Deleted
Joined: January 1970
Posts: 0
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Post by Deleted on Dec 16, 2014 17:39:56 GMT
Interesting that the existing stadium loan with Barclays has just been refinanced by MCP. According to their website, MCP Capital is a private equity funder - i.e. a long term investor who invariably takes share capital and puts one of their own on to the board of directors. This could of course be a bail out scenario but, being an optimist, I think it could also mean something big (e.g. transition to new debt free stadium) is about to happen. PE investors are much more flexible than the banks but as far as I'm aware they don't usually pawnbroke (in the sense that they lend directly against an asset). Someone, somewhere must have produced a fairly convincing business plan based on the expected outcome with Sainsburys. they also are a company who comes in to a business to "try" and avoid administration. Also they are like the wonga of business high interest rates ect. They have lent directly against the mem and the surrounding land sounds to me barclays have wanted there money back quick and rovers have had to borrow directly against the mem as they would never be able to borrow against the uwe as they would never actually own it
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Post by gasheadnaboo on Dec 16, 2014 18:08:19 GMT
We're playing at the UWE on Football Manager 2015, although it is named Stoke Gifford and only temporarily whilst seats are installed at the Mem, if it's of any interest
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Deleted
Joined: January 1970
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Post by Deleted on Dec 16, 2014 18:18:16 GMT
Don't work in the legal profession, do you No, but I have been involved on the commercial side of the construction industry since August 1987...currently timber engineering. Then you should be aware that aspects of claims are often dismissed in their entirety due to clauses being deemed as punitive.
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LPGas
Stuart Taylor
Joined: May 2014
Posts: 1,240
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Post by LPGas on Dec 16, 2014 18:20:46 GMT
On the other hand Sainsbury's might well be looking along the Filton Road at the development that is about to happen there. Plus let's remember Horfield isn't "out of town", in fact it will be even more "in town" when those houses have been built
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intheknow
Archie Stephens
Joined: May 2014
Posts: 232
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Post by intheknow on Dec 16, 2014 18:36:51 GMT
I think it's a lot worse than any of us dare think. We have sold out effectively to a new set of credit financiers (MCP - DYOR) who will effectively strip us of the Mem asset. If UWE folds, then Higgs and Co will get thier money back via limited compensation deal and the ground will go via MCP if we can not pay back loans. We are tonight looking at the end-game. Doom I tell thee ..... Doom !
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brizzle
Lindsay Parsons
No Buy . . . No Sell!
Joined: May 2014
Posts: 4,293
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Post by brizzle on Dec 16, 2014 18:52:37 GMT
I think it's a lot worse than any of us dare think.
We have sold out effectively to a new set of credit financiers (MCP - DYOR) who will effectively strip us of the Mem asset. If UWE folds, then Higgs and Co will get thier money back via limited compensation deal and the ground will go via MCP if we can not pay back loans. We are tonight looking at the end-game. I thought that it might be. I suspected (somehow) that we would be. God's teeth, give me strength.
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Post by a more piratey game on Dec 16, 2014 19:01:10 GMT
I think it's a lot worse than any of us dare think. We have sold out effectively to a new set of credit financiers (MCP - DYOR) who will effectively strip us of the Mem asset. If UWE folds, then Higgs and Co will get thier money back via limited compensation deal and the ground will go via MCP if we can not pay back loans. We are tonight looking at the end-game. Doom I tell thee ..... Doom ! any reason for thinking that vaughan, or just having a Private Fraser moment?
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Deleted
Joined: January 1970
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Post by Deleted on Dec 16, 2014 19:02:13 GMT
No, but I have been involved on the commercial side of the construction industry since August 1987...currently timber engineering. Then you should be aware that aspects of claims are often dismissed in their entirety due to clauses being deemed as punitive. Yes but I only spoke of onerous, and that was taken out of context, another chose to restate and interpret as punitive, not the same thing at all. Broadly, punitive =punishing, onerous=difficult perhaps awkward, but it's all irrelevant with the news of the latest refinancing, the details of which if revealed would probably make for an interesting thread.
