How about if CCFC pull out of the Ricoh? What the hell would they do with the bloody place?
Sorry Paxman got to disagree on something
getting 50% of the shares in ACL does not give us a right to income at all. Any distribution can be blocked by the council but more importantly income would be from dividends on the shares and ACL cannot pay dividends legally because there are no distributable profits. All income streams remain as ACL's a company which we would own half of.
The only way we get half the net income is if we go into a joint venture to own the site lease 50% :50% with ACL. But that would be even more expensive because we would be asking the council and higgs trust to sell half of the total lease not take up the option on the Higgs share.
People talk about the council getting the 50% of income stream they dont. ACL gets 100% of the income stream but are owned by the council and Higgs trust equally. Its like saying shares I may have in ICI i have a right to that percentage of their turnover - I dont I have a right to dividends and to sell my shares at market value
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