New beginnings - 25% Truth, 80% Bollocks

[RobertT]

Can he sell the club without having to ask ‘others’ for permission?

He can offer his shares, but the other duo get to make an offer as well I believe.  I am 99% certain the new Articles and Memorandum of Association added include pre-emption rights, although the terms are not public, if there are any.

[The Artist Formerly Known as Audrey]

So is there a minimum share % that invokes the same right Clem had when he bought the club.

[RobertT]

So is there a minimum share % that invokes the same right Clem had when he bought the club.

I may walk back my 99% statement!!!

I need to get my head around the shareholding situation - there are three or four companies intertwined.  Looks like STFC & Seebeck 87 Ltd do NOT have pre-emption rights, but Swinton Reds DOES.

It will al depend on where the shares really sit in terms of control.  Might take a while to figure that out again.

The pre-emption rights in Swinton Reds make it so all shareholders must be given the option to match any offer.  The company has the rights to do a share buy back before that as well, which seems unlikely as it isn't really a trading company.

[The Artist Formerly Known as Audrey]

So, for arguments sake, if someone rocked up and offered Clem an amount - £7m? - which he accepted would that flush out all the turds that are clinging on to the club.

[Mooneyraker]

Everyone do the Euromillions tonight please

[DiV]

It’s probably been answered a hundred times already but how does the ground factor in to a club sale?

…could Clem in theory sell up for less / wipe some of the personal debt to himself in exchange for keeping / owning a % of the Stadium and / or being involved with the redevelopment ?

[The Artist Formerly Known as Audrey]

I’d imagine, and hope, that any prospective new owner would offer up the money and tell Clem and the myriad of hangers on and sycophants to fuck off with him and never show their faces again in SN1.

[RobertT]

It’s probably been answered a hundred times already but how does the ground factor in to a club sale?

…could Clem in theory sell up for less / wipe some of the personal debt to himself in exchange for keeping / owning a % of the Stadium and / or being involved with the redevelopment ?

The club should have valued the asset once it came onto their books, which should be in the 22/23 Accounts that Hall said were ready for viewing, but they won't be sent to Companies House until Feb 2024 I think.

They would be valuing a shareholding in the JV company, which owns the freehold and would have a value as a result.

On top of that, the new lease would attract some value, and should be stated in the Accounts of the football club.

When selling shares, Clem and a buyer would take those new asset valuations into account, plus any new liabilities, to value the business.  We know Clem has Director loans, so he is owed that money on top of whatever the business itself is now worth.

If the ownership tree goes via Swinton Reds, then Hollie & Beth have the right to match any deal.

[RobertT]

And if I remember correctly, the JV can block the sale of the 50% share the club has in the JV, BUT, I presume that does not prevent the ownership of the club itself from changing.  There is s gentleman's agreement that the club would inform the other parties if it itself was being sold.

[Batch]

then Hollie & Beth have the right to match any deal.

Aside:: do we know the state of Beth's holding, OS has Chris and Hollie as declarable "Other Significant interests (as defined in the EFL regulations)" shareholders

https://www.swindontownfc.co.uk/club/whos-who/


Not seen anyone mention changes at CH, so ?!

[ChalkyWhiteIsGod]

If the ownership tree goes via Swinton Reds, then Hollie & Beth have the right to match any deal.

Probably what will end up happening. Which will end up being out of the frying pan and on to the fire again, I suspect.

[Mooneyraker]

And if I remember correctly, the JV can block the sale of the 50% share the club has in the JV, BUT, I presume that does not prevent the ownership of the club itself from changing.  There is s gentleman's agreement that the club would inform the other parties if it itself was being sold.

Just a shame we aren’t dealing with gentlemen…

The Trust will be Neville Chamberlain waiving their piece of paper as Clem at al smash into Czechoslovakia.

[Frigby Daser]

For as long as it is not known (with evidence) where the £8.2m is actually going, I worry that this lot have no intention to sell, and are quite content with the way the club is operating - simply because it works very nicely indeed for them. That’s why it feels necessary to turn the heat up somehow on the rogues.

[Wobbly Bob]

I don't think that Clem / The Cabal have any serious intention to sell up any time soon, unless of course somebody makes them an offer that they can't refuse...

[DiV]

…but if the club is operating at a legit loss and Clem (and/or whoever is behind Clem) have to keep plugging the losses - then surely they’re going to run out of money at some point?

Even if Clem keeps transferring the debt to himself as a loan - he’s only likely to get that back by selling the club, right?


Obviously if the club is operating at a self inflicted loss due to fingers in the till: that’s a different story altogether