Charles Green meeting yesterday

[simplythebest 0]

greens cva bid was 14k or 41k higher I forget which says everything. especially given they clearly didn't have proof of funds.

The best, unconditional offer was accepted for the creditors. If that is untrue then there should have been legal actions months ago.

[the gunslinger 3,366]

I'm sure the club will have gained plenty by 2020.

 

I think we can all agree if green bought us with our money he's at it.

 

indeed wasnt the battle cry the loan is just to protect shareholders it will be converted to capital.

 

we don't know if its still in place but it really better not be.

[the gunslinger 3,366]

The best, unconditional offer was accepted for the creditors. If that is untrue then there should have been legal actions months ago.

 

oh the highest offer was accepted I've no doubt about that. someone must have got the maths wrong to make it 41k higher not a quid mind you.

 

as for unconditional it had shit loads of conditions.

[simplythebest 0]

I think we can all agree if green bought us with our money he's at it.

 

indeed wasnt the battle cry the loan is just to protect shareholders it will be converted to capital.

 

we don't know if its still in place but it really better not be.

Green has my full confidence as you know, i'm yet to be presented with anything concrete to reduce that confidence.

[the gunslinger 3,366]

Green has my full confidence as you know, i'm yet to be presented with anything concrete to reduce that confidence.

 

that's fair enough.

 

I would hope that if it transpired his lot hadn't invested a penny that would be enough to set alarm bells ringing.

 

we will see in time if their is a loan. I would hope not but fs is often correct.

[forlanssister 3,050]

So what is the worst that could come of it in your opinion?

 

Won't know till we see the full picture.

[simplythebest 0]

that's fair enough.

 

I would hope that if it transpired his lot hadn't invested a penny that would be enough to set alarm bells ringing.

 

we will see in time if their is a loan. I would hope not but fs is often correct.

 

Certainly was never outlined as a loan in any of the administration reports, only the CVA was.

[kuznetsov 0]

The best, unconditional offer was accepted for the creditors. If that is untrue then there should have been legal actions months ago.

 

did anyone care enough to take legal action? there seems to be a lot of that stuff going on now. 3 pending legal cases surrounding admin.

[frost 0]

I would laugh if it wasn't so barefaced at least Dick Turpin wore a mask.

 

 

 

â??4.17 Following the extensive marketing of the Company and the extensive sale process, an offer was made by Sevco 5088 Limited (â??Sevcoâ?) to make a loan on certain terms (explained below) in conjunction with the purchase by Sevco of the Group Shares.

 

4.18 Having considered the offer from Sevco and compared it to other offers received for the Company / business and assets, the Joint Administrators determined that the Sevco offer was preferable because it:

secures the best available return to creditors of the Company;

and proposes a CVA in respect of the Company, the benefits of which are outlined in paragraph 2.10.

 

4.19 Consequently, on 12 May 2012, the Joint Administrators agreed and signed an offer letter with Sevco (â??the Offer Letterâ?) and granted Sevco exclusivity to complete a takeover of the Company or a purchase of the Companyâ??s business and assets by 30 July 2012. Sevco made a payment of £200,000 to the Company for such exclusivity.â?

 

They summarised the deal with Sevco:

â??4.20.1 In addition to the £200,000 referred to in Paragraph 4.19, Sevco agrees to advance to the Company the sum of £8,300,000;

 

4.20.2 £8,300,000 will be available for draw down by the Company no later than 31 July 2012, but only once certain conditions (the â??Conditionsâ?) are satisfied;

 

4.20.3 The Company will repay the Loan together with interest on it on or before 31 December 2020; and

 

4.20.4 The loan will, subject to the laws of Scotland, be secured by standard securities and a floating charge over the assets and undertaking of the Company.�

However, a condition of all of this was approval by the creditors of the CVA:

â??4.23 In the event that either this CVA is not approved, or the other Conditions of the loan are not satisfied or waived by 23 July 2012, Sevco is contractually obliged [and we'll come back to that word] to purchase the business and assets of the Company for £5,500,000 by 30 July 2012. All further terms of that sale have been agreed in advance and are confidential.â?

The CVA proposals would have meant a return to creditors of a few pence in the pound in the pound. They were considered at a meeting of creditors on 14 June. 49 creditors voted in favour of the proposals and only six against. However, one of those voting against was HMRC whose claim was valued at over £94m, around three times the claims of all the other voters. So the proposals were rejected and in due course the assets bought by Sevco.

[simplythebest 0]

I would laugh if it wasn't so barefaced at least Dick Turpin wore a mask.

 

 

 

“4.17 Following the extensive marketing of the Company and the extensive sale process, an offer was made by Sevco 5088 Limited (“Sevco”) to make a loan on certain terms (explained below) in conjunction with the purchase by Sevco of the Group Shares.

 

4.18 Having considered the offer from Sevco and compared it to other offers received for the Company / business and assets, the Joint Administrators determined that the Sevco offer was preferable because it:

secures the best available return to creditors of the Company;

and proposes a CVA in respect of the Company, the benefits of which are outlined in paragraph 2.10.

 

4.19 Consequently, on 12 May 2012, the Joint Administrators agreed and signed an offer letter with Sevco (“the Offer Letter”) and granted Sevco exclusivity to complete a takeover of the Company or a purchase of the Company‘s business and assets by 30 July 2012. Sevco made a payment of £200,000 to the Company for such exclusivity.”

 

They summarised the deal with Sevco:

“4.20.1 In addition to the £200,000 referred to in Paragraph 4.19, Sevco agrees to advance to the Company the sum of £8,300,000;

 

4.20.2 £8,300,000 will be available for draw down by the Company no later than 31 July 2012, but only once certain conditions (the “Conditions”) are satisfied;

 

4.20.3 The Company will repay the Loan together with interest on it on or before 31 December 2020; and

 

4.20.4 The loan will, subject to the laws of Scotland, be secured by standard securities and a floating charge over the assets and undertaking of the Company.”

However, a condition of all of this was approval by the creditors of the CVA:

“4.23 In the event that either this CVA is not approved, or the other Conditions of the loan are not satisfied or waived by 23 July 2012, Sevco is contractually obliged [and we'll come back to that word] to purchase the business and assets of the Company for £5,500,000 by 30 July 2012. All further terms of that sale have been agreed in advance and are confidential.”

The CVA proposals would have meant a return to creditors of a few pence in the pound in the pound. They were considered at a meeting of creditors on 14 June. 49 creditors voted in favour of the proposals and only six against. However, one of those voting against was HMRC whose claim was valued at over £94m, around three times the claims of all the other voters. So the proposals were rejected and in due course the assets bought by Sevco.

End of the day few would have been complaining about loans and what not if the CVA got accepted. The revenue made their reasons for rejection clear, wasn't anything to do with Sevco.

 

Why you're raking over old ground like this I really don't know, we are where we are, move on.