EGM SALE OF CLUB | Vital Football

EGM SALE OF CLUB

pies'r'us

Vital Youth Team
I haven't posted this on the 'investment?' thread, it's descended into a lot of silly assertions so here's the reality.

I downloaded relevant docs from HK exchange.

On 29 May IEC have called for an EGM whereby there will be a vote by shareholders to accept or not the sale of our club to a recently established company 'Next Leader Fund, L.P' and also which through one of his companies is Dr Stanley is a partner.

Both of NLL and Widespread Success Limited are wholly-owned by Mr. Au Yeung Wai Kay.

"Mr. Au Yeung Wai Kay has relevant experience in business operations management and
business leadership as he has worked in commodity and real estate investment management in Asia. Mr. Au Yeung Wai Kay has been operating an amateur football team for more than 15
years, winning several awards in amateur football league. Mr. Au Yeung was one of the youth
team members of professional football team, namely Sing Tao Sports Club, and has intensive
youth development experience."


IEC will make a loan to the club for working capital;

The principal terms of the Loan Agreement are set out as below:

Parties (I) the Company, as the lender
(ii) the Club, as the borrower
Loan facility : An aggregate principal amount of GBP28.77 million (equivalent to
approximately HK$277.63 million)

Repayment date : The date falling 12 months after the date of the Loan Agreement

The Company shall be entitled to demand repayment of the together with all accrued interest and all other monies outstanding in connection with the Loan Agreement at any before the repayment date described above by giving not less 21 days’ prior notice in writing to the Club.

Interest : 8% per annum Interest period : 6 months
 
I haven't posted this on the 'investment?' thread, it's descended into a lot of silly assertions so here's the reality.

I downloaded relevant docs from HK exchange.

On 29 May IEC have called for an EGM whereby there will be a vote by shareholders to accept or not the sale of our club to a recently established company 'Next Leader Fund, L.P' and also which through one of his companies is Dr Stanley is a partner.

Both of NLL and Widespread Success Limited are wholly-owned by Mr. Au Yeung Wai Kay.

"Mr. Au Yeung Wai Kay has relevant experience in business operations management and
business leadership as he has worked in commodity and real estate investment management in Asia. Mr. Au Yeung Wai Kay has been operating an amateur football team for more than 15
years, winning several awards in amateur football league. Mr. Au Yeung was one of the youth
team members of professional football team, namely Sing Tao Sports Club, and has intensive
youth development experience."


IEC will make a loan to the club for working capital;

The principal terms of the Loan Agreement are set out as below:

Parties (I) the Company, as the lender
(ii) the Club, as the borrower
Loan facility : An aggregate principal amount of GBP28.77 million (equivalent to
approximately HK$277.63 million)

Repayment date : The date falling 12 months after the date of the Loan Agreement

The Company shall be entitled to demand repayment of the together with all accrued interest and all other monies outstanding in connection with the Loan Agreement at any before the repayment date described above by giving not less 21 days’ prior notice in writing to the Club.

Interest : 8% per annum Interest period : 6 months
Well if he's been running an amateur football team he'll be able to hit the ground running with our commercial and marketing depts 😉🤣
 
So they have said we get a £29m loan and have to pay it all back plus 8% interest in 12 months time but can demand that earlier by giving 21 days written notice.

Well that is not happening is it - I expect trouble in 12 months time if they think that is a realistic option. Our debts are stacking up and we are unlikely to be able to sell enough players to keep on top of them plus pay back that loan.
 
So they have said we get a £29m loan and have to pay it all back plus 8% interest in 12 months time but can demand that earlier by giving 21 days written notice.

Well that is not happening is it - I expect trouble in 12 months time if they think that is a realistic option. Our debts are stacking up and we are unlikely to be able to sell enough players to keep on top of them plus pay back that loan.
Unless there is something we don’t know about i.e. someone really rich in the background then clearly they will be looking to cash in on any assets we have to pay that money back and the market is not there anymore to do that. Where’s Darren Royle? We need someone at the club to explain what the bloody hell is going on.
 
We need someone at the club to explain what the bloody hell is going on.

Said this from day 1. These in charge dont think like us, dont act like us and they come from a society that will keep their gob shut or get twatted. We might as well have a group of Martians in charge.

They will shut this club.
 
Very worrying times. We don’t have any decent media outlets to track these people down and ask them the serious questions either. Shit’s going to absolutely hit the fan next year.
 
