New shares issued. (3 Viewers)

[SkyBlueScottie]

 

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[djr8369]

I saw these when I was having a look on CH but didn’t really know what to make of it. Is it money raised or what buys out some of SISUs stake?

 

[shmmeee]

Get the @oldskyblue58 signal out

 

[chiefdave]

Not really raising is it? Not like Robins now has £30m to spend. Isn’t that just the cost of buying the club / paying the debt?

Why anyone would pay off that much debt is beyond me, can’t see the assets being worth much

 

[Nick]

That's not into CCFC.

I wouldn't rely on the words that Maguire uses, often wrong.

 

[HuckerbyDublinWhelan]

Is this possibly the money that’s paid off the charges?

basically the the 33m is the debt we owed arvo and has just been moved to another owner that will crop up again in 5 years

 

[shmmeee]

Is this possibly the money that’s paid off the charges?

basically the the 33m is the debt we owed arvo and has just been moved to another owner that will crop up again in 5 years

Surely if it’s shares it’s not been moved?

 

[fernandopartridge]

It's only raising money if they're paid up shares

 

[shmmeee]

It’s got to be the cost of buying the club surely. No coincidence it’s the amount Sisu apparently agreed with Storey.

 

[Earlsdon_Skyblue1]

Get the @oldskyblue58 signal out

View attachment 28076

This would be more of an appropriate slide for your beacon...

 

[Nick]

It's only raising money if they're paid up shares

Exactly, there's nothing to actually say any money has been paid is there?

 

[Sick Boy]

It's amazing how some never learn after all the 'debt-free' claims before.

 

[HuckerbyDublinWhelan]

Surely if it’s shares it’s not been moved?

What I mean is - someone’s stumped up the money to pay the debt but they want the money back. The shares are an IOU effectively.

wasn’t this what SISU did after admin?

 

[MalcSB]

I imagine the shares have effectively replaced the loans, and won’t be interest bearing. Subject to company performance a dividend could be paid per share. Of course anyone putting that sort of money would want it back - as, when and if the club and hence its shares are sold in the future. No great conspiracy here.

 

[Nick]

There are 2 sets:

Otium

Covcitycoltd

 

[The Philosopher]

So the club is capitalised at 65m?

I’ve been shouted down for saying SISU had leveraged the club to £60m (not that that was the real value)

I’ll look through later to see if I can get to grips with it but OSB seems to enjoy getting granular with the numbers and tbf does a sterling job so.

 

[djr8369]

I’m just pleased we’ve moved on from CRM systems.

 

[SBbucks]

Is this possibly the money that’s paid off the charges?

basically the the 33m is the debt we owed arvo and has just been moved to another owner that will crop up again in 5 years

It looks like the cash for the 33m in shares will be used to pay off 33m of debt, so the debt is no longer a liability on the balance sheet. So no, it won’t crop up again in 5 years. Debts/loans in theory need to be repaid, shares do not.


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[Grendel]

The £65m are i asssume the preference shares that sat in Otium post administration and is manufactured debt when two ccfc related companies were wound up

 

[shmmeee]

I’m just pleased we’ve moved on from CRM systems.

Anyone got any opinions on whether this transaction will have been recorded in Quickbooks or Xero?

 

[Robinshio]

It looks like the cash for the 33m in shares will be used to pay off 33m of debt, so the debt is no longer a liability on the balance sheet. So no, it won’t crop up again in 5 years. Debts/loans in theory need to be repaid, shares do not.


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correct, there is no calling in debt on shares etc - They are an investment only - So maybe this time we truly are debt free - we just need him to put another £10m in now - but from what MR says, I think the major rebuild will be in the summer and have a really good go at it next year

 

[Robinshio]

Anyone got any opinions on whether this transaction will have been recorded in Quickbooks or Xero?

Silvine Analysis Pad A3 16 Column Landscape 160 Pages 80 Sheets

Silvine Analysis Pad A3 16 Column Landscape 160 Pages 80 Sheets

www.ryman.co.uk

This is what was apparently seen lying around the office

 

[rexo87]

Anyone got any opinions on whether this transaction will have been recorded in Quickbooks or Xero?

Sage

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[Skyblueweeman]

I’m just pleased we’ve moved on from CRM systems.

Yeah but this is like one step forward, 3 steps back!

 

[fernandopartridge]

The £65m are i asssume the preference shares that sat in Otium post administration and is manufactured debt when two ccfc related companies were wound up

I think it's £65m of which £7.2m are ordinary shares, the rest being A and B preference shares

 

[RegTheDonk]

I imagine the shares have effectively replaced the loans, and won’t be interest bearing. Subject to company performance a dividend could be paid per share. Of course anyone putting that sort of money would want it back - as, when and if the club and hence its shares are sold in the future. No great conspiracy here.

Don't really understand all this to be honest (no surprise) but IF say someone purchased 5,500,001 shares - would they effectively control the club?

 

[hutch1972]

I imagine the shares have effectively replaced the loans, and won’t be interest bearing. Subject to company performance a dividend could be paid per share. Of course anyone putting that sort of money would want it back - as, when and if the club and hence its shares are sold in the future. No great conspiracy here.

Trust me, some on here will find one somewhere.

 

[Robinshio]

Don't really understand all this to be honest (no surprise) but IF say someone purchased 5,500,001 shares - would they effectively control the club?

yes but you would need Doug to sell them . There are not shares that are freely available to buy

 

[fernandopartridge]

I imagine the shares have effectively replaced the loans, and won’t be interest bearing. Subject to company performance a dividend could be paid per share. Of course anyone putting that sort of money would want it back - as, when and if the club and hence its shares are sold in the future. No great conspiracy here.

The preference shares in Otium have always been there, they're the same value. It's not clear whether some of those shares are retained by SISU or whether they've all been transferred to DK.

 

[OldBedrocker]

Can someone explain in childlike words what this means please?
Does it mean the debt is gone but Doug would need 33m to break even if he was to sell his 85% ownership?

 

[Sky_Blue_Dreamer]

Am I the only one that's just slightly disappointed Doug didn't call our new parent company Coventry City Fuzzball Club Ltd?

 

[Nick]

Super Cov City Ltd would be better.

 

[HuckerbyDublinWhelan]

So do we know the figure we were sold for them?

 

[The Philosopher]

So do we know the figure we were sold for them?

No.

But at a guess some kind of £35m debt swap for 85%. The other 15% is fixed at £30m that must be paid upon promotion to Prem. Some kind of inflation link on that.

Just a guess to see how wrong I am in the event that it ever becomes known.

 

[COVKIDSNEVERQUIT]

View attachment 28075

So Doug King not using his own money to buy the club!