RobertT
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« Reply #6675 on: Thursday, September 28, 2023, 11:37:41 » |
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As I understand there are two ways a loan can be secured
As a charge at Companies house to register the debt but this can been seen as a negative toward credit ratings
Or
As a share holding with a loan agreement linked to the return of the shares on repayment. This shows up as a normal shareholding at companies house but does not place a charge against the company.
Standard practice wpuld be to have that loan agreement in place with the Shares held as collateral, so they'd be handed over in the event the terms of the loan were not met. I could be wrong, but nothing I am aware of suggests handing over the shares is usually part part of the agreement upfront. On top of that, the Memorandum and Articles of Association changed at the same time, which suggests a nuanced deal was agreed with more benefits than just shares. None of which is untoward, in fact, it all seems perfectly logical for such a large sum, we just don't know and we only know this much because supporters du around. Clem had no intention of letting anyone know this had happened, or that the club owed any money (not sure how that would have got through the production of accounts, maybe it's the reason Seebecks were missed?) |
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RobertT
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« Reply #6676 on: Friday, September 29, 2023, 12:02:56 » |
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Having just read the article in the Adver which came from an interview with Hall, it does look to me like they are conflating the cash and net financial position to Clem with what we would normally describe as Operating profit or loss.
His comments make it clear they see sustainable as operating PLUS paying down the 7m in debt.
That is a perfectly legitimate goal to have I suppose - it's not my money and if it was, I'd probably want some back. However, it makes it clear that the debt is still debt - the long term goal being to repay it all. The club, or a sale of the business, needs to make Clem his money back.
The comments seem to back-up what I was suggesting, that Clem is counting the extra funds he has to keep giving to pay down the external debt when he assesses the financial loss each year - hence the "keep losing 500k-1m" comments. At least that is how I read it.
This is why, if I were running the Trust, I'd be working on Clems exit for him. I know there is a lot of doubt a fan owned model would work here, but they don't need to be looking for that option, they can act as a broker for a long term investor as well, or have a shared deal, like they brokered for the Ground, or have multiple investors etc. They probably have a few years to get something sorted if Clem is looking to recoup his money (he won't be expecting it back right now, probably once development financing is secured at the earliest).
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RobertT
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« Reply #6678 on: Friday, September 29, 2023, 12:43:51 » |
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Not much, some are just Contra type deals - no money involved at all, but services exchanged. I think some of them are no more than Advertising board names as well, so little more than 4 figures. It is one thing they seem to have done a pretty good job of, certainly I'd be very happy as one of the sponsors for the effort the club (individual person I think) put in to get their name out. |
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horlock07
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Lives in Northern Bastard Outpost
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« Reply #6680 on: Saturday, September 30, 2023, 08:14:43 » |
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Sleep easy all, seebeck accounts lodged and striking off discontinued....
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Batch
Not a Batch
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« Reply #6681 on: Saturday, September 30, 2023, 09:35:07 » |
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Sleep easy all, seebeck accounts lodged and striking off discontinued.... good news. first test of truth passed |
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tans
You spin me right round baby right round
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« Reply #6682 on: Thursday, October 5, 2023, 13:11:58 » |
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I see the clubs partnership with Recast for the documentary thing lasted long.
Recast have gone bust
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Power to people
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« Reply #6683 on: Friday, October 6, 2023, 10:56:49 » |
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Sleep easy all, seebeck accounts lodged and striking off discontinued....
Has anyone done an overview of them or are they meaningless being the holding co ? |
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Bennett
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« Reply #6684 on: Friday, October 6, 2023, 11:06:04 » |
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This is the water.
And this is the well.
Drink full and descend.
The horse is the white of the eyes and dark within.
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Bennett
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« Reply #6685 on: Tuesday, October 10, 2023, 10:13:23 » |
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Anyone have any idea if the Trust are continuing to question the club/Clem about this silliness?
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This is the water.
And this is the well.
Drink full and descend.
The horse is the white of the eyes and dark within.
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tans
You spin me right round baby right round
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Posts: 25130
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« Reply #6686 on: Wednesday, October 11, 2023, 12:22:33 » |
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I see we are going to push enviornemntal sustainabilty by not continuing to fly to games https://www.bbc.co.uk/sport/football/67067513 |
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ChalkyWhiteIsGod
TOLD YOU SO
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Posts: 6477
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« Reply #6687 on: Wednesday, October 11, 2023, 12:30:53 » |
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soapy tit wank like we could conceivably afford to in the next 10 years.
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Mooneyraker
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Beware Aussies in bucket hats bearing gifts
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« Reply #6688 on: Wednesday, October 11, 2023, 12:37:47 » |
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soapy tit wank like we could conceivably afford to in the next 10 years.
Pure comedy. When did they last take a flight? The Copa Ibiza?! |
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ChalkyWhiteIsGod
TOLD YOU SO
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« Reply #6689 on: Wednesday, October 11, 2023, 12:44:21 » |
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Di Canio did a little italian training camp I think, has to be then. But yeah for an actual game probably Copa Ibiza.
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