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Author Topic: New beginnings - 25% Truth, 80% Bollocks  (Read 1122886 times)
Oaksey Moonraker

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« Reply #2235 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 #2236 on: Monday, October 3, 2022, 20:12:56 »

All very positive

Onwards and upwards….
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bathford

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« Reply #2237 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 #2238 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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Batch
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« Reply #2239 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 #2240 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 #2241 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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Things get better but they never get good
Nemo
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« Reply #2242 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 #2243 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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Power to people

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« Reply #2244 on: Thursday, October 13, 2022, 12:03:10 »

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?


I'm no expert on these things, but should there be only be 3 companies linked to stfc now:

STFC Ltd - the actual FC
Clem's company that he owns the club shareholding through
the holding company that will own the ground owned 50/50 with club and trust
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JanAirplaneMan

« Reply #2245 on: Thursday, October 13, 2022, 12:28:09 »

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?


Spring cleaning post debenture purchase
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horlock07

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« Reply #2246 on: Thursday, October 13, 2022, 12:46:14 »

I'm no expert on these things, but should there be only be 3 companies linked to stfc now:

STFC Ltd - the actual FC
Clem's company that he owns the club shareholding through
the holding company that will own the ground owned 50/50 with club and trust

I think there still remain Seebeck and Swinton Reds above STFC Ltd (albeit I am not sure which is the ultimate parent of the other, I should assume Swinton as that was Powers vehicle who bought Seebeck which was in turn Jeds SPV to buy STFC Ltd)

Add into the equation Axis Football (Holdings or Investments I don't recall) which is Clems SPV we now appear to have 4 layers.

Spring cleaning post debenture purchase

Assumed as much, I do like that Clems lawyers appear to be called GBH Law!!
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JanAirplaneMan

« Reply #2247 on: Thursday, October 13, 2022, 13:05:26 »

I think there still remain Seebeck and Swinton Reds above STFC Ltd (albeit I am not sure which is the ultimate parent of the other, I should assume Swinton as that was Powers vehicle who bought Seebeck which was in turn Jeds SPV to buy STFC Ltd)

Add into the equation Axis Football (Holdings or Investments I don't recall) which is Clems SPV we now appear to have 4 layers.

Assumed as much, I do like that Clems lawyers appear to be called GBH Law!!

Multiple lawyers for clem looking at different legal topics/cases but your right it's a quality name
« Last Edit: Thursday, October 13, 2022, 16:26:55 by JanAirplaneMan » Logged
The Artist Formerly Known as Audrey

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« Reply #2248 on: Thursday, October 13, 2022, 16:19:48 »

From the fans forum

‘Can you explain the ownership/directors and management structure at the football club?

Clem owns one hundred per cent of the football club and is the sole Director. 

Rob Angus is the CEO, Greg Norman our Financial Director and Sandro Di Micheleour Technical Director.’
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DMC

« Reply #2249 on: Thursday, October 13, 2022, 16:32:01 »

From the fans forum

‘Can you explain the ownership/directors and management structure at the football club?

Clem owns one hundred per cent of the football club and is the sole Director. 

Rob Angus is the CEO, Greg Norman our Financial Director and Sandro Di Micheleour Technical Director.’
Can't be right. I thought Rob was leaving and Zav Austin was in charge but took orders from Michael Standing who sometimes comes down to take photos of the new signings because Ben Chorley left for a better job but is still unemployed. Pretty sure that was the news we were being told all summer
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