Deleted
Joined: January 1970
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Post by Deleted on Jul 18, 2015 12:59:16 GMT
came up on facebook
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Post by Henbury Gas on Jul 18, 2015 16:24:55 GMT
We paid off Barclays recently to the tune of £900,000 ish so i guess that must be some of it
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Post by Topper Gas on Jul 18, 2015 16:46:07 GMT
Then borrowed £2.3m for the Wonga loan to replace it?
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Post by Henbury Gas on Jul 18, 2015 16:51:32 GMT
Then borrowed £2.3m for the Wonga loan to replace it? But that was a "loan"
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Deleted
Joined: January 1970
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Post by Deleted on Jul 18, 2015 16:54:21 GMT
Then borrowed £2.3m for the Wonga loan to replace it? But that was a "loan" Obviously.
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LincsBlue
Predictions League
Joined: May 2014
Posts: 685
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Post by LincsBlue on Jul 18, 2015 16:58:19 GMT
Hopefully we've still got a fair bit of that left??
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Deleted
Joined: January 1970
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Post by Deleted on Jul 18, 2015 17:05:44 GMT
Then borrowed £2.3m for the Wonga loan to replace it? But that was a "loan" Secured against the stadium. So a charge on the asset, just like a mortgage. If, as reported on here, the loan is £2,300,000 @ 1.2% per month, then the interest is £27,600 each and every month. And at the end of it all we still have to pay back every penny of the original £2,300,000. You have to think that Higgs has a plan to deal with that final payment?
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LPGas
Stuart Taylor
Joined: May 2014
Posts: 1,240
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Post by LPGas on Jul 18, 2015 17:59:40 GMT
When they couldn't get a mortgage to buy the place the directors set up their own "mortgage" at half a per cent interest. The figure then was £2.4 million, however that was when we first bought the place. Told to me by a Director at that time
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Post by mentors on Jul 18, 2015 19:08:10 GMT
Secured against the stadium. So a charge on the asset, just like a mortgage. If, as reported on here, the loan is £2,300,000 @ 1.2% per month, then the interest is £27,600 each and every month. And at the end of it all we still have to pay back every penny of the original £2,300,000. You have to think that Higgs has a plan to deal with that final payment? If I were Wonga, I'd want cash on the day...no ifs, buts or maybes, hope NH had his Plan B finance in place or we're dead.
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Deleted
Joined: January 1970
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Post by Deleted on Jul 18, 2015 19:15:15 GMT
Secured against the stadium. So a charge on the asset, just like a mortgage. If, as reported on here, the loan is £2,300,000 @ 1.2% per month, then the interest is £27,600 each and every month. And at the end of it all we still have to pay back every penny of the original £2,300,000. You have to think that Higgs has a plan to deal with that final payment? If I were Wonga, I'd want cash on the day...no ifs, buts or maybes, hope NH had his Plan B finance in place or we're dead. If we default it will make 1.2% per month look like a bargain. An extension / new loan could probably be taken, but £331,200 a year in interest is unsustainable in the long term I would have thought.
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toteend
Joined: May 2014
Posts: 305
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Post by toteend on Jul 18, 2015 19:30:56 GMT
Actually, the Wonga loan is for £2.6m, with repayments of just over £30k per month.
We have cleared the mortgage of just under £1,000,000 and repaid £200,000 of GD's total loans of just under £1,200,000.
Don't know whats happened to the balance, other than we had to lodge a bond at the High Court to guarantee the costs of the case. I would be surprised if there is any left in our coffers at present, but what we get back depends on the costs hearing which will be held soon together with the cost of the appeal.
In the judges words, Rovers will be liable for 'a proportion of the costs'.
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Deleted
Joined: January 1970
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Post by Deleted on Jul 18, 2015 19:52:51 GMT
Actually, the Wonga loan is for £2.6m, with repayments of just over £30k per month. We have cleared the mortgage of just under £1,000,000 and repaid £200,000 of GD's total loans of just under £1,200,000. Don't know whats happened to the balance, other than we had to lodge a bond at the High Court to guarantee the costs of the case. I would be surprised if there is any left in our coffers at present, but what we get back depends on the costs hearing which will be held soon together with the cost of the appeal. In the judges words, Rovers will be liable for 'a proportion of the costs'. Interesting stuff, thanks for adding some detail to things.
