oldskyblue58
CCFC Finance Director
This is what they have done. Taking a charge is not sinister any lender would do it, and generally over all the assets. So not alarmed no, it is what would be expected
ARVO have taken a charge over the assets of Otium Ent Group. It replaces the charge that was over the assets CCFC H. Those assets were transferred to Otium and this is transferring the charge to act as security for monies lent to the group.
The other document allows for the issue of 1,484,000 Class A preference shares £1 each. The shares being issued to ARVO. Basically instead of a loan shares that have additional rights to ordinary shares have been issued. There is no detail as to whether the shares were issued fully paid , at par or at a premium. The shares will count I believe in the FL salary cap calculation if issued as cash. It might indicate (but is only a guess) just how far behind the salary cap regulations the club was. It doesn't necessarily mean new money though they could have converted existing loans to the preference shares.
Think the legal news is not that ........ I think it will be other legal "wrangles" and will hit a new PR low
ARVO have taken a charge over the assets of Otium Ent Group. It replaces the charge that was over the assets CCFC H. Those assets were transferred to Otium and this is transferring the charge to act as security for monies lent to the group.
The other document allows for the issue of 1,484,000 Class A preference shares £1 each. The shares being issued to ARVO. Basically instead of a loan shares that have additional rights to ordinary shares have been issued. There is no detail as to whether the shares were issued fully paid , at par or at a premium. The shares will count I believe in the FL salary cap calculation if issued as cash. It might indicate (but is only a guess) just how far behind the salary cap regulations the club was. It doesn't necessarily mean new money though they could have converted existing loans to the preference shares.
Think the legal news is not that ........ I think it will be other legal "wrangles" and will hit a new PR low
Last edited: