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Author Topic: New beginnings - Fresh Start  (Read 320377 times)
reeves4england

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« Reply #2220 on: Monday, October 3, 2022, 15:40:57 »

So does this means the debt is removed from hanging over the club which is good news, but is now owed to Clem ?
The wording makes it unclear whether they money has been paid by Clem or by STFC, but IIRC there was talk of having a few hundred thousand in the bank not that long ago so it seems there must have ben a cash injection to enable this to happen, pointing to Clem.
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The Artist Formerly Known as Audrey

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« Reply #2221 on: Monday, October 3, 2022, 15:53:28 »

A couple of million worth of debt has been paid. Doubt that was hanging around in the bank account.

Being said the debt has been cleared so I presume it’s now not owed to anyone.
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Frigby Daser

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« Reply #2222 on: Monday, October 3, 2022, 15:57:50 »

I suspect paying down debt as aggressively as we seem to have done may be linked to the ability to get finance in place for ground redevelopment. Get the finance in play, and the club owns the debt there (at commercial rates), and the finance is used to pay the developers/contractors, which will presumably include Morfuni and co, if he is to be involved in the construction. Is that the plan? I’ve no problem with this, so long as the club pays market rate for the redevelopment (which I’m sure we will…). It’s just nice to actually think it might happen….
« Last Edit: Monday, October 3, 2022, 16:00:30 by Frigby Daser » Logged
RobertT

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« Reply #2223 on: Monday, October 3, 2022, 17:05:17 »

A couple of million worth of debt has been paid. Doubt that was hanging around in the bank account.

Being said the debt has been cleared so I presume it’s now not owed to anyone.

There are only three ways it can have been cleared - by using surplus profits, through a capital injection or taking on a different debt.  The PR seems to hint a bit of all three being likely - increased Revenue helped, maybe Clem made some sort of Sponsorship/Share investment and the most likely candidate, a Directors Loan.
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RobertT

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« Reply #2224 on: Monday, October 3, 2022, 17:06:48 »

I suspect paying down debt as aggressively as we seem to have done may be linked to the ability to get finance in place for ground redevelopment. Get the finance in play, and the club owns the debt there (at commercial rates), and the finance is used to pay the developers/contractors, which will presumably include Morfuni and co, if he is to be involved in the construction. Is that the plan? I’ve no problem with this, so long as the club pays market rate for the redevelopment (which I’m sure we will…). It’s just nice to actually think it might happen….

Agreed, removing a Secured Debt against the business will improve the position of the business when seeking new finance for such a scheme.  On the one hand, the fuckwittery in Govt may well have pushed commercial lending rates up, on the other hand, the Property markets remain relatively stable for now.
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Batch
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« Reply #2225 on: Monday, October 3, 2022, 18:13:30 »

while there are no guarantees the situation is the same on the debentures, July's q&a said:

• Great news on external debt being reduced, is there any “internal” debt to action?
○ RA: Internal debt references debentures from 2012, and CM is in discussions with relevant parties around those

• How much has Clem invested into STFC since taking full control of the club? And is this repayable via loans?
○ CM: £1.4m since I’ve taken over, and previously another £1.8m. Some of this is shares (c£1.1m) the balance are loans, and Ill probably need to invest more to deal with the
debenture situation. All loans are interest free
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Oaksey Moonraker

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« Reply #2226 on: Monday, October 3, 2022, 18:53:19 »

There are only three ways it can have been cleared - by using surplus profits, through a capital injection or taking on a different debt.  The PR seems to hint a bit of all three being likely - increased Revenue helped, maybe Clem made some sort of Sponsorship/Share investment and the most likely candidate, a Directors Loan.
I am reading this that the money from the Nigel Eady Trust has freed up money from Clem to clear the debentures. Some of that funding could come from club funds e.g. recent transfer fees/sell ons.

The outcome is the club will own the ground and be clear of the debentures which were due to repaid conditional on the club being sold on or ground redevelopment.
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MangoRed

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« Reply #2227 on: Monday, October 3, 2022, 20:12:56 »

All very positive

Onwards and upwards….
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bathford

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« Reply #2228 on: Monday, October 3, 2022, 20:58:10 »

As I understand it, from a quick conversation on Saturday with the powers to be, we are ahead of schedule with the Council and this could all be signed off before the stated date.
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Pookemon

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« Reply #2229 on: Tuesday, October 4, 2022, 04:43:29 »

As I understand it, from a quick conversation on Saturday with the powers to be, we are ahead of schedule with the Council and this could all be signed off before the stated date.
I read the comms as suggesting that the deposit will be paid by the end of jan so yes could be paid earlier.  However the JV doesn't yet exist and that has to be rock solid to stop any future owner screwing us over, doing a development we don't want or need or bulldozing the lot etc
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« Reply #2230 on: Tuesday, October 4, 2022, 06:50:53 »

I am reading this that the money from the Nigel Eady Trust has freed up money from Clem to clear the debentures.

I guess so, or it could be it lets both to happen.

I doubt the Eady trust could invest while the debenture could be called in, especially if Power was chasing it. But maybe the JV  status would have offered protection anyway.

Regardless, I can't really think of a better way for the Eady money to benefit the club as per his wishes.
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horlock07

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« Reply #2231 on: Tuesday, October 4, 2022, 08:12:02 »

Agreed, removing a Secured Debt against the business will improve the position of the business when seeking new finance for such a scheme.  On the one hand, the fuckwittery in Govt may well have pushed commercial lending rates up, on the other hand, the Property markets remain relatively stable for now.

I wouldn't be quite so sure of that, the specialist property press this week notes several of the big investment hitters shutting down or scaling back their UK operations in the wake of last weeks shenanigans and what they envisage happening to interest rates in the next 12-24 months and the associated effects upon demand.

I guess so, or it could be it lets both to happen.

I doubt the Eady trust could invest while the debenture could be called in, especially if Power was chasing it. But maybe the JV  status would have offered protection anyway.

Regardless, I can't really think of a better way for the Eady money to benefit the club as per his wishes.


I suspect there are its a cycle combination of the various reasons noted, Eady money unlikely to be released whilst it could then be basically lost due to the debentures being called in, Eady money then being available giving Clem a little more cash to play with which had probably been originally earmarked to cover ground purchase (Wasn't it initially reported that he was going to fund it all up front with the Trust repaying when they had their share raised from supporters), better lending rates from commercial lenders when they can have first charge against the assets (just a pity its going to coincide with a big hike in rates and construction cost inflation).
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Bogus Dave
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« Reply #2232 on: Tuesday, October 4, 2022, 08:22:01 »

It won’t have been a factor in the decision (I assume), but clemente would have saved himself about 600k AUD paying the debenture off last week rather than when he took over.

Where’s the currency exchange money gone
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Nemo
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« Reply #2233 on: Tuesday, October 4, 2022, 08:23:53 »

It won’t have been a factor in the decision (I assume), but clemente would have saved himself about 600k AUD paying the debenture off last week rather than when he took over.

Where’s the currency exchange money gone

Kwasi Kwarteng is a Town fan, pass it on.
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horlock07

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« Reply #2234 on: Friday, October 7, 2022, 13:07:50 »

Documents not available on Companies House as yet, but there seems to have been a fair bit of pissing around with Swinton Reds going on,

Resolutions
Sub division 30/09/2022
Resolution of allotment of securities
Resolution of removal of pre-emption rights
Resolution of adoption of Articles of Association

Assume its just post debenture house keeping?
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