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Post by mentors on Jul 18, 2015 20:21:10 GMT
Actually, the Wonga loan is for £2.6m, with repayments of just over £30k per month. We have cleared the mortgage of just under £1,000,000 and repaid £200,000 of GD's total loans of just under £1,200,000. Don't know whats happened to the balance, other than we had to lodge a bond at the High Court to guarantee the costs of the case. I would be surprised if there is any left in our coffers at present, but what we get back depends on the costs hearing which will be held soon together with the cost of the appeal. In the judges words, Rovers will be liable for 'a proportion of the costs'. Interesting stuff, thanks for adding some detail to things. Always a bad day when you don't learn something new, our finances always worry me though as I assume whatever we paid back to GD and Barclays came from what we borrowed from Wonga so we owe all that plus the interest rolled up, plus directors loan accounts plus GD plus trade creditors plus defered consideration on signings less the opposite on sales plus outstanding leases and possible costs from Sainsburys case plus upfront payment to allow appeal...FMG and I thought I had trouble getting back to sleep!!
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Post by bluebeard on Jul 19, 2015 10:47:42 GMT
Secured against the stadium. So a charge on the asset, just like a mortgage. If, as reported on here, the loan is £2,300,000 @ 1.2% per month, then the interest is £27,600 each and every month. And at the end of it all we still have to pay back every penny of the original £2,300,000. You have to think that Higgs has a plan to deal with that final payment? If I were Wonga, I'd want cash on the day...no ifs, buts or maybes, hope NH had his Plan B finance in place or we're dead. 1.2% per month is a pretty good return on capital and they have the stadium as security. I suspect they will be happy to extend but on the basis that there may not be too much competition for this piece of business, they could try to raise the interest rate even higher. Otherwise existing directors or new investors will have to put the money in themselves.
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Post by lulworthgas on Jul 19, 2015 12:38:05 GMT
If I were Wonga, I'd want cash on the day...no ifs, buts or maybes, hope NH had his Plan B finance in place or we're dead. 1.2% per month is a pretty good return on capital and they have the stadium as security. I suspect they will be happy to extend but on the basis that there may not be too much competition for this piece of business, they could try to raise the interest rate even higher. Otherwise existing directors or new investors will have to put the money in themselves. I never understood why NH didn't lend the club the cash. I thought he was worth 30 million. If he was that confident of the contract being watertight and the probability of JS having to pay our costs it would be a no brainer
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Deleted
Joined: January 1970
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Post by Deleted on Jul 19, 2015 12:57:12 GMT
1.2% per month is a pretty good return on capital and they have the stadium as security. I suspect they will be happy to extend but on the basis that there may not be too much competition for this piece of business, they could try to raise the interest rate even higher. Otherwise existing directors or new investors will have to put the money in themselves. I never understood why NH didn't lend the club the cash. I thought he was worth 30 million. If he was that confident of the contract being watertight and the probability of JS having to pay our costs it would be a no brainer Maybe he thought it was time for the other directors to put some more cash up, they didn't agree, so he sought external funding?
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Post by mentors on Jul 19, 2015 13:06:21 GMT
If I were Wonga, I'd want cash on the day...no ifs, buts or maybes, hope NH had his Plan B finance in place or we're dead. 1.2% per month is a pretty good return on capital and they have the stadium as security. I suspect they will be happy to extend but on the basis that there may not be too much competition for this piece of business, they could try to raise the interest rate even higher. Otherwise existing directors or new investors will have to put the money in themselves. Good point...it also makes lulworthgas post so germane, the Mem as security against £2.6 and earning £30k a month is great business. Perhaps NH isn't as wealthy as assumed or its all tied up long term.
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The Gas
Joined: May 2014
Posts: 484
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Post by The Gas on Jul 19, 2015 13:17:56 GMT
1.2% per month is a pretty good return on capital and they have the stadium as security. I suspect they will be happy to extend but on the basis that there may not be too much competition for this piece of business, they could try to raise the interest rate even higher. Otherwise existing directors or new investors will have to put the money in themselves. Good point...it also makes lulworthgas post so germane, the Mem as security against £2.6 and earning £30k a month is great business. Perhaps NH isn't as wealthy as assumed or its all tied up long term. Perhaps Mrs NH and his children think he has already contributed far too much.
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Deleted
Joined: January 1970
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Post by Deleted on Jul 19, 2015 13:45:06 GMT
We should be eternally gratefully for people like Mr Higgs investing his money into the club over the last few years.
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Post by o2o2bo2ba on Jul 19, 2015 13:51:28 GMT
Well, balders all moan and groan but they don't stump the reddies up, do they?
I'm not throwing stones, but jeez it could be all worse....look at Salisbury, Darlington, Hereford to name but a few..
If anyone wants to cast a stone, fair play, but look at yourself first...
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