Doug King Takeover (13 Viewers)

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.

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He said "novice"

Evo1883 said:

So we aren't debt free ? Who is CH

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Callum Hare.

Skyblueweeman said:

Callum Hare.

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His song doesn’t work without the O in it….and neither does Hamers. Who knew how important an O is.
And you’ve all just sung it in your head to check

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.

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

Are there any debts owed outside the sisu bubble or is it just ARVO or SBS&L other than perhaps HMRC

slowpoke said:

Are there any debts owed outside the sisu bubble or is it just ARVO or SBS&L other than perhaps HMRC

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Free gift for ST holders because of the rearranged games. (jk)

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.

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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.

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.

Skyblueweeman said:

he knows very little

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Get him a login

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?"

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?"

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This thread is getting a little psychedelic

CET reporting Doug has met Robins

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rexo87 said:

CET reporting Doug has met Robins

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I think they were planning to meet on Tuesday.

Lol

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rexo87 said:

Lol

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Frankly I'd be amazed if he can even afford lawyers. Fruitcake.

rexo87 said:

Lol

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Fucking hell.

Why does our club seem to attract so many crackpots into its orbit?
Just another day in.CCFC land.

Own up

jordan210 said:

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This bloke seems to think he’s some kind of cross between Deep Throat and the Lone Gunmen from The X-Files. In reality I think he’s about three YouTube recommendations away from Alex Jones.

jordan210 said:

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Some great replies, I think Ben Learys 'fuck off you shit bearded twat', is my favourite.

jordan210 said:

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what does this even mean?

IMissMAF said:

what does this even mean?

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No idea but he is having a go at Lego now

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!

Somerset Sky Blue said:

I think they were planning to meet on Tuesday.

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Maybe he just said "See you next tuesday" and King didn't get the message?

Perhaps (), or maybe he just told me that he had received an email to say that he was meeting with the new owner the following Tuesday!
I didn't ask him directly, he just mentioned it.

Sky_Blue_Dreamer said:

Maybe he just said "See you next tuesday" and King didn't get the message?

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Sky_Blue_Dreamer said:

Maybe he just said "See you next tuesday" and King didn't get the message?

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Just realised you meant his response was to king and not me!

Mike Ashley is laughing

Deleted member 5849 said:

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!

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just to clarify,are you on about Storey, Gilbert or whoever's behind the council financial scrutiny account?

AFCCOVENTRY said:

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Bit of james Richardson

Given this new info about this guy Story, i guess it might delay any takeover

We seem to be loaning out a lot of players, do we think thats got anything to do with the new ownership coming in or?

PUSB-We_are_going_up said:

We seem to be loaning out a lot of players, do we think thats got anything to do with the new ownership coming in or?

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No.