News this morning regarding £1.5m loan

[TheLawMan 6,240]

I never said it was mate.

Was just a generic point on the back of the April points being made.

[Marco Negri's Beard 1,423]

5843% apr

ha that genuinely the figure? Ooft

[gogzy 31,195]

We have no money, and spunked £22m, plus money from 70,000 season ticket sales, plus merchandising sales. and now we're in a position that we've had to borrow £1.5m to secure working capital, what's there to be happy about?

tHAT THE GUYS THAT DONE ALL THIS ARE NO LONGER AT THE CLU, AND WE HAVE A GROUP OF GUYS AT THE CLUB RIGHT NOW TRYING TO DRAG US OUT OF THIS MESS.

oops caps lock.

[JR 1,480]

You mean the Board you gave your unreserved support to in the run-up to the AGM!

Posters like you wouldn't listen to any criticism of the Board when it was run by Green and then Mather. Now they've been found out, you're all trying to make out that we've got a 'new' Board who deserve time to sort out the 'old' Board's mess. One day the coffee will be smelt!

"Now they've been found out"

If it wasn't for the harm you and your ilk cause with your scaremongering bullshit, you'd be laughable.

[RFC Eagle 4,888]

ha that genuinely the figure? Ooft

Its on their website, I quoted it earlier but no response when I challenged CC on his point!

[gogzy 31,195]

Didn't Manchester City run up debts in excess of over £100m when Graham Wallace was their finance director? borrowing money isn't a good business model.

fuck sake, it's hardly the same.

The guy that owned man city was a bloody billionaire and obviously allowed Wallace to run up that type of debt.

different planets man.

[gogzy 31,195]

Is Wallace now getting the blame for Shiek Mansours spending policy?!

so it seems you couldn't make it up mate

[Zappa 358]

Also why do all of your posts contain an if that paints a far negative picture of the situation??

Voicing valid concerns and asking important questions like are we using or have we used the other £2.5m credit facility doesn't paint a negative picture of the situation, it suggests that there might actually be a more negative picture which we haven't been made fully aware of yet.

I'd just like to hear the absolute truth and cold hard facts for a change, no matter how uncomfortable it might be. The time for rosy pictures and moonbeams passed long ago. It's time to hear the harsh realities facing the Club so that we can try to meet them head-on and deal with them.

[theiconicman 2,992]

in the recent interview with Tom English it went like this:

TE: Brian Stockbridge said in the past that the club will have £1m left come April. Is that true?

GW: Without putting a number on it there is sufficient cash in the bank. Come April we’d be confident that the club will have sufficient cash in the bank in order to maintain our operations.

Ah, it's amazing what you can say and still be truthful.

Nothing at present is at odds with that statement. He probably had foreknowledge that this was going on hence why he states "Come April we’d be confident that the club will have sufficient cash in the bank in order to maintain our operations."

I suspect if he was to have stated back then that we'd have money in April because we took out a shortterm £1m loan for 15% fee a fair few fans, myself included, would have not been as happy with him.

One for the watching. Fans don't like getting played for fools, despite how often our board seem to do it.

[Carson's cat 744]

you told me last week, when directly questioned, that you didnt have a clue what DK wanted/wants/desires

which is it?

You and I both know perfectly well that DK wants to invest in a new share issue. Last week you asked me for more details. I could have bull-shitted but I did not, because I am just an ordinary punter like you.

[theiconicman 2,992]

tHAT THE GUYS THAT DONE ALL THIS ARE NO LONGER AT THE CLU, AND WE HAVE A GROUP OF GUYS AT THE CLUB RIGHT NOW TRYING TO DRAG US OUT OF THIS MESS.

oops caps lock.

To be fair, that was the same excuse to support Green et al with Whyte/SDM.

[cushynumber 25,178]

Ah, it's amazing what you can say and still be truthful.

Nothing at present is at odds with that statement. He probably had foreknowledge that this was going on hence why he states "Come April we’d be confident that the club will have sufficient cash in the bank in order to maintain our operations."

I suspect if he was to have stated back then that we'd have money in April because we took out a shortterm £1m loan for 15% fee a fair few fans, myself included, would have not been as happy with him.

One for the watching. Fans don't like getting played for fools, despite how often our board seem to do it.

I was wondering when someone would spot that.

[Marco Negri's Beard 1,423]

Its on their website, I quoted it earlier but no response when I challenged CC on his point!

Ha that's just staggering that figure.

[johnkp 22]

It helps when Bawsburst tries to use big words, he spells them correctly. Otherwise, people start to think he pontificates and vacillates for his own self gratification.

No - not bawsburst.

[weshallnotbemoved! 714]

Should never have come to this, we have been really badly run for too long now.

I'm still trying to get my head round the fact that we have basically pished £22m up against a wall.

Yes... the amount of loan, who its from, what its secured against is not the point....

the fact that we need a loan at this stage of our recovery is embarrassing. The cost management has been atrocious from day 1.

[gogzy 31,195]

And we were told that those rumours were nonsense and we had enough money to see us through to April/end of the season. Yet here we are now, borrowing £1.5mil which will likely result in the loss of Edmiston house and the Albion Car park.