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Post by bluebeard on Dec 16, 2014 19:03:17 GMT
I think it's a lot worse than any of us dare think. We have sold out effectively to a new set of credit financiers (MCP - DYOR) who will effectively strip us of the Mem asset. If UWE folds, then Higgs and Co will get thier money back via limited compensation deal and the ground will go via MCP if we can not pay back loans. We are tonight looking at the end-game. Or maybe we're not. I've no idea what DYOR stands for but MCP appear to fund going concerns and I very much doubt they have a controlling interest. If Higgs and Co wanted out they could simply sell the Mem themselves. chill.
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Post by Bristol Rovers on Dec 16, 2014 19:15:03 GMT
Kid in a riot "source" was meant to be someone in South Glos council, yet they have nothing to do with what's going on between us and Sainsbury. Cant believe so many people think he's legit.
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gas2
Joined: May 2014
Posts: 218
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Post by gas2 on Dec 16, 2014 20:37:21 GMT
I might be wrong but m c p have been connected to rovers for a while I remember them out side the ground looking for new costumers years ago
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Deleted
Joined: January 1970
Posts: 0
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Post by Deleted on Dec 16, 2014 20:42:40 GMT
I might be wrong but m c p have been connected to rovers for a while I remember them out side the ground looking for new costumers years ago I've got a Crusader and Pirate one they can have but I'm keeping my Penguin one for New Year's Eve.
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co3
Joined: September 2014
Posts: 34
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Post by co3 on Dec 16, 2014 20:44:25 GMT
MCP Capital Ltd have registered charges against the memorial stadium and land surrounding. Days earlier charges were released by Barclays. This is all on companies house and available for all to see (for a fee). Alternatively, you can just go to companies house website and see Bristol Rovers 1883 Ltd have registered 4 new charges and satisfied 3 existing charges without a fee - you just won't see any more detail.
As for refinancing securing lower rates I must admit, and based upon conversations with corporate financers I know, I just don't buy that it is that. When you consider that the effect of relegation, gate receipts, sponsorship income, no real saleable players, no academy to generate their own star, our main rivals on a (predicted) upward trajectory (new stadium, chasing promotion, alarmingly wealthy backer; new commercial strategy to go to market in a big way), in an apathetic sporting region, our credit worthiness is going to be extremely low. I don't buy that refinancing now secures a better rate or stability.
As for bridging loan it is conceivable. We needed finance, couldn't get it, and under previous loan arrangements needed to release the charge on the Mem from Barclays. MCP provided the bridging loan and also enough to satisfy Barclay's debt. I could buy that; but I don't and I don't because if things were that rosey Barclays would have provided the bridging loan. As a chargeholder, as banker, if it was bread and butter earn a bit of interest they'd be all over it. But they aren't and they know better than most (or anyone else) Rovers' risk/reward ratio.
Got a cheaper rate from MCP? Don't buy it - Reasons stated above re creditworthiness and also if everything was looking cushty re Sainsbury's Barclays probably would have matched it or come in at a level which meant the admin and hastle to move wasn't worth it.
My honest belief is that the club is skint, it doesn't appear that any money will be coming in any time soon and Higgs has just done the equivalent of going to Macau and having one last roll of the dice.
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Deleted
Joined: January 1970
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Post by Deleted on Dec 16, 2014 20:58:51 GMT
I might be wrong but m c p have been connected to rovers for a while I remember them out side the ground looking for new costumers years ago Mr Cadbury's Parrot is buying Rovers?
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Post by clockendgas on Dec 16, 2014 21:09:06 GMT
I might be wrong but m c p have been connected to rovers for a while I remember them out side the ground looking for new costumers years ago Mr Cadbury's Parrot is buying Rovers? thats better than a s**tty robin anyday
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Post by onedaytheuwe on Dec 16, 2014 21:56:39 GMT
It is quite right we must all wait until there is further news. But can Tony W really expect building work to start in March ?. It will take at least to the end of January to 'sign off' everything from BCC if there is NO legal challenge. Then it would mean Sainsbury's would have to release or sign up to releasing funds by say mid February for the UWE project to start . Then having avoided a legal challenge: safeguarded the funds from Sainsbury's. We would need to alert South Gloucestershire Council to revisit the pre-commencing contract : to sign everything off and start work within weeks. I heard of grease Lighting but that is fast.
