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The Takeover Thread - Duchatelet Finally Sells (Jan 2020)
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Yes. It means that the information will be worked on and shared in just less than 6 days.Addickted said:Update from Companies House.
08 Jan 2020 Resolutions - The sum of £21,494,704.00 be capitalised 27/12/2019
- Restiction on auth share cap revoked and deleted 27/12/2019
This document is being processed and will be available in 5 days.
Can someone please translate?
(No idea what the bit above it means though. Sorry).3 -
Wonder if this relates to the former directors money that was owed??
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Bit of a nice bonus as the total owed was only £7m oddNorthStandUltra said:
Wonder if this relates to the former directors money that was owed?? 1 -
Think it is just authorisation of what happened on 27 December when cash of £21.49m deposited in CAFC and was applied to provide 21,494,704 bonus shares to the existing shareholder's 4.98m of shares. Just housekeeping.2
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Look who is buying me that coffee fans great to spend time with another ‘younger’ chairman in game. needs more of them
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Matt Southall is set to give his first press conference as #CAFC chairman tomorrow afternoon5 -
Andrew Neil attending?2
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I've got no numbers in front of me, but as a complete guess is that £21m the difference between what ESI are buying the club for and the balance on the Stayprix loan account?0
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The cash injected to acquire the shares does not mean the cash has not then been used to reduce the Staprix loan. The cash can be used for whatever purpose RD permits.NorthStandUltra said:Wonder if this relates to the former directors money that was owed?? The Director loans attach to the company that owes the money. If ESI do not acquire the Charlton companies, only their assets, ESI has no liability for any loans.Could explain the acrimony over the Director loans if RD insisting the purchaser of assets also acquires liabilities for the Director loans - makes no sense and likely to be resisted purely on principle.In truth the Director loans might never be repayable if they are relying on the shell companies that RD retains having sold all their assets to ESI. Would speculate that the terms only apply to the promotion of the team whilst owned by CAFC, not a new owner. So if repaid would be relying on a goodwill gesture from someone. That goodwill gesture may have already been committed given the issue seems to have receded from the landscape.
When all’s said and done it’s a private matter between CAFC and former directors and would not really be any of our business, had RD not muddied the water and harmed prospects of a deal over the issue.
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The Directors loans have a charge over the assets, so your scenario is not possible.
How do you know that there was a cash injection and not just capitalisation of loans?1 -
Could it be €25m ESI paid so far for the club and the Valley??0
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Then the goodwill would have been someone providing cash to discharge the debt outside the terms of the loan agreements before the asset transfer. So problem sorted and agree my scenario would not arise.LeeValley said:
The Directors loans have a charge over the assets, so your scenario is not possible.
How do you know that there was a cash injection and not just capitalisation of loans?
The Companies House filing confirms shares can only be issued for cash. Company law on capitalisation only allows shares to be allotted from company shareholder capital reserves - normally accumulated profits. But clearly CAFC has no retained profits so reserves could only be created by an injection of cash. That cash could then be used to repay Staprix. But nothing to stop the debt being left on the balance sheet and the cash being used for any other purpose.
Until accounts published we are speculating.0 -
Dippenhall, isn't the latest submission to CoHo allow debt to be converted to shares?0
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7.9m views
Onto 8m0 -
Dippenhall a little knowledge is a dangerous thing.
A straight swap of £1 debt for £1 equity would be shown as a share issue for cash.
No need for accumulated profits.
Why have you now started on about goodwill?0 -
As someone who ran a limited company for ten years I'd like to say that I have no idea what any of this means. Hopefully it's good news?
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Woke up this morning feeling fine.Henry Irving said:7.9m views
Onto 8m
I've got Charlton Life on my mind.
Henry's got us posting the way we should, oh yeah.
Something tells me I'm into something good.4 -
FishCostaFortune said:
Woke up this morning feeling fine.Henry Irving said:7.9m views
Onto 8m
I've got Charlton Life on my mind.
Henry's got us posting the way we should, oh yeah.
Something tells me he still won't get a promote.
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The next two weeks are criticalJamesSeed said:As someone who ran a limited company for ten years I'd like to say that I have no idea what any of this means. Hopefully it's good news?0 -
The transaction was capitalisation which means converting shareholder funds to equity not the issue of more shares backed by the same existing capital I.e dilution.LeeValley said:Dippenhall a little knowledge is a dangerous thing.
A straight swap of £1 debt for £1 equity would be shown as a share issue for cash.
No need for accumulated profits.
Why have you now started on about goodwill?
The whole point of capitalisation is to award shares without diluting the value for existing shareholders. You are exchanging money, potentially distributable to shareholders in dividends, for more shares to the same shareholders. That is only possible if the shares are supported by cash, normally undistributed accumulated profits, not by issuing 21m shares backed by the same paid up share capital.
There’s a difference between a debt being written off and a debt being repaid. If debt is written off you would not bother issuing 21m worthless shares in return, particularly where the creditor was 100% owner of the company, you would just show a reduced liability on the balance sheet and an improved net asset value.If the debt is being repaid then £21m of cash needs to come from some somewhere and if the club isn’t making £21m profits can’t imagine where the cash is coming from apart from perhaps cash paid for its assets.The goodwill was actual goodwill in repaying the Director loans where the terms for repayment have not and could not be met in future, nothing to do with accounting goodwill on the balance sheet.0 -
Just to clarify LC's comment, That clip was taken from footage using spy glasses in the Stayen restaurant in August 2017 during a 20 minute discussion with Duchatelet where it was hoped he would say something libellous.Lewis Coaches said:
Camera,glasses and Roland.CheshireAddick said:
Cheers mate, 🍾🍺🍷🍹🎉🍻🥳Leeds_Addick said:CheshireAddick said:A bit late now but was hoping to see a few 'its happening' gifs 😉
One last time then
I love this GIF but it would sound much better with Roland's impression of a strangled turkey to accompany it.0 -
As always mate.i_b_b_o_r_g said:
The next two weeks are criticalJamesSeed said:As someone who ran a limited company for ten years I'd like to say that I have no idea what any of this means. Hopefully it's good news?0 -
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Dippenhall - the document says nothing about capitalisation, only says the issue of shares for cash! This could be so that ESI acquire all of the share capital but leave the balance of the loan as repayable to RD at a later date say on promotion.
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Quote from 8 Jan 2020 Resolution recorded at Comp:
"The sum of £24,494,707.00 be capitalised 27/12/2019"
Would have been clearer if Resolution had been filed at the same time as the notice of new share capital filed.0 -
Are we billionaires or not?0
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re: the press conference
Replying toWe're unable to do it live, unfortunately, but it will be going up for free across all our channels as soon as we can get it uploaded afterwards21
We'll be aiming for earlier than that. Can't put a firm time, but we'll be looking to get it up and ready asap4 -
So potentially already happened then... Where is @LouisMend to give us the goss0
This discussion has been closed.
