People saying the figures are lies (1 Viewer)

[pipkin73]

At tonights meeting it was stated that SISU had originaly invested 35million and now a further 10 million. People are saying the figures dont add up (only 28 million pounds etc) BUT when they took over the exchange rate was almost 1 euro for 1 pound. Now 35 million euro is about 28 million pounds. They also stated a further 10 million has been invested since so at the exchange rates available that would equate to about 36 million pounds and 45 million euro. I guess people are doing the maths on todays exchange rate or not even thinking about the figures (interms of value at the time) but as an overseas business i have to import from the UK and my costs have gone up 20% this year due to the exchange rate. So if SISU'S finance has came from abroad then you have to realise that the money they initialy invested is worth less today due to the exchange rates but that at the time this money was invested it was an equal amount, just a shame the exchanges rates were not in our favour at the time. 1 thing this does show is that SISU are/were investing money in the club but were not getting value for money either by the exchange rate or the people who were trusted with running the Club at the time.

 

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[pipkin73]

1 thing i have to say is that they could have explained this BUT I BELIEVE that THEY don't think the average fan would follow what i have said. I do believe that they kept answers simple as they think that if they went into more detail then supporters would say they were trying to baffle them with make believe figures etc (and it was another way to cover up the real figures). Not sticking up for SISU as i don't know the real truth and have no inside info regards the finances (i do hear the odd thing though, as i have family working there and i never post them as they are only correct about 30ish% of the time). SISU are not our saviours, but they are far from our destroyers either, things have gone against them all the time regerding CCFC. I just hope that the tied is changing and they now have better people overseeing things and that if Joy is taking a hands on roll she will improvre things as she is (by reputation) a hard nosed bitch, so won't accept the crap we have had to put up with. She wants to make money, so as a result we have too.

 

[oldskyblue58]

just one problem with that ....... transactions are translated at the time they happen....... the debt in total to SISU was £42m now of which 35m euros is now equity (apparently)...... money coming in didnt come in as one lump sum unless they put in a new amount of 35m in one go in which case our loan and equity debt just got a lot bigger. Highly unlikely it was a 1 for 1 transaction. We work in £'s and 35m sounds better than the sterling equivalent and the amount in does not need to be translated every time you look at it. There is i suspect a lot of clever spin going on.

 

[ccfcway]

Joy is the founder of SISU, SISU own CCFC, its time to actually hear from our owner.

Fisher said if she was asked nicely she would turn up for a forum, well, your time is well overdue, please Joy !

 

[TheParsonsHose]

just one problem with that ....... transactions are translated at the time they happen....... the debt in total to SISU was £42m now of which 35m euros is now equity (apparently)...... money coming in didnt come in as one lump sum unless they put in a new amount of 35m in one go in which case our loan and equity debt just got a lot bigger. Highly unlikely it was a 1 for 1 transaction. We work in £'s and 35m sounds better than the sterling equivalent and the amount in does not need to be translated every time you look at it. There is i suspect a lot of clever spin going on.

Thought they said there is NO DEBT and this was equity over and over again??

 

[AFCCOVENTRY]

They cleared £9-10m on day 1 in charge of CCFC. That has to be added to the £28-29m

 

[oldskyblue58]

thats the point TPH TF said SISU had invested 42m so far that is a debt (it isnt like a third party debt to a bank for example but still a debt)..... they had converted 35m euros to equity (approx £28m)..... that by my maths leaves £14m as loans due to SISU entities...... it might be ccfc owe the owners but the owners are legally a seperate entity to the club

Sounds like more RR type talk to me

 

[oldskyblue58]

They cleared £9-10m on day 1 in charge of CCFC. That has to be added to the £28-29m

the £9m is part of the £42m that TF spoke of

 

[kingharvest]

But surely its only a debt if SISU say its a debt. If it was a company loan to the club then it needs to be paid back. But they've never said that have they? Fisher said it was equity. Implying that it is invested in the club at the owners risk, with no legal requirement to pay it back.

Now clearly, SISU want to recoup as much of that as possible, and as a result that influences their strategy when it comes to how they manage the club, further investment and the sale of the club.

But it doesn't appear that the club will owe SISU any money or that SISU are taking any money out of the club (even though this is their right).

 

[oldskyblue58]

Nope legally a debt is a debt .......... SISU can decide not to call it in or ask for repayment ..... but it doesnt stop being a debt unless they turn it all into shares or actually write it off and remove it from both theirs and ccfc's books and balance sheet.

Said years ago I didnt understand why they hadnt converted it to equity ............ and to quote Tf that means shares

 

[Maaaaaardy]

It doesn't matter if they've put €35m in, it's the fact they've put all that money in wrongly. It's ridiculous, we have to invest properly. All well putting in silly money but it has to be invested properly.

 

[kingharvest]

Said years ago I didnt understand why they hadnt converted it to equity ............ and to quote Tf that means shares

Thanks for clearing that up. The above is a critical question though isn't it? Is it one that's never really been clarified by the club?

 

[dick turpin]

So,
does this mean that " Pheonix CCFC" could be selling us our old shares back,by the start of the next financial year ?
hehehe

 

[TheParsonsHose]

Nope legally a debt is a debt .......... SISU can decide not to call it in or ask for repayment ..... but it doesnt stop being a debt unless they turn it all into shares or actually write it off and remove it from both theirs and ccfc's books and balance sheet.

Said years ago I didnt understand why they hadnt converted it to equity ............ and to quote Tf that means shares

Thats my point so debt is zero then surely other than the operating loss which increases at approx 250k per month as quoted at the forum. :thinking about:

 

[oldskyblue58]

no because they owed SISU £42m of which 35m euros converted to equity ....... would guess £14m loans still and increasing by further losses etc.

well thats how i read it any way

 

[georgehudson]

still no real truth's from s*su,
spin, smoke, mirrors, & weird comments, from TF & AW,
OSB get involved, your expertise would be invaluable,
PUSB

 

[TheParsonsHose]

still no real truth's from s*su,
spin, smoke, mirrors, & weird comments, from TF & AW,
OSB get involved, your expertise would be invaluable,
PUSB

What is it you want then? Define what more they can give you. I am beginning to think I was listening to a different show now.