nemo]

Following the events of last week, we’d like to provide a short update. Earlier today, the first of what we believe will be a number of discussions took place with the Club in relation to the Confirmation Statement and the shareholdings in the Club.

A list of questions provided by our membership was provided to the Club which they have agreed to review and respond to in detail. It has been agreed that a joint meeting will then be held between the Club and representatives of the Trust and OSC board’s which will be followed with an update to all supporters.

We share supporters concerns over the ownership of the Club and whilst it wouldn’t be appropriate to provide a running commentary, we will provide updates as often as we are able through this process.

TrustSTFC Board

[Mooneyraker]

Good statement.

Can't help but think that they'd have been able to apply a bit more pressure if they'd published the questions that they were asking though. Leave the club nowhere to hide.

Also wouldn't mind if it had said "We finally share supporters concerns over the ownership of the Club" but hey.

[STFC_Manc]

Good statement.

Can't help but think that they'd have been able to apply a bit more pressure if they'd published the questions that they were asking though. Leave the club nowhere to hide.

Also wouldn't mind if it had said "We finally share supporters concerns over the ownership of the Club" but hey.

Pretty sure they published the questions they want answers to, if you look at the previous statement?

[Mooneyraker]

Pretty sure they published the questions they want answers to, if you look at the previous statement?

Fair, they sort of did. I just meant more numbered direct questions but as you say, hopefully that is the basis of what they are asking.

[STFC_Manc]

Fair, they sort of did. I just meant more numbered direct questions but as you say, hopefully that is the basis of what they are asking.

It's probably more of whether the club, actually answer the questions asked

[Bennett]

"Chairman Clem Morfuni has to-date injected c£6m into Swindon Town, to help stabilise the club finances"

"July 2022 Clem pays of £2.95m historical debentures to enable County Ground purchase"

Can someone explain to me like I'm an 8 year old whether the £6m includes the £2.95m pls?

[Posh Red]

"Chairman Clem Morfuni has to-date injected c£6m into Swindon Town, to help stabilise the club finances"

"July 2022 Clem pays of £2.95m historical debentures to enable County Ground purchase"

Can someone explain to me like I'm an 8 year old whether the £6m includes the £2.95m pls?

I don’t believe so, hence why Clem had to borrow the money to pay the debentures, because he had basically run out of available funds

[JoeMezz]

"Chairman Clem Morfuni has to-date injected c£6m into Swindon Town, to help stabilise the club finances"

"July 2022 Clem pays of £2.95m historical debentures to enable County Ground purchase"

Can someone explain to me like I'm an 8 year old whether the £6m includes the £2.95m pls?

My understanding is that he sold shares (to Mrs Kiely and Mrs Parladorio) to fund the £2.95m?

[Batch]

yeah but they 6m could include that, or not included it

I've not looked but should be derivable from AB/accounts?

[Bennett]

yeah but they 6m could include that, or not included it

I've not looked but should be derivable from AB/accounts?

The two lines are lifted from the AB minutes. I would assume the £2.95m is included in the £6m as it transfers from be a debenture row and seems to be wrapped up into the "Clem Debt"

[Batch]

fair enough then!

tbh after power left I assumed we would be looking at double figures millions debt.

circa 3m + debentures sounds reasonable!

[Bennett]

fair enough then!

tbh after power left I assumed we would be looking at double figures millions debt.

circa 3m + debentures sounds reasonable!

£7.4m according to the same infographic. Good old saint Power

[RobertT]

I am not saying he hasn't sunk over 6m into the club, but the Accounts from 21/22 provide a note that monies owing to the Directors equated to 4,283,392 (of which 2,667.372 was in Director loans and the rest from Axis).

I presume he may also include his original investment when getting to the 6m mark.

We were trading at break even (small profit in that year actually), so we should be using cash from the business to pay debts that are due most of the time now.

There were some loans to the business with a due date of < 12 months at that financial year end, of 518k, but they are not called out in the Related Party Transactions section.

The previous years accounts listed an Unsecured Debenture of 2m, which vanished in the 21/22 financial year - transferring, it seems , to Director Loans.  That does not, on the face of it, appear to be the Debenture then cleared in September 2022, so god knows what they were doing with that one, unless it was held in one of the Holding Co's