eppinggas
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Ian Alexander
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Post by eppinggas on Jun 20, 2020 7:52:00 GMT
In further news, the club shop will be serving ginormous portions of humble pie free of charge to all forum members until the start of next season Haha!A large slice for me please. I'll have the same as Basel. Possibly with seconds.
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Post by Dr John Dee on Jun 20, 2020 7:53:09 GMT
Calm down a bit. This means nothing unless we are much better run the debts will soon rack up again. From memory, in round terms, £7m became £20m in 5 years with no structural plan to address that problem. Fair play for doing whatever he's agreed to clear those numbers down, but let's keep an eye on the future here. Edit. I hope that Tom has found his place at the FC, he always looked like 1 person trying to do 3 jobs to me. Good luck to him in his new position. Bambi may be a bit over provocative and contentious here. But he is right. Unless we stop losing millions per year, the club is not sustainable without a Sugar Daddy. And that is NEVER going to happen at the Memorial Stadium in it's current configuration , it just can't pay for itself. Just imagine if upfront The Al Qadis had splashed out £30m on tangible ground improvements and buying in quality like whassisname did to buy Blackburn in to the Premier league. In ten years time we could be where Blackburn are (what do you mean bankrupt and relegated twice. then bought up by a Indian big pharma and food firm?)
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Post by a more piratey game on Jun 20, 2020 8:06:50 GMT
Calm down a bit. This means nothing unless we are much better run the debts will soon rack up again. From memory, in round terms, £7m became £20m in 5 years with no structural plan to address that problem. Fair play for doing whatever he's agreed to clear those numbers down, but let's keep an eye on the future here. Edit. I hope that Tom has found his place at the FC, he always looked like 1 person trying to do 3 jobs to me. Good luck to him in his new position. Bambi may be a bit over provocative and contentious here. But he is right. Unless we stop losing millions per year, the club is not sustainable without a Sugar Daddy. And that is NEVER going to happen at the Memorial Stadium in it's current configuration , it just can't pay for itself. Just imagine if upfront The Al Qadis had splashed out £30m on tangible ground improvements and buying in quality like whassisname did to buy Blackburn in to the Premier league. In ten years time we could be where Blackburn are (what do you mean bankrupt and relegated twice. then bought up by a Indian big pharma and food firm?) What you are both saying is bleedin' obvious IMO tho Yesterday's news was the opposite of that
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eppinggas
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Ian Alexander
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Post by eppinggas on Jun 20, 2020 8:07:17 GMT
This is absolutely amazing !!!!!!!! Is it saying we owed £36m? How ? This whole thing is so bloody confusing it's about £20.6m (£18.4m real money plus £2.1m notional money) really - the first two are double-counted So Wael Al-Qadi has effectively just written a cheque from his personal bank account for £20.6 million pounds to clear all our internal debt. £20.6 million pounds. Twenty Million and Six Hundred Thousand Pounds.
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Post by a more piratey game on Jun 20, 2020 8:12:01 GMT
it's about £20.6m (£18.4m real money plus £2.1m notional money) really - the first two are double-counted So Wael Al-Qadi has effectively just written a cheque from his personal bank account for £20.6 million pounds to clear all our internal debt. £20.6 million pounds. Twenty Million and Six Hundred Thousand Pounds. I think he was owed a quarter of it. And samer is keeping 10%. So he has paid his family enough to settle 50% of it I think. And samer has written off 15% part of his previous 25% share Whether that includes the interest in full etc we can't tell, but it seems to me that the details are academic
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Post by Dr John Dee on Jun 20, 2020 8:17:18 GMT
Yesterday's news was the opposite of that Agree, it's come out of nowhere really. All the experts were of the opinion that the Debt balanced against the Charge and when that was exceeded something darkly ominous would happen. The decks are clear, wither goes the voyage? These kind of numbers are like an alien language to me, "capitalise £20M", I had to go and look up what that meant. I almost wish my Dad had owned a bank then I would be President of Something. As it was, he was a Hobbler and probably the better man for that.
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Post by a more piratey game on Jun 20, 2020 8:20:08 GMT
Yesterday's news was the opposite of that I almost wish my Dad had owned a bank then I would be President of Something. As it was, he was a Hobbler and probably the better man for that. Just googled that...
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Post by a more piratey game on Jun 20, 2020 8:25:09 GMT
Yesterday's news was the opposite of that Agree, it's come out of nowhere really. All the experts were of the opinion that the Debt balanced against the Charge and when that was exceeded something darkly ominous would happen. The decks are clear, wither goes the voyage? These kind of numbers are like an alien language to me, "capitalise £20M", I had to go and look up what that meant. I think what it means here is that new shares will be issued to the value of £20m. Wael and Samer will then 'exchange' the debt they are owed (via Dwane Sports) for these new shares So there will be a lot more shares than before, so the ones still owned by the SC will be a much smaller share of the total than before But the SC has voted previously for 'dilution' of their shares when new shares were issued, so must presume that they are comfortable with the concept
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c4h10
Joined: May 2014
Posts: 476
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Post by c4h10 on Jun 20, 2020 8:29:32 GMT
Yesterday's news was the opposite of that Agree, it's come out of nowhere really. All the experts were of the opinion that the Debt balanced against the Charge and when that was exceeded something darkly ominous would happen. The decks are clear, wither goes the voyage? These kind of numbers are like an alien language to me, "capitalise £20M", I had to go and look up what that meant. I almost wish my Dad had owned a bank then I would be President of Something. As it was, he was a Hobbler and probably the better man for that. Tend to hobble myself a bit, nowadays.
