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Author Topic: New beginnings - 25% Truth, 80% Bollocks  (Read 1122529 times)
horlock07

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« Reply #2220 on: Monday, October 3, 2022, 11:51:36 »

No points deduction from the EFL?

Can one assume that any censure has been directed towards the instigators rather than the club, or have the club been clobbered for a few quid as well?
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DMC

« Reply #2221 on: Monday, October 3, 2022, 12:02:37 »

Can one assume that any censure has been directed towards the instigators rather than the club, or have the club been clobbered for a few quid as well?
Looks like a fine, just how much to be decided
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Nemo
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« Reply #2222 on: Monday, October 3, 2022, 14:10:12 »

It's the Eady trust funding the whole purchase of the ground, or just the club half?

I guess the community share scheme won't be affected either way, but it's nice to know how close we are to buying (I know a deposit is due soon).

Probaby this unlocks potential ground redevelopment in the long run too.





Trust statement seems to suggest both halves, which would be fantastic. Imagine Community Share scheme then becomes a maintenance/ground improvements fund.

Put Nigel on the list for a statue I reckon.
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JanAirplaneMan

« Reply #2223 on: Monday, October 3, 2022, 14:11:29 »

It's the Eady trust funding the whole purchase of the ground, or just the club half?

I guess the community share scheme won't be affected either way, but it's nice to know how close we are to buying (I know a deposit is due soon).

Probaby this unlocks potential ground redevelopment in the long run too.

Eady trust funding 100% yes but this wont impact fans buying shares in the CG,  details to follow soon


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The Artist Formerly Known as Audrey

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« Reply #2224 on: Monday, October 3, 2022, 14:13:32 »

Absolutely brilliant! Wonder how hard The Slug tried to get his slimy hands on it.
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DMC

« Reply #2225 on: Monday, October 3, 2022, 14:18:42 »

Absolutely brilliant! Wonder how hard The Slug tried to get his slimy hands on it.
Very, and not totally sure he was left empty handed in the end but we move on
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Batch
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« Reply #2226 on: Monday, October 3, 2022, 14:26:41 »

@jan

Thanks. Great news.
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Power to people

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« Reply #2227 on: Monday, October 3, 2022, 15:04:59 »

So does this means the debt is removed from hanging over the club which is good news, but is now owed to Clem ? which I'm sure he wont get a lot of it back until he sells the club one day.

I see there is no mention of Arbib & Black in the statement, as you would imagine being businessmen they would have come to an amicable agreement so they get some money now or did they sell on this debenture to Power & his crony's afterall ?

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horlock07

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« Reply #2228 on: Monday, October 3, 2022, 15:27:36 »

Its quite interesting to look back at the history of debentures and charges associated with the club, I see we had a Debenture that Hoddle was the entitled party in 1991?

https://find-and-update.company-information.service.gov.uk/company/00053100/charges?page=1
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reeves4england

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« Reply #2229 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 #2230 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 #2231 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 #2232 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 #2233 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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« Reply #2234 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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