SISU broke ??? (1 Viewer)

Sub · Apr 11, 2012

http://www.coventrycity-mad.co.uk/news/tmnw/onye_igwe_out_of_sisu_739175/index.shtml

Igwe off the board of SISU parent company?
It would appear that Onye igwe or Onyechinaeduanaghaefuuzo Nnatuwereugo Igwe to give him his full name, is no longer a Director of SISU Capital Ltd.
According to one company check site, only Joy Sappala and Dermot Coleman are now listed as Directors of the main company which owns Coventry City.

The Nigerian (pictured above) who went to school in Switzerland, is however still listed as a Director of Coventry City Football Club Ltd, Coventry City Football Club (Holdings) Ltd, Otium Entertainment Group and Sky Blue Sports & Leisure as well as one SISU company in the Red Place office complex in London based Sisu Capital Partners LLP and the Edinburgh based Sisu Capital Carry Partners.
He is also listed as a Director of a number of dormant companies, all registered at SISU's registered office.
If the latest accounts listed with Companies House from the various SISU companies are anything to go by, the company which has had to move into smaller premises at the start of this year, is not doing well and unless it can find investors, how long they will be able to afford to bankroll Coventry City is open to unclear.

ajsccfc · Apr 11, 2012

It says pictured above, but I can't see where the photo is. Can you make it more prominent?

Otis · Apr 11, 2012

I think it's behind the black guy blocking the view.

ajsccfc · Apr 11, 2012

I imagine he's making a trumpet sound with his mouth there. Parping the Archers theme, I'd bet.

bigbeatpete · Apr 11, 2012

I think it's more likely to be the Apprentice theme tune seen as he's a Management sycophant who has been proven to be out of his depth but continues to flounder.

I hope he comes to a nasty end.

Prick.

ajsccfc · Apr 11, 2012

Steady on old bean.

lordsummerisle · Apr 11, 2012

Is Dermot Chris's dad?

Might explain a lot.

torchomatic · Apr 11, 2012

Ah, bless him. You can see the tears on his glasses.

LeamingtonBootBoy · Apr 11, 2012

torchomatic said:
Ah, bless him. You can see the tears on his glasses.

And to think some called him and his like the 'saviour'......:facepalm:

lordsummerisle · Apr 11, 2012

LeamingtonBootBoy said:
And to think some called him and his like the 'saviour'......:facepalm:

They're just searching for other "saviours" now.

Think we should just do this and have a fresh start with no associations with either discredited(if ever had any credit) "new" or "old" regimes.

[video=youtube;No2ukc5V4EM]http://www.youtube.com/watch?v=No2ukc5V4EM[/video]

LeamingtonBootBoy · Apr 11, 2012

A fans buy out is what is needed......if we knew what the debts and the terms of that debt were.....

oldskyblue58 · Apr 11, 2012

How do we get from Igwe leaving the board to SISU being broke ?

i thought sconset capital owned the shares now and SISU Capital Limited were the agents for that fund?

OyJimmy · Apr 11, 2012

How do we know that they aren't broke? Have the club said why they have'nt paid ACL?

PhilWasn'tBabb · Apr 11, 2012

I guess the speculation is that because they have moved to a smaller office and therefore must be broke ....? :facepalm:

oldskyblue58 · Apr 11, 2012

wouldnt matter if they went bust - they only manage a fund on behalf of clients, such money is legally entirely seperate from any sisu money. Would just mean the fund was passed to other fund managers to administer. Characters leaving the board room is not necessarily significant..... hasnt changed the fact that sisu adminster the loans to CCFC by the investors who own the shares in CCFC via sconset capital

oldskyblue58 · Apr 11, 2012

I just had to look didnt I ....... looked at the 31/03/11 SISU Capital Ltd Accounts at Company House.

I do wish before Covmad come out making making alegations they checked the public record. SISU Capital are not about to go bust and I really dont think they are in a financial panic

SISU Capital is an almost cyclical business that will make losses perhaps when just managing funds, but will cash in when a fund is sold on or an asset within a fund matures or is sold, therby returning substantial profits. That is the nature of the business.

SISU Capital is the head company of a group. It has at 31/03/11 net assets of £1.1m including £750k in cash. It has minority interests in certain funds not included in their accounts but shown as a note valued at £94m. Yes they made losses the last two years but not devastating and was covered by their own cash resources and they have £750k cash left. They have a turnover that has gone down but these are tough times for investors we all know that but it is £3m still. Add to that 2 limited liability Partnerships worth on the balance sheet £300k in total. Doesnt look so bad does it

They do not own CCFC, they do not put any of their own money into CCFC. Their only risk from CCFC is not getting the management fees from the investors (not CCFC)

The auditors KPMG (one of the biggest in the world) do not qualify their report in any way and there are no notes about going concern being in doubt

I wouldnt be expecting them to be panicing about their own financial performance any time soon. Am sure they would like it better but they are not in financial turmoil.

oh and they filed their accounts on time

harvey098 · Apr 11, 2012

I know you were probably expecting a better response after writing all that OldSkyblue but im interested what you do/did do for a living?

derbyskyblue · Apr 11, 2012

So can we assume its a game of hardball then?

lordsummerisle · Apr 11, 2012

harvey098 said:
I know you were probably expecting a better response after writing all that OldSkyblue but im interested what you do/did do for a living?

He's a plumber.

oldskyblue58 · Apr 11, 2012

harvey098 said:
I know you were probably expecting a better response after writing all that OldSkyblue but im interested what you do/did do for a living?

