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New shares issued. (1 Viewer)

  • Thread starter SkyBlueScottie
  • Start date Jan 13, 2023
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SkyBlueScottie

Well-Known Member
  • Jan 13, 2023
  • #1
 
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djr8369

Well-Known Member
  • Jan 13, 2023
  • #2
I saw these when I was having a look on CH but didn’t really know what to make of it. Is it money raised or what buys out some of SISUs stake?
 
Reactions: shmmeee

shmmeee

Well-Known Member
  • Jan 13, 2023
  • #3
Get the @oldskyblue58 signal out

 
Reactions: 13th_choice_seamer, Fergusons_Beard, Mr Panda and 19 others

chiefdave

Well-Known Member
  • Jan 13, 2023
  • #4
Not really raising is it? Not like Robins now has £30m to spend. Isn’t that just the cost of buying the club / paying the debt?

Why anyone would pay off that much debt is beyond me, can’t see the assets being worth much
 

Nick

Administrator
  • Jan 13, 2023
  • #5
That's not into CCFC.

I wouldn't rely on the words that Maguire uses, often wrong.
 
Reactions: MAFF
H

HuckerbyDublinWhelan

Well-Known Member
  • Jan 13, 2023
  • #6
Is this possibly the money that’s paid off the charges?

basically the the 33m is the debt we owed arvo and has just been moved to another owner that will crop up again in 5 years
 
Reactions: Saddlebrains and shmmeee

shmmeee

Well-Known Member
  • Jan 13, 2023
  • #7
HuckerbyDublinWhelan said:
Is this possibly the money that’s paid off the charges?

basically the the 33m is the debt we owed arvo and has just been moved to another owner that will crop up again in 5 years
Click to expand...

Surely if it’s shares it’s not been moved?
 

fernandopartridge

Well-Known Member
  • Jan 13, 2023
  • #8
It's only raising money if they're paid up shares
 

shmmeee

Well-Known Member
  • Jan 13, 2023
  • #9
It’s got to be the cost of buying the club surely. No coincidence it’s the amount Sisu apparently agreed with Storey.
 

Earlsdon_Skyblue1

Well-Known Member
  • Jan 13, 2023
  • #10
shmmeee said:
Get the @oldskyblue58 signal out

View attachment 28076
Click to expand...

This would be more of an appropriate slide for your beacon...

 

Nick

Administrator
  • Jan 13, 2023
  • #11
fernandopartridge said:
It's only raising money if they're paid up shares
Click to expand...

Exactly, there's nothing to actually say any money has been paid is there?
 

Sick Boy

Super Moderator
  • Jan 13, 2023
  • #12
It's amazing how some never learn after all the 'debt-free' claims before.
 
Reactions: Greggs
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HuckerbyDublinWhelan

Well-Known Member
  • Jan 13, 2023
  • #13
shmmeee said:
Surely if it’s shares it’s not been moved?
Click to expand...
What I mean is - someone’s stumped up the money to pay the debt but they want the money back. The shares are an IOU effectively.

wasn’t this what SISU did after admin?
 

MalcSB

Well-Known Member
  • Jan 13, 2023
  • #14
I imagine the shares have effectively replaced the loans, and won’t be interest bearing. Subject to company performance a dividend could be paid per share. Of course anyone putting that sort of money would want it back - as, when and if the club and hence its shares are sold in the future. No great conspiracy here.
 
Reactions: Colin Steins Smile and hutch1972

Nick

Administrator
  • Jan 13, 2023
  • #15
There are 2 sets:

Otium



Covcitycoltd

 

The Philosopher

Well-Known Member
  • Jan 13, 2023
  • #16
So the club is capitalised at 65m?

I’ve been shouted down for saying SISU had leveraged the club to £60m (not that that was the real value)

I’ll look through later to see if I can get to grips with it but OSB seems to enjoy getting granular with the numbers and tbf does a sterling job so.
 
Reactions: colin101 and Grendel
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djr8369

Well-Known Member
  • Jan 13, 2023
  • #17
I’m just pleased we’ve moved on from CRM systems.
 
Reactions: Saddlebrains, WhileTheSkyIsBlue, robbiethemole and 3 others
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SBbucks

Well-Known Member
  • Jan 13, 2023
  • #18
HuckerbyDublinWhelan said:
Is this possibly the money that’s paid off the charges?

basically the the 33m is the debt we owed arvo and has just been moved to another owner that will crop up again in 5 years
Click to expand...

It looks like the cash for the 33m in shares will be used to pay off 33m of debt, so the debt is no longer a liability on the balance sheet. So no, it won’t crop up again in 5 years. Debts/loans in theory need to be repaid, shares do not.


Sent from my iPhone using Tapatalk
 
Reactions: christonabike, Londonccfcfan and HuckerbyDublinWhelan

Grendel

Well-Known Member
  • Jan 13, 2023
  • #19
The £65m are i asssume the preference shares that sat in Otium post administration and is manufactured debt when two ccfc related companies were wound up
 

shmmeee

Well-Known Member
  • Jan 13, 2023
  • #20
djr8369 said:
I’m just pleased we’ve moved on from CRM systems.
Click to expand...

