Doug King Takeover (39 Viewers)

Forums New posts
edgy

edgy

Well-Known Member
oldskyblue58 said:
Its all to with the group situation. SBS&L owns 90.1% of Otium, ARVO 9.9%.

Without the charge in SBS&L in theory Otium could be sold to a third party and leave ARVO with its charges still outstanding. The funds for the disposal of its 90.1% would be paid to SBS&L. These could be distributed to the shareholders in SBS&L (Sconset & L Brody). With the charge in place on SBS&L ARVO gets any proceeds of a share disposal of Otium by SBS&L to offset what it is owed.
Click to expand...

He said "novice" :ROFLMAO:
 
Skyblueweeman

Skyblueweeman

Well-Known Member
Referring back to an earlier post where I mentioned that I've got a contact at the EFL, he's kindly just called me back as I asked how long it takes for a takeover to go through.

Unfortunately, as he works in the commercial dept, he knows very little but did say from what he's seen, it's a case of 'how long is a piece of string'. Takeovers need to go through a number of conversations and a number of internal committees apparently.
 
oldskyblue58

oldskyblue58

CCFC Finance Director
Will apologise before i start, this has been made deliberately complicated by the owners so it is not easy to explain in short or simply.

The £65m write off if true seems to me to be the preference shares sitting on the Otium balance sheet. We should at some point soon see details of a capital reduction posted on Companies House if so.

These were shares mainly issued to come out of administration and apparently at the instruction we were told at the time of the EFL, As i said at the time i couldnt figure out why the EFL would insist on the company being saddled with non football related pseudo debt. It seemed more like a way to stop unwanted enquiries to purchase whilst the court cases were going on. The shares carried a dividend coupon of something like 9% from memory

The source of the preference shares was the losses in the old companies CCFC Holdings & CCFC Ltd. These were largely manufactured by moving things around (legitimately) in the group situation. Reducing this capital doesnt actually cost £65m. Nor will it change the net balance sheet situation (simply moves from share capital to revenue reserves by the same amount) Otium balance sheet will still be 10's of millions in the red (2021 it was negative £28m i would guess its got substantially worse since - the interest alone since will have made it £3m worse)

But we really need to see what has been going on via the 2022/23 accounts to understand what has gone on. We wont see those until 2024. So much of this post informed guesswork based on what we do know

in terms of loans & interest outstanding

the otium accounts 31/05/2021 (last ones filed 2022 are due by 28/02/2023) showed loan capital of 9.9m outstanding with accrued interest £11.1m so £21m in total
add interest to 31/05/22 say 1.7m plus witholding tax £0.4m (thats tax deducted at source when interest paid to somewhere outside of UK)
add interest on those loans from 01/06/22 to 30/11/22 say£0.9m plus witholding tax say £0.2m
plus this suggested £4.5m payment of a loan this summer plus interest & tax say £0.6m

Otium currently owes probably £29m+ in capital & interest. This to my mind is the football club liability

SBS&L
the amount hasnt appeared to change in years £28.5m (no interest charged)

Add the two together and it comes to £57.5m. This is the minimum amount SISU would say they were due i suspect. so this £65m would not seem to relate to the loans

Is that the sum of money that SISU has put in to the club - no. I have shown before why not, sorry i dont have time to repeat it all again. With the £4.5m this summer then the actual cash invested is somewhere between £35m & £40m in 15 years the balance of the total is clever accounting entries involving no funds at all

I would imagine that the ARVO loans have been settled by the deal with King if that gets finalised. That doesnt necessarily mean settled in cash. It could for example be a transfer between investment funds. If King is buying in by 85% of the SBS&L we may never know how much he paid in cash.

One comment that hasnt been picked up on much is when King said that CCFC would be interest charge free "initially". I think he was talking about the possible stadium bid, but the thought to charge interest is still there obviously


Summary
£65m probably the preference shares
SISU investment between £35m & £40m
Writing off the preference shares requires legal process & Companies House filing but will not improve the overall balance sheet of CCFC
ARVO probably owed around £29m before King deal
Lot of smoke & mirrors
We will probably never know the full deal details
 
Last edited:
Londonccfcfan

Londonccfcfan

Well-Known Member
Skyblueweeman said:
Referring back to an earlier post where I mentioned that I've got a contact at the EFL, he's kindly just called me back as I asked how long it takes for a takeover to go through.

Unfortunately, as he works in the commercial dept, he knows very little but did say from what he's seen, it's a case of 'how long is a piece of string'. Takeovers need to go through a number of conversations and a number of internal committees apparently.
Click to expand...
Strange you should say that, i dont have a contact at the EFL, but i was working there on Wednesday and asked a guy on the top floor off the record how long these things take to get approved. He gave usual schpiel cant possibly comment please contact our media/press for any questions.
 
Nick

Nick

Administrator
Funny you lot are saying this.

Back in about 2002 I was out in town and remember bumping into somebody from school who worked for the FA. We had a few shots, got a kebabish and had a kitchen party. Next day we got back on it, few pubs and had a carvery. We stayed in touch for about the next 10 years on MSN but when that got phased out we kind of lost touch.

Both of his parents were hard working, honest people and he was a good lad but if he existed he wouldn't know either.
 
hill83

hill83

Well-Known Member
All right, well, I was bombing it round the EFL car park one time and someone left this ramp out. They all said, "If he hits that, he is dead". So I hit it and rolled over in the air a few times and they said, "Now he is definitely dead". Then I landed on my wheels and pulled over next to them and said, "What you worried about?"
 
Samo

Samo

Well-Known Member
hill83 said:
All right, well, I was bombing it round the EFL car park one time and someone left this ramp out. They all said, "If he hits that, he is dead". So I hit it and rolled over in the air a few times and they said, "Now he is definitely dead". Then I landed on my wheels and pulled over next to them and said, "What you worried about?"
Click to expand...

This thread is getting a little psychedelic 🥴
 
R

rexo87

Well-Known Member
Lol
fc4c9227db8c854ba647032ebf8656ad.jpg


Sent from my SM-G991B using Tapatalk
 
D

Deleted member 5849

Guest
I don't know why he's given the oxygen, he's clearly a bit of a nutter with an axe to grind.

Even nutters get the occasional thing right if they go scattergun!
 
You must log in or register to reply here.

Users who are viewing this thread

Total: 36 (members: 0, guests: 36)
Top