I thought Wallace was doing a good job, i'm not so sure now.

This will now be looked at as fact when it is nothing of the sort.

We secured our loans and debt for decades and we didn't "lose" any of our assets.

We would only lose the assets if we could not repay the loan. And i have no doubt whatsoever that the loan will be repaid.

[thehost 11,061]

You and I both know perfectly well that DK wants to invest in a new share issue. Last week you asked me for more details. I could have bull-shitted but I did not, because I am just an ordinary punter like you.

This is where we diverge.

I don't have a clue what DK wants to do.

Being old fashioned i come from the school of thought that should someone wish something then they buy it. If they cannot afford it, or choose not to purchase it then they have made their position clear.

[TheLawMan 6,240]

the fact that we need a loan at this stage of our recovery is embarrassing. The cost management has been atrocious from day 1.

Im not sure that there is many, if any, fan that disagrees with that.

Where the difference of opinion really lies is that for some, they recognise that our spending policy was set by a different regime and we are giving the new regime the time they asked for to set out who they will redress the balance, whereas for the rest, everybody is a spiv, liar and are stealing money from us.

[gogzy 31,195]

The loan ain't that big deal the most annoying part is we should not be in a position to need a loan. The amount of money we have wasted is shocking. Just the share money alone 22million totally gone. It's sickening

You know what, I agree with you, and you are well within your rights to be upset at it.

but what is bleating about it actually going to achieve? We are where we are, the guys that got us into this mess are gone, and we are trying to move forward.

Nothing will get done by going over old ground.

[Big Al 55 9,275]

probably not mate. It's becoming more and more apparent that the way the pervious boards have ran us has not been the best options for our long term future.

what is controvesial is the current board taking the flack for the previous boards misgivings.

Agree completely about the current board. What about the current owners?

I would have thought there has to be some accountability somewhere. It's a bit like successive governments blaming each other for everything that's wrong. All too easy to put a new Chairman and CEO onto the board, albeit with very good credentials who deserve a chance, then wash their hands of the whole mess.

I agree they are entitled to remain anonymous as is their right. Would like to know what they think of the performance of their previous employees.

Let's face it taking into account the share price, they have got it spectacularly wrong.

[Carson's cat 744]

Im not sure that there is many, if any, fan that disagrees with that.

Where the difference of opinion really lies is that for some, they recognise that our spending policy was set by a different regime and we are giving the new regime the time they asked for to set out who they will redress the balance, whereas for the rest, everybody is a spiv, liar and are stealing money from us.

But prior to the AGM you supported the 'old' regime!

[TheLawMan 6,240]

But prior to the AGM you supported the 'old' regime!

Really. Are you sure about that ????

[gogzy 31,195]

This is quite clearly a worrying development that the club needs a short term loan at extortionate cost to tide us over until September.

It is also rather vague.

Laxley get £150k fee for £1m facility. If taken in cash, this translates to a 30% interest rate! If taken in shares, it translates to about 609,000 shares or roughly an extra 1% to Laxley.

Easdales facility is rather vague, "£500,000 on an fee and interest free basis" Does this mean he is charging a fee like Laxley, and no interest? Or that he is doing neither? Personally I think he'll be charging a fee which will extend his shareholding.

While I don't hold this board wholly culpable for the mess we're in, they need to get their finger our and demonstrate how we're going to be run on a sound footing.

My only personal view is that costs should have come down since last year (players out, expensive directors out, managers salary cut, costs savings as we don't seem to use the lights on the pitch anymore) and we should see a benefit slight in our income this year (merchandising full year, sponsor full year, better corporate hospitality).

I think we'll still post a loss of around £5m this year, the big question for me is - when do we return to profitability? This should be next year as our season ticket prices will go up, we're in the Championship so hopefully better corporate sponsorship, no doubt more merchandising and we should continue to trim costs and let players go who are out of contract.

on the view of easedales part of the loan.

I don't think there is any fee or interest. With the laxey part it has all clearly been spelled out how the 15% can be paid and when.

None of this info is there on the easedale part, which leads me to believe there is no set up fee or interest to be paid on that 500k

[stu43rigger 327]

Voicing valid concerns and asking important questions like are we using or have we used the other £2.5m credit facility doesn't paint a negative picture of the situation, it suggests that there might actually be a more negative picture which we haven't been made fully aware of yet.

I'd just like to hear the absolute truth and cold hard facts for a change, no matter how uncomfortable it might be. The time for rosy pictures and moonbeams passed long ago. It's time to hear the harsh realities facing the Club so that we can try to meet them head-on and deal with them.

if they 2.5 million credit facility had been used then surely a similar announcement would have to have been made to the stock exchange and given our finances are subject to so much interest it would have been all over this place.

[cameron1873 514]

You know what, I agree with you, and you are well within your rights to be upset at it.

but what is bleating about it actually going to achieve? We are where we are, the guys that got us into this mess are gone, and we are trying to move forward.

Nothing will get done by going over old ground.

that's a fair point