Lee Power

[The Artist Formerly Known as Audrey]

So what did Clem’s £1.1m actually buy?

It’s got to 15% of the club otherwise why would he hand over money. But, if so, why is Clem not listed as a director?

Surely, with Clem’s close links to the Trust he could explain in detail what he does actually own.

So the £250,000 is for Power’s arse pocket with whoever picking up the debts.

On that basis, why doesn’t the Trust - maybe via Eady - offer Power £500,000 to fuck off  then hand the club over to Clem.

[Batch]

He's a minority shareholder with no power.

It is only within Power's gift to appoint him as a director

[horlock07]

So then if Standing owns 50% of Swinton reds but has no share in Seebek then he has no claim to owning 50% of the club or are they not mutually exclusive?

Which company do Axis own 15% of?

Does this matter?

I am sure its done to protect the clubs existance but it seems fucking long winded way of doing things of which I am still not 100% certain who ACTUALLY owns what and why shares are issued by each company?

Right, as its lunchtime I've had a look on Companies House.

As of a return made in January 2016 it suggests the shareholding of STFC Ltd is broadly 99.8% owned by Seebeck 87 Ltd with the remaining being 'other'... (FWIW there appear to be 311,376,908 shares in the company - 308,188,451 Ordinary and 3,188,457 deferred).

Taking a step up the chain a Confirmation Statement in April 2017 suggests that there are 100 shares in Seebeck 87 Ltd, whilst there is no breakdown of shareholding it is confirmed that Swinton Reds 20 Ltd is a PSC which means they own over 75% of the shares.

Finally Swinton Reds 20 Ltd a Confirmation Statement in August 2019 suggests that there are 100 shares, 85 owned by Mr L Power and 15 by Axis Football Investments Ltd (AFIL).

And for completeness AFIL has a single share, owned by Clem!

Right I'm off to go and get out more..... 

[horlock07]

So what did Clem’s £1.1m actually buy?

And considering he paid £1.1m apparently, what was the other £850k for and where has it gone?

[Peter Venkman]

Thanks for the insight

[The Artist Formerly Known as Audrey]

So, if Seebeck is for all intents and purposes the club, Power owns it entirely. So why does he have to get legal permission to sell something he owns 100% of? I was under the impression that the whole shebang hinged on Clem owning 15% of the club and Standing claiming to own 50% of Power’s 85%. He’s actually claiming he owns 50% of the entire club.

Clem owns 15% of Swinton Reds - whatever they actually are.

I’m totally confused!

[horlock07]

So, if Seebeck is for all intents and purposes the club, Power owns it entirely. So why does he have to get legal permission to sell something he owns 100% of? I was under the impression that the whole shebang hinged on Clem owning 15% of the club and Standing claiming to own 50% of Power’s 85%. He’s actually claiming he owns 50% of the entire club.

Clem owns 15% of Swinton Reds - whatever they actually are.

I’m totally confused!

Its just a stream of holding companies basically STFC is the asset which is owned by Seebeck albeit Seebeck is an asset ultimately owned by Swinton.

[The Artist Formerly Known as Audrey]

I presume when Swinton Reds was set up the ignorant twat thought he was actually spelling Swindon.

If that’s the case, it explains a lot.

[Batch]

Swinton is Manchester isn't it? Assumed he had some link up there, but now you mention it. ...

[RobertT]

Clem originally paid 1.1m for Shares, which was later adjusted to a lower amount so that Power could avoid Capital Gains Tax.  The remainder should be listed as a loan somewhere - people mentioning it was missing may well be because the accounts are a year in arrears and it hasn't been reflected as such yet.  However, it may also be used by Power to show different relative values of the offers for now if Clem is including his investment to date, but Able are showing the need to pay that off/account for it.  Certainly seems Power is playing for every loophole/timing benefit he can try and achieve.

[The Artist Formerly Known as Audrey]

So, Clem has offered Power £250,000 and to take on the debts. He says this is not as good as Able’s offer. Yet he has said he would happily sell the club to Able for £1.

Wtf?

[Samdy Gray]

Maybe Able are offering to clear the debt in one go, so cash in Power's pocket, whereas Axis aren't?

[Briggany]

From what the Trust gathered from the court hearing is that Able have preferential terms and get time to pay of the debts within the first 2 years.

Axis have to pay it all of straight away, which I assume they are willing to do if they are still putting in a bid.

[Peter Venkman]

Maybe Able are offering to clear the debt in one go, so cash in Power's pocket, whereas Axis aren't?

The judge was told by Powers solicitors that this is the case, Able and Axis are treating some debts as non priority or not considered part of the clubs debt differently which could explain why one bid is valued less than the other bid even though they are of an "on paper" similar amount, one will obviously leave Power with a bigger shortfall that he himself will have to pay back and not the club.

Or thats how it sounded when the judge asked her but she was so vague at times that even he was frustrated by her apparent lack of facts on this.

[horlock07]

Next week........

 

What day are we expecting this to happen this week?