Diamandis interview - detailed summary

[RobertT]

Power and Emmell were willing and able to pay the CVA off in full and finance the known liabilities of the club (SSW and St Modwen).

In fact, the only bit that seems different to the offer on the table is wanting some money for the players.

[Frigby Daser]

Anybody care to outline St Modwen's involvement specifically.

As I know it, they contributed a sum when the takeover from Donegan/Blatchley in exchange to be preferred developer (taking over from Bloor Homes which was the previous lots preferred developer) - meaning that the club is committed to seeking development, if not on the Cg site, then elsewhere.

When that development goes ahead, St Modwen will build the new ground - taking associated profits from any sale of any housing.

Now to me this would suggest that the current board need to move away (to j17) in order to satisfy the housing element. Is this true? or would they be satisfied with any profit made on the redevelopment of the current site, albeit with less or no housing?

St Modwen are not shareholders, but their interest in by way of a debenture/loan agreement whereby the club has given them certain guarantees (over the aforementioned development) in exchange for the funds.

Is this true? anything to add?

[RobertT]

seem the long and the short of it.

[Frigby Daser]

But that wouldn't explain why Diamandis regularly reports to St Modwen - is there a time limit for the proposed development? The importance he accredited to it would suggest that the club are obliged to developing whether in Swindon or not

thats not the way to run a club

[RobertT]

no idea, might be worth asking St Modwen.  it would be odd that we have to run decisions past a creditor to the business.

[TalkTalk]

But that wouldn't explain why Diamandis regularly reports to St Modwen - is there a time limit for the proposed development? The importance he accredited to it would suggest that the club are obliged to developing whether in Swindon or not

thats not the way to run a club

The tie up with St Modwen goes a lot deeper than just loans or debenture payoffs. Most of it sits with Shaw Park Developments Ltd, the joint venture (as in 50% shareholding each) set up with the club (aka SSW/Newbury) for the Shaw fiasco. Looking at the last St Modwen accounts it is still being used as a banker by STFC:

Shaw Park Developments Limited (‘SPD’)
During the year the group lent a further £752,000 to SPD. The balance due to the group at the year end was £2,234,000
(of which £1,482,000 was due to the company) (2004: £1,482,000, all of which related to the company). In addition the company lent
£750,000 to Healnorth Limited a company controlled by our joint venture partner in SPD. Interest is charegable on the loans at 1.5%
above base rate.

From http://www.stmodwen.co.uk/sha_info/stmodwen_05_AR.pdf

Healnorth Limited is a long standing property company owned by Sir Seton Wills and run from his estate office in Ramsbury. Presumably the loan to them is to kickstart the Hungerford Marina project (that is on SSW's land).

[pauld]

Andrew H has posted a shorter summary (but still quite detailed) on the Trust forum at:

http://www.truststfc.co.uk/forum/index.php?s=8ef78e0352e5413deaf3fd128b276fdd&act=ST&f=3&t=5208&st=0&#entry36404

Worth a read as well.

[Samdy Gray]

Since when has STFC made an annual turnover of £50,000,000?

(Mike D claims the £100,000 CVA payment is 2% of turnover)

[dogs]

Since when has STFC made an annual turnover of £50,000,000?

(Mike D claims the £100,000 CVA payment is 2% of turnover)

You've added too many noughts  

[STFC Village]

20% is £1,000,000 Sam, making turnover £5m

[jayohaitchenn]

Sam. you are a retard.

[OOH! SHAUN TAYLOR]

Sam. you are a retard.

I think he shuld have Sandy Gray's job

[jayohaitchenn]

I think he is Sandy Gray's son.

[STFC Village]

*Samdy Gray :grin:

[Rich Pullen]

*Samdy Gray :grin:

.....it all makes sense now....