Gilt-Edged Justice


Nowoldandgrumpy says: Monday, March 11, 2013 at 19:32 snap – must …

Comment on Gilt-Edged Justice by easyJambo.

nowoldandgrumpy says: Monday, March 11, 2013 at 19:32

snap – must learn to type quicker 🙁

easyJambo Also Commented

Gilt-Edged Justice
oops – I posted part two twice. Here is part three.

Gilt-Edged Justice
rantinrobin says: Tuesday, March 12, 2013 at 17:32

Chris McLaughlin ‏@BBCchrismclaug
#SFL chief exec fears #Celtic and #Rangers may leave Scottish football and wants colt teams to ‘leave legacy’ more on @BBCRadioScot 1735
Jim Spence has tweeted images of the parts of Longmuir’s letter about Colt teams

It has already been pointed out that Longmuir is wrong to claim that the Milan clubs have “B” teams in the Italian leagues. they don’t.

Gilt-Edged Justice
Signs aren’t too good down the Halbeath Road.

From the official website

Other comments from those who attended last night’s meeting
How much are we due – Don’t know
When do we have to pay HMRC by – Don’t know
How can fans contribute financially – Don’t know
Even Gavin Masterton doesn’t know the state of the finances
£450,000 due to trade creditors
Wage bill of £95,000 a month plus arrears to be paid

Copy of proposal letter sent to Masterton from TPC (The Pars Community)

From the letter:
£12.2M Loan from Lloyds – attempt to be made to negotiate a write off of as much as possible.
Share issue unlikely to raise anything like the £500,000 suggested.
TPC looking to get at least 50% of the shares and control of the club
Looking for a 30 year lease on East End Park
60% of amounts due to Masterton family to be written off
Remainder to be paid by “exceptional revenue” or written off in 2043 if not paid off before then

Recent Comments by easyJambo

It Is Better To Offer No Excuse Than A Bad One
Allyjambo January 2, 2018 at 14:38
My one overriding memory of the Ibrox disaster was that of the five schoolkids aged between 13 and 15, all from the village of Markinch in Fife, who lost their lives.  I lived just a few miles away and was only 15 myself, at the time.

I remember those losses having a huge impact on the local Fife schools and communities.   

It Is Better To Offer No Excuse Than A Bad One
HOMUNCULUS DECEMBER 28, 2017 at 15:38
It doesn’t matter if it is paid to a trust or your aunt Agatha, you still have to pay the tax. I have no idea why they use the name Agatha, but they do. 
“Aunt Agatha” was used by the RFC QC Andrew Thornhill during the appeals process when discussing the redirection of earnings to a third party.

On a separate point about the share price.  The sale of Ashley’s shares to Club 1872 and Julian Wolhardt was used by King’s QC at the CoS, as an example of shares trading above the 20p price.

The TOP’s QC, however, countered that by claiming that Ashley wasn’t interested in the share price, but was insistent that he received £2m for his shares. To that end, it was pointed out that the price per share paid wasn’t 27p, 27.5p or 28p, but something to the second or third decimal place that ensured that the sum received was not £1,999,999 but a fraction over the £2m figure.  I can’t recall the exact fraction used, but the counter argument put forward seemed entirely plausible.

It Is Better To Offer No Excuse Than A Bad One
Homunculus December 27, 2017 at 22:39
EASYJAMBO DECEMBER 27, 2017 at 22:32
Is there a way of calculating how the issue of new shares reduces the value of the existing ones, or is it not as simple as that. I don’t imagine for a second it is. 
I cannot believe that the sale of new shares does not effect the value of those held by existing shareholders. That would surely be market capitalisation gone mad. 
It’s not as simple as the share price being reduced inversely proportionate to the number of additional shares issued.

The capital value (no of shares x share price) of the club is presently around £16m at 20p a share (80m x 20p), but given that the club also has £16m of debts, you could argue that a debt free club would be worth £32m (or 40p a share).

The value of the shares going forward would depend of the amount of debt written off and the number of shares issued in order to achieve that. e.g. if they double the number of shares to 160m in exchange for writing off half the debt.  The capital value of the club might go up to £24m, as it only has £8m debt, but the value of each shares would probably fall to 15p. (160m x 15p = £24m)

If however, they manage to double the share numbers, write off half the debt, but also raise £4m in new money, then the capital value of the club should go up by £4m (the new money). So you could see the capital value rise to £28m, but still with £8m debt. The share price might then be 17.5p (160m x 17.5p = £28m)

I hope that makes sense. It does to me, but the nuances of share numbers, to debt, to capital raised can easily be lost, if you don’t have an appreciation of where they are at just now, and where they might end up.

It Is Better To Offer No Excuse Than A Bad One
shug December 27, 2017 at 22:05
Great hard fought match tonight.
Sadly, that was two hours of my life I won’t get back.  There was nothing great about it and it was more of a borefest akin to many derbies of yesteryear.  Tom English described it perfectly as “Thud and Blunder”

It Is Better To Offer No Excuse Than A Bad One
Homunculus December 27, 2017 at 18:21
I take it all that has happened is that they passed the resolution allowing them to issue new shares. Those new shares have now been created.
This is them simply notifying Companies House that they have done that, Companies House records show how many shares have been issued.
That has to be done before they can actually sell them to anyone.
Purely a procedural matter I would have though. 
It’s not got as far as creating the shares. It’s merely confirmation that the Board has the authority to issue shares up to the specified limit.  That authority expires on the date of the next AGM.

The allotment of up to a nominal value of £1,086,376.01, means that new shares equivalent to 1.333 times those currently available can now be issued.  I’m sure that there will be a good reason for the number of new shares being set at that specific level, but I can’t think of one. 

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