Anyone got any opinions on whether this transaction will have been recorded in Quickbooks or Xero?
 
Reactions: duffer and ajsccfc

Robinshio

Well-Known Member
  • Jan 13, 2023
  • #21
SBbucks said:
It looks like the cash for the 33m in shares will be used to pay off 33m of debt, so the debt is no longer a liability on the balance sheet. So no, it won’t crop up again in 5 years. Debts/loans in theory need to be repaid, shares do not.


Sent from my iPhone using Tapatalk
Click to expand...
correct, there is no calling in debt on shares etc - They are an investment only - So maybe this time we truly are debt free - we just need him to put another £10m in now - but from what MR says, I think the major rebuild will be in the summer and have a really good go at it next year
 
Reactions: SBbucks

Robinshio

Well-Known Member
  • Jan 13, 2023
  • #22
shmmeee said:
Anyone got any opinions on whether this transaction will have been recorded in Quickbooks or Xero?
Click to expand...

Silvine Analysis Pad A3 16 Column Landscape 160 Pages 80 Sheets

Silvine Analysis Pad A3 16 Column Landscape 160 Pages 80 Sheets
www.ryman.co.uk

This is what was apparently seen lying around the office
 
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rexo87

Well-Known Member
  • Jan 13, 2023
  • #23
shmmeee said:
Anyone got any opinions on whether this transaction will have been recorded in Quickbooks or Xero?
Click to expand...
Sage

Sent from my SM-G991B using Tapatalk
 
Reactions: duffer

Skyblueweeman

Well-Known Member
  • Jan 13, 2023
  • #24
djr8369 said:
I’m just pleased we’ve moved on from CRM systems.
Click to expand...

Yeah but this is like one step forward, 3 steps back!
 

fernandopartridge

Well-Known Member
  • Jan 13, 2023
  • #25
Grendel said:
The £65m are i asssume the preference shares that sat in Otium post administration and is manufactured debt when two ccfc related companies were wound up
Click to expand...

I think it's £65m of which £7.2m are ordinary shares, the rest being A and B preference shares
 

RegTheDonk

Well-Known Member
  • Jan 13, 2023
  • #26
MalcSB said:
I imagine the shares have effectively replaced the loans, and won’t be interest bearing. Subject to company performance a dividend could be paid per share. Of course anyone putting that sort of money would want it back - as, when and if the club and hence its shares are sold in the future. No great conspiracy here.
Click to expand...
Don't really understand all this to be honest (no surprise) but IF say someone purchased 5,500,001 shares - would they effectively control the club?
 

hutch1972

Well-Known Member
  • Jan 13, 2023
  • #27
MalcSB said:
I imagine the shares have effectively replaced the loans, and won’t be interest bearing. Subject to company performance a dividend could be paid per share. Of course anyone putting that sort of money would want it back - as, when and if the club and hence its shares are sold in the future. No great conspiracy here.
Click to expand...
Trust me, some on here will find one somewhere.
 

Robinshio

Well-Known Member
  • Jan 13, 2023
  • #28
RegTheDonk said:
Don't really understand all this to be honest (no surprise) but IF say someone purchased 5,500,001 shares - would they effectively control the club?
Click to expand...
yes but you would need Doug to sell them . There are not shares that are freely available to buy
 
Reactions: MalcSB and RegTheDonk

fernandopartridge

Well-Known Member
  • Jan 13, 2023
  • #29
MalcSB said:
I imagine the shares have effectively replaced the loans, and won’t be interest bearing. Subject to company performance a dividend could be paid per share. Of course anyone putting that sort of money would want it back - as, when and if the club and hence its shares are sold in the future. No great conspiracy here.
Click to expand...

The preference shares in Otium have always been there, they're the same value. It's not clear whether some of those shares are retained by SISU or whether they've all been transferred to DK.
 
O

OldBedrocker

Well-Known Member
  • Jan 13, 2023
  • #30
Can someone explain in childlike words what this means please?
Does it mean the debt is gone but Doug would need 33m to break even if he was to sell his 85% ownership?
 

Sky_Blue_Dreamer

Well-Known Member
  • Jan 13, 2023
  • #31
Am I the only one that's just slightly disappointed Doug didn't call our new parent company Coventry City Fuzzball Club Ltd?
 

Nick

Administrator
  • Jan 13, 2023
  • #32
Super Cov City Ltd would be better.
 
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HuckerbyDublinWhelan

Well-Known Member
  • Jan 13, 2023
  • #33
So do we know the figure we were sold for them?
 

The Philosopher

Well-Known Member
  • Jan 13, 2023
  • #34
HuckerbyDublinWhelan said:
So do we know the figure we were sold for them?
Click to expand...
No.

But at a guess some kind of £35m debt swap for 85%. The other 15% is fixed at £30m that must be paid upon promotion to Prem. Some kind of inflation link on that.

Just a guess to see how wrong I am in the event that it ever becomes known.
 

COVKIDSNEVERQUIT

Well-Known Member
  • Jan 13, 2023
  • #35
SkyBlueScottie said:
View attachment 28075
Click to expand...


So Doug King not using his own money to buy the club!
 
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