do things get worse.....

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Evening remote. <ok>

I don't think this was totally unexpected, but at least what got the accounts in on time!

I think the accounts from this year will show a different and improving story given the departure of some big wages. I'm quite reassured by what's being said.
 
Also, since the year end haven't the owners capitalised a large part of their loans to the club?

This has a positive effect by removing debt and putting it into equity (shares). It makes it harder for them to walk away as well as they would have to sell their shares or write it all off as a loss.

Any idea how much and where the Langstone debt is in the balance sheet?

Anyway as Clingo says, the accounts were in on time plus tax liabilities are up to date so no transfer embargo.
 
Clingo / Blue, as you say, on time and up to date. Not a nice number, but another 12 months of re-structuring since then which will improve the position.

I deliberately posted this to get some reactions, positive and negative. Was wondering if I was looking through rose tinted specs, because I genuinely believe the Malaysian influence will resolve our history of financial woes in a sustainable manner.

Not fixed yet, but heading in the right direction.

Q the jacks!
 
Bluey - you're dead right about the ongoing capitalisation of debt by the directors. I'm not sure about the exact timing of the most recent issue, but this was from the general meeting on the 29th July 2011 - after the year end figures being discussed.

"The details of the share issue to the creditors are as follows:

PMG

PMG Estates Ltd is the successful Cardiff-based commercial property development firm owned and controlled by Bluebirds directors Paul Guy and Mike Hall. PMG have converted £2,850,000 of their loan into 18,164,436 new ordinary shares at a subscription price of 15.69p per share. The balance of the debt has been restructured to be repayable in full by 31 May 2013.

MICHAEL ISAAC

Board member Michael Isaac has converted £500,000 of the monies owed to him into 3,186,743 new ordinary shares at a subscription price of 15.69p per share.

STEVE BORLEY AND CMB ENGINEERING

Director Steve Borley has converted £400,000 of the debts owed to him and his company, CMB Engineering, into 2,549,395 new ordinary shares at a subscription price of 15.69p per share.

VINCENT TAN AND ASSOCIATES

Malaysian investor Vincent Tan and his associates have advanced significant funds to the football club since making their original investment in 2010. They have converted £5,089,441 of those loans into 32,437,482 new ordinary shares at a subscription price of 15.69p. This latest issue means the Malaysians hold a combined total of approximately 49% of the company’s share capital.

As the resolutions were unanimously passed by the shareholders, the directors were given the authority to allot 204,656,719 new ordinary shares. Using the current subscription price of 15.69p as a guide, the new shares are worth approximately £32 million. The directors will immediately issue 56,338,056 to the creditors as detailed above, while the rest will be set aside for future investment opportunities, which may involve more debts being converted into shares. The notice of the General Meeting stated the directors do not currently intend to issue shares to anyone who is not already a shareholder, but they reserve the right to do so if the circumstances dictate."

Apologies for the long read. <ok>
 
Morning Sparkey.

Not sure the scale of the impact would account for the difference, but it all helps. Say the converted debt was £10M at 10%, that's £1M.

Be interesting to see what 'exceptional items' were posted in the accounts to produce a £12M loss. It's not all operating losses as our turnover is under £20M.
 
BluefromBridgend said:
Any idea how much and where the Langstone debt is in the balance sheet?
Click to expand...



Page 22

In November 2006, the directors renegotiated the size and terms of the £24m unsecured redeemable loan stock to £15m in exchange for the entitlement to a certain amount of future income arising from the Club's new stadium naming rights plus a one off payment if the Club achieves Premier League status. It was also agreed that all historic interest be waived as part of the financial restructuring.

In addition to the amounts disclosed in Note 16, a new arrangement stipulated that a one off payment of £5m would be payable to the stockholder if the company achieved Premier League status on or before 31 Dec 2011 or if later, at any time that the £15m as referred to above remains outstanding.

As this was conditional upon one or more specific future events which are not completely within the group's control, no provision has been made for this amount in these financial statements.

As disclosed in note 16, the Group are in dispute with the loan stock holders in relation to certain terms of the loan stock, which effect the timing and final settlement value of the loan stock. At the current date legal proceedings have not commenced and discussions continue between the Group and the loan stock holders.
 
Trying to be more longwinded that Sparkey are we Rhondda?

See the entertainment world is the poorer this week with the loss of your namesake.

some poignant songs songs in the list.

I'm sure you are looking forward to a 'Pleasant Valley Sunday'. Last week I expect that after the Liverpool win there were a few 'Randy Scouse Gits'. For anyone going to the game tomorrow, set off early, don't get the 'Last Train to Clarksies' (I think that was it).

At least we aren't in the position where we'll be 'Goin' Down', because with the journy we're on, 'I'm a Believer' and I'm 'Looking for the Good Times'. If I met MM, I'd say 'You just May be the One' and with you we will 'Take a giant step'.
 
ccfcremotesupport said:
Morning Sparkey.

Not sure the scale of the impact would account for the difference, but it all helps. Say the converted debt was £10M at 10%, that's £1M.
Click to expand...

Morning Remote. <ok>

The date of that general meeting was 28th July 2011. In other words AFTER the May 2011 year end we're discussing.

The loans now converted to share capital would have appeared on the balance sheet as debt at that time. They won't be there this year end (May 2012) due to their capitalisation since.
 
This set of accounts was always going to show a loss as the owners tackled some of the previous mess. Next years accounts will be more interesting as they will reflect our current and ongoing trading position. Of course it will help if we have been promoted by then.
 
What you saying Remote ?

That I'm a bit of a monkey ?

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Just the last financial push of the " Jones era dream " that didn't quite reach promotion . I'm a bit stunned by the amount actually but like Hampshire says , this seasons accounts will be a total reversal a year from now when the 2012 figures come out , especially if the team get promoted . But even if the team don't get promoted , the old spending frenzy that surrounded the team , will never return & the club seems to be taking finance seriously for a change .
 
Im pretty certain next years accounts will show a further increase.

We allowed players worth millions leave on frees.

They had to be replaced. Ok a lot of Bosmans. But there would have been big signing on fees and the likes of Gunnarson and Cowie would have been in demand and are on big wages.

Then theres Dave Jones and his salary still having to be paid plus Terry burtons contract having to be sorted. Then the hiring of Malks staff.

We will of course have players under contract worth millions plus the positive is the majority of our debt is actually owed to our own shareholders. HMRC and other football clubs are being paid what they owed.

Just a guess but id be suprised if another loss of a similar amount doesnt show again next season.
 
It depends what you mean by "accounts" Sussex. It's whether you're talking about trading profit for the year derived from the P&L account, or Balance Sheet value.

As far as I know, we've got no further fixed assets to those already disposed of to help this year, so the likelyhood is that the P&L will again show a trading loss due to the nature of the beast. This is not an easy business to make a profit of any sort, especially at our level.

However, the balance sheet (value of the club) could well show a considerable improvement due to the recent loan capitalisations by the directors. The actions in this direction by those running our club sends out all the right messages for the future and they should be applauded.
 
The Road to perdition me thinks!..................
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I take it you boys can't be bothered joining us in top flight then? surely the £46 Million Prem money would be the solution for you, but you need to be on the road north not south!.......................... <cheers>
 
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