New beginnings - 25% Truth, 80% Bollocks

[Mooneyraker]

I still suspect that paying off the debentures was simply a requirement imposed by the Eady Trust before they released the cash to buy the ground.

Something you’d think the Trust could clear up…

[ThreeDrawsMentality]

I still suspect that paying off the debentures was simply a requirement imposed by the Eady Trust before they released the cash to buy the ground.

That's where my head's at as well. And use the Lee Power boogeyman comment is an easy disguise for it all.

The person's entitled to the debentures has always remained as Black and Arbib. I know the regs changed in 2013, but is there a legal obligation for the person's entitled to the debenture to be kept up to date on Companies House?

[Power to people]

I like the bit where Clem says he is getting whatsapp etc from fans and he answers them - there cant be that many that have his personal number - although I suppose if you look hard enough you can find it considering he owns a business. clearly some fans somewhere trying to lick Clem's ar$e (other than the Trust)

He's due over in December - I'm sure he will be doing lots of media interviews and podcasts while he is here and holding a fan's forum to clear things up.

[Mexicano Rojo]

I find it interesting that are a few old trust board members on here from dark times under mikey D and their vitriol and lack of patience with Clem is quite a contrast to the current trust board members treading carefully policy.

Maybe we do need Yeo to storm the boardroom again in January

[horlock07]

Something you’d think the Trust could clear up…

Rather depends, one would assume Clems ability (or not) to pay money off and/or who that money went to and why could be construed as commercially sensitive information and thus the Trust would be bound by the proviso's of the JV MoU.

Worth bearing in mind that there remain outstanding court proceedings relating to Power and Standing, and as a potentially associated transaction what is being said public would need to be very carefully managed and legaled.

Not saying its black of white (because I like literally everyone on here and other Sm has no fucking clue what's actually going on), but I suggest the Trust are operating under much more constraint (which they should be for simple diplomatic purpose) than many assume.  

[Mooneyraker]

Here’s a question: is Clem such a duff businessman that he didn’t get access to the accounts under Power, when he was a significant investor?

[Audrey]

So if we believe Clem paid half of the debenture and then raised the other half by borrowing from the gruesome twosome then, roughly, it’s not far off what Clem paid for his 15% from Power.

Clem pays £1.1m for 15%

Gruesome Twosome pays £1.45m for 22%

[Audrey]

Here’s a question: is Clem such a duff businessman that he didn’t get access to the accounts under Power, when he was a significant investor?

Seems a reasonable conclusion. It’s back of a fag packet stuff. Same goes for Standing.

Thus from the Trust in August re the debenture

‘ As the settlement of the debentures was critical to the Eady Trust releasing the funds to buy the County Ground, we would have expected the openness and transparency initially promised so that we were fully aware of the ownership structure of Swindon Town Football Club before entering the Joint Venture Agreement.’

[Ƭ̵̬̊: The Artist Formerly Known as CWIG]

So if we believe Clem paid half of the debenture and then raised the other half by borrowing from the gruesome twosome then, roughly, it’s not far off what Clem paid for his 15% from Power.

Clem pays £1.1m for 15%

Gruesome Twosome pays £1.45m for 22%

Makes the £15m asking price seem silly doesn't it?

[Audrey]

But where did that come from? I think it was just surmised because we all thought Clem had borrowed the entire £2.9m to buy the debenture.

I’ve looked through stuff and, tbf, I couldn’t find a Clem Gem stating he borrowed the entire amount. He just said he had 3 days to pay it, didn’t have the money to hand and borrowed an amount.

[RobertT]

Makes the £15m asking price seem silly doesn't it?

The shares were sold pre asset purchase, so you could argue an increase in value of the business since that transaction.  The books will soon disclose two new Fixed Assets - 50% ownership of a JV business, which itself owns a football ground, and a 299 year lease.  Both will add some value - how much depends on a number of things, but other clubs have added several million when doing likewise.  The JV will produce it's own accounts, so should record it's own value as a result (sort of).  The Lease is entirely on STFC to determine a true and fair value, then depreciate it over the term.

[JoeMezz]

But where did that come from? I think it was just surmised because we all thought Clem had borrowed the entire £2.9m to buy the debenture.

I’ve looked through stuff and, tbf, I couldn’t find a Clem Gem stating he borrowed the entire amount. He just said he had 3 days to pay it, didn’t have the money to hand and borrowed an amount.

What do the advisory board mins say, surely if Clem has paid half then the club "owes" an extra 1.5 mil ish to Clem

[horlock07]

Makes the £15m asking price seem silly doesn't it?

Not really, its his toy he can say its worth whatever he wants. Stating the bleeding obvious, its market value is whatever someone is prepared to pay for it, if there are people properly interested hopefully they can sort a deal and we can all move on.

[Bob's Orange]

The Loathed Strangers Podcast on Twitter (I'm at work so can't access Twitter etc) shared something which is related to this -

https://nepeanfootball.com.au/2023/11/09/swindon-town-partnership/

It used a poster with Swindon Town International Academy and the old style 'ST' badge. Ex Blackburn Rovers player and Ex-Swindon Town Head Coach Gavin Gunning is going to be involved. The price is 299 Australian dollars for the weekend and apparently is $50 more expensive than a school term-based football development program that Liverpool FC offer. (Liverpool thrown in Kit as well)

[Costanza]

https://twitter.com/LoathedStranger/status/1722590863702757543?t=2odB06KQFu9S-RfpZ8-y9Q&s=19