I just get the proper info out harvey - accounts are not easy to follow for most people so I try to help but I find it difficult to simplify some things! . I am a Chartered Accountant by profession.

oldskyblue58 · Apr 11, 2012

derbyskyblue said:
So can we assume its a game of hardball then?

Isnt it always with SISU! ..... think they can get their own way with anyone

lordsummerisle · Apr 11, 2012

oldskyblue58 said:
I just get the proper info out harvey - accounts are not easy to follow for most people so I try to help but I find it difficult to simplify some things! . I am a Chartered Accountant by profession.

The plumbing "off the books" then?

You accountants and your tax avoidance wheezes.

oldskyblue58 · Apr 11, 2012

"confessions of a plumber" .......... but perhaps thats a different story

thegameaintstraight · Apr 11, 2012

oldskyblue58 said:
I just had to look didnt I ....... looked at the 31/03/11 SISU Capital Ltd Accounts at Company House.

I do wish before Covmad come out making making alegations they checked the public record. SISU Capital are not about to go bust and I really dont think they are in a financial panic

SISU Capital is an almost cyclical business that will make losses perhaps when just managing funds, but will cash in when a fund is sold on or an asset within a fund matures or is sold, therby returning substantial profits. That is the nature of the business.

SISU Capital is the head company of a group. It has at 31/03/11 net assets of £1.1m including £750k in cash. It has minority interests in certain funds not included in their accounts but shown as a note valued at £94m. Yes they made losses the last two years but not devastating and was covered by their own cash resources and they have £750k cash left. They have a turnover that has gone down but these are tough times for investors we all know that but it is £3m still. Add to that 2 limited liability Partnerships worth on the balance sheet £300k in total. Doesnt look so bad does it

They do not own CCFC, they do not put any of their own money into CCFC. Their only risk from CCFC is not getting the management fees from the investors (not CCFC)

The auditors KPMG (one of the biggest in the world) do not qualify their report in any way and there are no notes about going concern being in doubt

I wouldnt be expecting them to be panicing about their own financial performance any time soon. Am sure they would like it better but they are not in financial turmoil.

oh and they filed their accounts on time

OSB thanks for that, enlightening as ever.
One question, SISU "has minority interests in certain funds not included in their accounts (my italics) but shown as a note valued at £94m. They do not own CCFC, they do not put any of their own money into CCFC."
Could not some of these "minority interests" be us? or is that a silly question?

Nonleagueherewecome · Apr 11, 2012

oldskyblue58 said:
How do we get from Igwe leaving the board to SISU being broke ?

i thought sconset capital owned the shares now and SISU Capital Limited were the agents for that fund?

Pretty easily, actually.

If SISU's investors have tightened the purse strings-they don't want to invest further, and maybe want to withdraw some investment-then, as these are the funds that SISU manage...."SISU are broke", potentially.

I'm not sure what this SISU-money that is nothing to do with investors is. Dermot & Joy's personal fortunes? Well hell no, we never expected them to actually spend some of their own money, obviously.

oldskyblue58 · Apr 11, 2012

thegameaintstraight said:
OSB thanks for that, enlightening as ever.
One question, SISU "has minority interests in certain funds not included in their accounts (my italics) but shown as a note valued at £94m. They do not own CCFC, they do not put any of their own money into CCFC."
Could not some of these "minority interests" be us? or is that a silly question?

For reasons of setting up and managing the various funds SISU will own say 100 shares of a particular fund. those shares will be a very small percentage of the total. The wording in the accounts is pretty vague but i suppose would mean they have a very small percentage of the shares in sconset capital which owns CCFC - but they would have no value because there is no value in CCFC. Other than that I cant tell you much more

oldskyblue58 · Apr 11, 2012

Nonleagueherewecome said:
Pretty easily, actually.

If SISU's investors have tightened the purse strings-they don't want to invest further, and maybe want to withdraw some investment-then, as these are the funds that SISU manage...."SISU are broke", potentially.

I'm not sure what this SISU-money that is nothing to do with investors is. Dermot & Joy's personal fortunes? Well hell no, we never expected them to actually spend some of their own money, obviously.

Only if SISU have agreed to make up any losses and I can not see that being the case. Investors will put their money in knowing the value could go up or down they take the hit not SISU. What SISU will lose is any future management fees associated with any funds withdrawn. If I am right how does that put SISU at immediate risk and how does Igwe going demonstrate that?

Never expected them to risk their own money NLHWC it never was part of the deal.

thegameaintstraight · Apr 11, 2012

OSB thanks for that. SISU certainly have us totally stitched up.

Brighton Sky Blue · Apr 11, 2012

oldskyblue58 said:
Only if SISU have agreed to make up any losses and I can not see that being the case. Investors will put their money in knowing the value could go up or down they take the hit not SISU. What SISU will lose is any future management fees associated with any funds withdrawn. If I am right how does that put SISU at immediate risk and how does Igwe going demonstrate that?

Never expected them to risk their own money NLHWC it never was part of the deal.

Is it right to say that SISU's task is to use their investors' money to deliver a return for these investors, OSB?

oldskyblue58 · Apr 11, 2012

Brighton Sky Blue said:
Is it right to say that SISU's task is to use their investors' money to deliver a return for these investors, OSB?

yes BSB .......... but its speculative and carries greater risk .......... it can have greater returns but you can get hit harder too. Even SISU are not daft enough to guarantee and underwrite a return on investment

ccfcdan · Apr 11, 2012

So in leymans terms, Sisu arent skint. They are not going to walk away and hand the club over to Hoffman and were screwed! Great news. PUSB

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