It could be that there is a need to be worried, however it might be that the loan period will be extended by one or other of the parties. It is normal to put a pay back date into a loan agreement and it would be abnormal to have an open ended arrangement. Maybe we wait and see instead of jumping to conclusions.

Stay Safe.
 
Throw covid into the mix and the suppressed player trading market then there is a very slim prospect of that loan being repaid- we don’t have the player assets at the requisite value required.
 
It could be that there is a need to be worried, however it might be that the loan period will be extended by one or other of the parties. It is normal to put a pay back date into a loan agreement and it would be abnormal to have an open ended arrangement. Maybe we wait and see instead of jumping to conclusions.

Stay Safe.

That is a possibility, but if they planned on doing something different it does seem strange to put something they have no intention of doing into the contract. I hope they plan to extend it as otherwise shit will hit the fan massively.


Unless there is something we don’t know about i.e. someone really rich in the background then clearly they will be looking to cash in on any assets we have to pay that money back and the market is not there anymore to do that. Where’s Darren Royle? We need someone at the club to explain what the bloody hell is going on.

The only thing i'd say is - and someone please correct me if i am wrong - but did't the Wigan council retain some shares of the DW / and leasing agreements with the idea being they wanted to ensure new ownership wouldn't effect the towns 2 big sporting clubs stadium being sold off and the clubs made homeless?

I'm sure at the time of the take over i read something along those lines but can't remember properly. Anyone elese recall anything along those lines or am i dreaming it?
 
So they have said we get a £29m loan and have to pay it all back plus 8% interest in 12 months time but can demand that earlier by giving 21 days written notice.

Well that is not happening is it - I expect trouble in 12 months time if they think that is a realistic option. Our debts are stacking up and we are unlikely to be able to sell enough players to keep on top of them plus pay back that loan.
The terms of sale were agreed on 5 May It 'will be happening' when it gets voted through on 28th. You must understand that 'the penny has dropped' with Dr Stanley and he is safeguarding his business and personal assets and interests.
 
The terms of sale were agreed on 5 May It 'will be happening' when it gets voted through on 28th. You must understand that 'the penny has dropped' with Dr Stanley and he is safeguarding his business and personal assets and interests.

Sounds like we are in huge trouble then.
 
It could be that there is a need to be worried, however it might be that the loan period will be extended by one or other of the parties. It is normal to put a pay back date into a loan agreement and it would be abnormal to have an open ended arrangement. Maybe we wait and see instead of jumping to conclusions.

Stay Safe.
Yes it can be extended but the agreed terms state that after the 12 month period interest goes up to 20% = £5,754,0.00 pa. Alorra dosh for a company losing circa £9 million
 
Only just been reading this please be patient with me
Who is lending what to who and why?
 
That is a possibility, but if they planned on doing something different it does seem strange to put something they have no intention of doing into the contract. I hope they plan to extend it as otherwise shit will hit the fan massively.




The only thing i'd say is - and someone please correct me if i am wrong - but did't the Wigan council retain some shares of the DW / and leasing agreements with the idea being they wanted to ensure new ownership wouldn't effect the towns 2 big sporting clubs stadium being sold off and the clubs made homeless?

I'm sure at the time of the take over i read something along those lines but can't remember properly. Anyone elese recall anything along those lines or am i dreaming it?
The council have a minority interest in stadium only and cannot stop the majority shareholders action. There maybe an 'Asset of Community Value order over the ground - similar to Ewood Park and Old Trafford but I cant find owt about it.
 
IEC is lending new owners £28.77 million as working capital, repayable in 12 month. The interest rate is 8% pa = £2,301600 p.a. and after the 12 month period at 20% = £5,754,0.00 p.a.
Looks like we're being passed around like a spliff at a college party here.
It's a cute balance sheet management exercise for IEC and another layer of debt for the club.
Got car crash written all over it !..🙈
 
Looks like we're being passed around like a spliff at a college party here.
It's a cute balance sheet management exercise for IEC and another layer of debt for the club.
Got car crash written all over it !..🙈
Well that's my opinion too. But can I ask; have you or 'King D' or others, read the sale doc and if so have you reached the same declaration as me. As I said earlier. I hope and pray that I've missed some thing. Unfortunately, due to age, my eyes and also duration of concentration aren't what they were. But mi cognitive skills are still OK - I think.