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Deleted
Joined: January 1970
Posts: 0
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Post by Deleted on Jun 20, 2020 8:30:50 GMT
Agree, it's come out of nowhere really. All the experts were of the opinion that the Debt balanced against the Charge and when that was exceeded something darkly ominous would happen. The decks are clear, wither goes the voyage? These kind of numbers are like an alien language to me, "capitalise £20M", I had to go and look up what that meant. I think what it means here is that new shares will be issued to the value of £20m. Wael and Samer will then 'exchange' the debt they are owed (via Dwane Sports) for these new shares So there will be a lot more shares than before, so the ones still owned by the SC will be a much smaller share of the total than before But the SC has voted previously for 'dilution' of their shares when new shares were issued, so must presume that they are comfortable with the concept The SC has no choice. Over 75% of share capital the main shareholders can pass any resolution at an EGM (increase share capital for eg) or at over 92% they could force the buy back of shares from other shareholders
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eppinggas
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Ian Alexander
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Post by eppinggas on Jun 20, 2020 8:35:56 GMT
Re: Wael Al-Qadi's letter. 1. Infra-structure improvements TICK 2. Sustainability TICK 3. Youth TICK 4. Fan base TICK 5. Community TICK 6. Improvement TICK Perfect. It was all just talk before. Now I've seen the investment, I believe. (My account has not been hacked). UP THE GAS!
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Post by a more piratey game on Jun 20, 2020 9:06:16 GMT
I've just 'got' this it seems it might not be all about him after all
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Peter Parker
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Richard Walker
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Post by Peter Parker on Jun 20, 2020 9:14:19 GMT
I think what it means here is that new shares will be issued to the value of £20m. Wael and Samer will then 'exchange' the debt they are owed (via Dwane Sports) for these new shares So there will be a lot more shares than before, so the ones still owned by the SC will be a much smaller share of the total than before But the SC has voted previously for 'dilution' of their shares when new shares were issued, so must presume that they are comfortable with the concept The SC has no choice. Over 75% of share capital the main shareholders can pass any resolution at an EGM (increase share capital for eg) or at over 92% they could force the buy back of shares from other shareholders More pertinently, they gave up their rights because Nick was going to issue shares and they thought it would protect/help the club. Cant really argue against the same principle now Will be interesting if or how Jim/ SC Exec committee address the share issue and capirilisation of debt
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Cheshiregas
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Post by Cheshiregas on Jun 20, 2020 9:19:28 GMT
With regard to the Share Scheme holding I noted this ~ "The process of capitalising the debt, will be completed through an issue of new shares in each company. This will have a diluting affect on the % shareholding held by the Supporters Club. However, I want to make it clear that despite this, it doesn’t change anything in terms of their entitlement to have a Director on the Board should they wish to nominate a suitable candidate."
When Masters was banned WAQ said at the time they could appoint another candidate. So where does this leave the BRSC now? Over to Jim.....
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Post by a more piratey game on Jun 20, 2020 9:27:38 GMT
When Masters was banned WAQ said at the time they could appoint another candidate. So where does this leave the BRSC now? Over to Jim..... wasn't ITB in the early stages of looking into an 'alternative supporters club' maybe if BRSC doesn't get a wiggle on, the alternative will put someone up instead
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eppinggas
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Ian Alexander
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Post by eppinggas on Jun 20, 2020 9:31:46 GMT
When Masters was banned WAQ said at the time they could appoint another candidate. So where does this leave the BRSC now? Over to Jim..... wasn't ITB in the early stages of looking into an 'alternative supporters club' maybe if BRSC doesn't get a wiggle on, the alternative will put someone up instead Oh Christ. irenestoyboy is going to be unbearable. In a nice way.
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Post by a more piratey game on Jun 20, 2020 9:33:56 GMT
wasn't ITB in the early stages of looking into an 'alternative supporters club' maybe if BRSC doesn't get a wiggle on, the alternative will put someone up instead Oh Christ. irenestoyboy is going to be unbearable. In a nice way. remember when Roy Hattersley didn't turn up for HIGNFY one night and they replaced him with a tub of lard? It worked quite well, as I recall well, it seems to me that there's no point in having an empty seat in this instance
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Post by PessimistGas on Jun 20, 2020 10:08:21 GMT
As a peice of communication this is outstanding. Of course, it helps when there good news/progress to share, but still.
One of my major concerns was the accumulation of large amounts of interest on the balance sheet. Since they had no hope of ever getting it back it made no sense. The fact that Wael has done this is a big statement of intent, even if it makes no practical difference, it is reassuring.
As we all suspected it was the family who weren't fully invested. I never really doubted his intentions, just his means to deliver them. Wael has clearly come into a sizable inheritance after his father died and it appears that this is the way he is choosing to spend it.
The proof will be in the pudding, he needs to deliver a stadium but he earned time and our support.
Hopefully this is the start of a new dawn and we can all start pulling together.
Weal has my full backing and though much of what I have posted regarding the family has proved to be accurate, I'm aware that I have more than occasionally stepped over the line for which I am happy to apologise if he reads this forum. It was borne of frustration and despair at 4 years of stagnation.
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Post by johnmalyckyj on Jun 20, 2020 10:10:47 GMT
Poor old Gasincider has gone into a personal meltdown over on Gaschat. I have thanked him for his views, in the time honoured fashion of the late former chairman.......
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vaughan
Joined: June 2014
Posts: 1,237
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Post by vaughan on Jun 20, 2020 10:19:21 GMT
People still failing to see the enormity of yesterday's announcement. Tote End Brian. Pfft. Who cares? It's what happens now that matters How about celebrating what Wael did in last 24 hours. From now on, what matters is to take with a pinch of salt every half-baked theory from the fan base on what is going to happen. Read the 6 objectives set out yesterday. It could not be clearer as a statement of direction.
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