Unless Sainsbury's have agreed to Tony W that if the EH isn't challenged . Then an envelope will be in the post almost straight away... Otherwise: I think March is yet another date to add to many dates...
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Post by Topper Gas on Dec 16, 2014 22:07:28 GMT
MCP Capital is that cover for selling out to someone like Agombar at Hereford Utd?
I see one of there "solutions" on their website allows owners "liquidity" and also allows the. to "stand down from day to day management"!!
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Deleted
Joined: January 1970
Posts: 0
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Post by Deleted on Dec 16, 2014 22:22:35 GMT
MCP Capital Ltd have registered charges against the memorial stadium and land surrounding. Days earlier charges were released by Barclays. This is all on companies house and available for all to see (for a fee). Alternatively, you can just go to companies house website and see Bristol Rovers 1883 Ltd have registered 4 new charges and satisfied 3 existing charges without a fee - you just won't see any more detail. As for refinancing securing lower rates I must admit, and based upon conversations with corporate financers I know, I just don't buy that it is that. When you consider that the effect of relegation, gate receipts, sponsorship income, no real saleable players, no academy to generate their own star, our main rivals on a (predicted) upward trajectory (new stadium, chasing promotion, alarmingly wealthy backer; new commercial strategy to go to market in a big way), in an apathetic sporting region, our credit worthiness is going to be extremely low. I don't buy that refinancing now secures a better rate or stability. As for bridging loan it is conceivable. We needed finance, couldn't get it, and under previous loan arrangements needed to release the charge on the Mem from Barclays. MCP provided the bridging loan and also enough to satisfy Barclay's debt. I could buy that; but I don't and I don't because if things were that rosey Barclays would have provided the bridging loan. As a chargeholder, as banker, if it was bread and butter earn a bit of interest they'd be all over it. But they aren't and they know better than most (or anyone else) Rovers' risk/reward ratio. Got a cheaper rate from MCP? Don't buy it - Reasons stated above re creditworthiness and also if everything was looking cushty re Sainsbury's Barclays probably would have matched it or come in at a level which meant the admin and hastle to move wasn't worth it. My honest belief is that the club is skint, it doesn't appear that any money will be coming in any time soon and Higgs has just done the equivalent of going to Macau and having one last roll of the dice. Pretty much with you all the way on this, saving the last line: I don't think this is a winner takes all thing and then we go our separate ways, it's more like getting into bed with a man with a briefcase.... and possibly a trilby and a sovereign ring. They're a very different set up to Barclays: there must be some reason for making that switch. I'm not sure it's one most businesses with a totally free hand would make, all other things being equal. Maybe, at the next Q&A, or when BSS is mixing with with his people, someone can ask what MCP are bringing to the party, what's in it for both parties, and why they are the preferred 'partners' (to use a favoured word). When was the next Q&A due?
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Deleted
Joined: January 1970
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Post by Deleted on Dec 16, 2014 22:29:14 GMT
I might be wrong but m c p have been connected to rovers for a while I remember them out side the ground looking for new costumers years ago They're the guys in suits approaching people and saying "50 grand for 30% of your business? Anyone? How about you sir....?" Bit of a pest, really. It seems someone finally said "yes".
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Post by gasbound on Dec 16, 2014 23:19:44 GMT
i still think the UWE stadium will be starting in March but with the new morgages i wonder if it will be finished. co3 could be right with his analysis and the club could strugle to meet payments to pay off the loans and so money for the new stadium might dry up. it all depends on Bristol Rovers finances at the moment. i think the auditors were in last june so anyone seen the lasted acounts.
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