Half Year Results (to Dec 2010) published

http://www.londonstockexchange.com/...rket-news-detail.html?announcementId=10823942
Nothing new, offer went out on 25th so bad news then bazzer got that out on time

 

I see David Fransens loan is due to be repaid (£500,000) this week, will be interesting to see what happens on this one. Looking at DFs unsecured credits to WFC he's the one doing the fan as a directors bit for sure......

 

Aberdeen so bottom line is weare 13.5M in the red!

 

lost a further 2.5m in last 6 months of 2010, ,so still in the poo (players must be sold) but I think there will be clubs in deeper poo than us!!!

 

We've had some extra-ordinary costs in that loss and haven't sold any players. We're actually insolvent at around 2.3 million in the red if we sold of all assets so strictly speaking shouldnt be trading. We need this extra working capital to cover repayment of loans and a small trading loss as i see it, i like fransen more everytime i read anything, did you note hes agreed to waive his directors fees... I really would prefer him as a joint owner. Its key we keep winter, malky, taylor and fransen key key key

 

Yes I did , and if baz does get in then its going to be people like Fransen that are going to have to keep an eye on him!

 

Well according to the offer document Mr.B can put up the £7m that is required. Goodness only knows how you can get your hands on that sort of money with a record like his.

 

I would guess looking at his track record from a combination of inheritance (looks to me like his grandfather made some dosh) and his Saturday worship friends. I guess 1p is better than 0p, the supporters trust shouldnt be concerned about the finance side as the real share value is zero so 1p is a premium. What they need to focus on is assurances that the business between Watford fcl and watford leisure isnt a loan instrument bearing ridiculous interest added to guarantees regarding non calling in of the operational loans until all other creditors have been paid and then in such a schedule as to not negatively impact on the managers ability to put out his chosen team.

 

Still only halfway through the offer document ,still nothing good to report ,we seem to be in a ****ed if we do ****ed if we dont situation!!!!

 

Still cant find where it says the money comes from

 

I have just had a look at the soliciters letter confirming that they have the £3.5 m.

It seems strange that the partnership appears to have the same address as WFCL which seems to be an empty office.

 

Does that not ring some rather huge alarm bells?

 

Still hoping against hope that this is an elaborate april fools day joke!

 

No not strange at all, its normal practice to use the solicitors address when setting up a shell company for a company aquisition or at least we've done it before with no issue and its just convenient. I see the interest rate intercompany is zero, at last something I like.

 

Unfortunately Norway I suspect we are the Fools

 

Aberdeen is it usual for solicitors to operate from empty offices!!!?

 

For those who haven't seen the offer and all associated docs
http://www.watfordleisureplc.com/offer-disclaimer

 

Frenchie had a picture of that address and it was empty and had a for sale sign in front of it!same address as Dr panos new company! Alarm bells the size of big ben are ringing!

 

Enough to worry about without worrying about that one Norway, its only association is its Bazzers family solicitors address. Maybe it is his brother as the partners aren't listed on the website and they're moving offices renting of Watford Leisure....

 

I had a silly moment when I thought Barrea might be Bassini Real Estate acronym........ no its not