Just received a letter saying meeting to be held on 10th March. basically 5 issues to be voted on.
OUTCOME OF REVIEW TO BE PLACED BE4 SHAREHOLDERS AT THIS MEETING.
but board wants to create funds by issue of bonds 66,666,667 at 0.30p
and 100,000,000 shares at 0.30p
big note though this is topay off debits and not for players
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Comments
S.
Where did you get £50m from Santa?
S.
S.[/quote]
You got the wrong end of the stick. : - ) Any debt figure would have been in the last set of accounts.
Sure there will be an article in todays programme that explains it better than I can.
On the OS now
http://www.cafc.co.uk/default.ink
S.
Except they want a minimum investment of 225k and only people who have been approached by the Board can invest. Rather a limited issue then.
1. This will not as such create much new money for the club, it is give the ability to repay short-term loans made by directors. Ie. turning a current debt into a percentage holding.
2. That Derek Chappell is taking a big step forward, with an eye to becoming the number one in the medium-term future
1. As I understand it...the club currently is borrowing money/maintaining an overdraft at highish interest rates, presumably at around 5 or 6%, or whatever the normal rate is, plus has a few loans from the directors. So the directors are effectively swapping their loans for a bond, which will be converted into equity in the club at some point in the future - that looks sensible to me. It also allows the club to pay the bank debts off, but as the interest yield on the bond is at a lower rate than the banks charge we should be saving money there. On the whole it looks a positive move - the directors are happy to continue investing in the club and the face value of the bond - 30p offers them some return on investment if the future of the club is good and it's up to then to ensure that it is, so a reward for their good management of the off-field activities. Let's hope Pards gets the on-field stuff right.
2. I think you are right, Derek Chappell would seem to be a major shareholder, having first bought in in 2005 and is now rising steadily up the politburo:
http://www.charlton-athletic.co.uk/newsview.ink?nid=22290&newstype=n
Described then as "one of the most significant investors" in a share issue that raised £5.5m, and presumably when Murray decides that enough is enough he'll take on more responsibility. I presume that he has invested heavily in this bond issue and/or bought up more shares since.
BTW, what is his background? From the link he's a long-term Charlton fan and so on, how/where did he make his money, anyone know?
I am not a shareholder but would like to become one.
I think from the comments above you (see Addicked's post) - you need to invest a minimum of £225K and be invited by the board, which presumably if you had £225K to invest wouldn't be a problem. If you want to buy shares in the club give the club a call - you can buy shares, not on the open market, but through the broker retained by the club to trade their shares.
I'll sell you mine if you like. Yours for £1k.
He's a black stand-up comedian in the US. Very funny. Always on about the weed and stuff. Personally, I think in addition to taking over the Club, he should do the announcing too. He'd rip Tango Man to shreds!
Too late now unless you want to make a serious investment - one of the reasons we've been taken off the AIM market.
Unless of course you know someone who might be willing to sell you some of theres ;-)
Hmmm, a hip-hop comedian who gets laughs from making fun of racists...half our fans would love him, the trouble is the other half would hate him.
He's into managing private hospitals
So hes made his money out of poor folk like Corey Gibbs.
explain it to me have we got any money yes or no
does this buy players yes or no and who the feck is derek chappell is he phils dad and the secret daddy of paddy mcarthey
No, this isn't about raising money to buy players but to restructure debt and the club's finances.
Id be willing to pay money towards the east stand extension and getitng Spurs in for a couple of seasons while white hart lane is being rebuilt. This would make a profit surely that is what business is about or buying selhurst. But not to pay back loans to directors.
Seriously it does sound a desperate move to me. And we were taking the mick out of Jordan and Palace. Though Richard Murray owns the clubs major assests i.e The Valley and the training ground lets hope he is not fed up with it or is running out of dosh himself.
He's just dumped another few mill into the club, he's not running out of cash at all.
So who wants their loan money back then Greg Bone ? Playing devils advocate.
I'm pretty certain we are in a far better financial situation than most clubs in this league, yes there is problems but I don't think it's much to worry about.
The short term directors loans are loans from the directors to CAFC. Each Director will have a loan account with the club so if the club needs funds quick, for cash-flow or other reasons, the funds can be drawn on. I'm not an accountant but I believe there are income tax complications with such arrangements which may be why they don't want them to continue?