craig 5,199 Posted November 16, 2012 Share Posted November 16, 2012 For all intents and purposes that's £24m of debt with the Cumulative shares paying out over £0.5m a year in interest. Convertible at who's request ? The club's or the holder ? One would have to assume the holder. Which means they do have debt, though it wouldnt be considered "bank debt" which clubs these days like to lead with. 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,050 Posted November 16, 2012 Share Posted November 16, 2012 Convertible at who's request ? The club's or the holder ? One would have to assume the holder. Which means they do have debt, though it wouldnt be considered "bank debt" which clubs these days like to lead with. IIRC (it's a few years since I've held convertibles) the holders can convert them annually though it doesn't usually make much sense unless the ordinary shares have shot up in value (certainly not the case in the scums case), they usually have a fixed redemption date (though not always) when the company can force the conversion into ordinary shares. The scum ones carry a coupon of 6% but I don't know the current share price for them so don't know the effective return on them. I once held Kunick (they made fruit machines and owned some granny farms)Cumulative Convertible Preference shares with a nominal coupon of 8% but was actually receiving a return of 42% they eventually got taken over and the shares were redeemed at par so I had a big fat capital gain to compensate for the loss of income. The scum have plenty debt it's just that they like to dress it up differently. 0 Quote Link to post Share on other sites More sharing options...
Bears 0 Posted November 16, 2012 Share Posted November 16, 2012 I want us to have proper ambition. frankly I'm not sure what people mean by we can't repeat the mistakes of the past. we certainly shouldn't use ebt's but we should aim for 25 years if dominance ending In 14 million of debt. we should pay our tax and not be owned by a Shyster. Ambition and cash are not exclusive. A well thought out business plan along with a very successful scouting regime are the way forwards now. People need to wake up and smell the coffee and make huge adjustments. We need to accept this is the way it is, and rightly so. 0 Quote Link to post Share on other sites More sharing options...
pete 2,499 Posted November 16, 2012 Share Posted November 16, 2012 And who is to say the BHEASTS won't have to introduce a wage cap in the future? Every team in Europe has to have a wagecap in the new FIFA\UEFA fair play rules so I don't see what the problem is. 0 Quote Link to post Share on other sites More sharing options...
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