J
Jack Griffin
Guest
Has anyone read the new OTIUM articles of association (I presume that's what this notice is)?
The Reverend Skyblue
Well-Known Member
what the feck does all that mean, its Friday and my brain has overheated and shut down
J
Jack Griffin
Guest
Statement of aims & objectives of the company, they tend to be a bit more specific than make lots of dosh.
J
Jack Griffin
Guest
I presume they have just brought Memorandum & Articles into line with what Otium does now, i.e. the business that CCFC had previously.
If they had done this when the company was set up, it might have given the game away.
ISTR it was a sport s venue management company as originally set up...
oldskyblue58
CCFC Finance Director
The new articles have a changed clause in them that allows the company to issue non voting ordinary shares of £1 each
The articles disclose that ARVO can appoint a director to the Board and only ARVO can remove them. Not unusual for lenders or investors to require that.
The objects of the company are "unlimited"
Also the articles state 51% of shareholders can require the remaining shareholders to be dragged along to sell their shares in a sale of Otium
Perhaps the more interesting bit is the fact revealed in the appointments report that the issued share capital has increased from £1000 to £501,000. It is a requirement of the FL insolvency policy that a team exiting an insolvency event in L1 has to have at least £500,000 issued share capital for the New Co. As I understand it this must be issued for cash to be eligible for inclusion in the FFP calculation.
No details as to who the new shares went to as yet nor whether they are all the new non voting ones.
The articles disclose that ARVO can appoint a director to the Board and only ARVO can remove them. Not unusual for lenders or investors to require that.
The objects of the company are "unlimited"
Also the articles state 51% of shareholders can require the remaining shareholders to be dragged along to sell their shares in a sale of Otium
Perhaps the more interesting bit is the fact revealed in the appointments report that the issued share capital has increased from £1000 to £501,000. It is a requirement of the FL insolvency policy that a team exiting an insolvency event in L1 has to have at least £500,000 issued share capital for the New Co. As I understand it this must be issued for cash to be eligible for inclusion in the FFP calculation.
No details as to who the new shares went to as yet nor whether they are all the new non voting ones.
Are you certain converting debts to equity wouldn't count?
Not that it matters - surely they will have put in a couple of millions to secure the cashflow and settle the administration/liquidation of limited.
oldskyblue58
CCFC Finance Director
yes i am certain