EGM SALE OF CLUB | Page 3 | Vital Football

EGM SALE OF CLUB

pies'r'us

Vital Youth Team
#41
What are the reasons he has given?
Where did he say he wants out?
Or are you reading things he said and making your own conclusions.
Whelan always give latics loans, it was only in the end when he had no chance of ever getting it back he wrote those debts off.
I got my all my info from ICE stock market announcements on HKEX. If you can get off your arse go check. Where do you get your inaccurate bollocks info about Dave Whelan writing off his loans?
 
#42
I got my all my info from ICE stock market announcements on HKEX. If you can get off your arse go check. Where do you get your inaccurate bollocks info about Dave Whelan writing off his loans?
Whelan loand Latics millions every year, that why it was announced he had written the loans off prior to him selling, and that why every year Latics was in debt. Who was they in debt to Whelan.

So when you say the Stanley bloke says he wants out, where in the report does it say that?
 

pies'r'us

Vital Youth Team
#44
Whelan loand Latics millions every year, that why it was announced he had written the loans off prior to him selling, and that why every year Latics was in debt. Who was they in debt to Whelan.

So when you say the Stanley bloke says he wants out, where in the report does it say that?
Can't remember page number
 

pies'r'us

Vital Youth Team
#46
Whelan loand Latics millions every year, that why it was announced he had written the loans off prior to him selling, and that why every year Latics was in debt. Who was they in debt to Whelan.

So when you say the Stanley bloke says he wants out, where in the report does it say that?
I asked you a question; Where do you get your inaccurate bollocks info about Dave Whelan writing off his loans?
 

pies'r'us

Vital Youth Team
#50
AGM Minutes
Statements to the press
and the fact latics was debt free when he sold them
Absolute and utter garbage! The club was indebted to Barclays and others at the time of sale. A caveat of the purchase by IEC the purchase money they paid over on completion was transferred to the bank to pay off said debt. That is in the purchase document and agreed by both parties.
NOW GET THIS INTO YOUR HEAD: I'm not wasting anymore of my precious time arguing with you about irrelevant items. I started this thread with my financial analysis of the 104 page document re sale of club and it's ramifications. I've invited different people on here to read the doc and provide their analysis in the hope that I'm wrong. I've noticed before that this is what you do, challenge with supposition and go on and bleedin on because you wont be wrong. I will not be responding to you Got it?
 

king_dezeeuw06

Vital 1st Team Regular
#51
Absolute and utter garbage! The club was indebted to Barclays and others at the time of sale. A caveat of the purchase by IEC the purchase money they paid over on completion was transferred to the bank to pay off said debt. That is in the purchase document and agreed by both parties.
Pies is correct on this - I remember reading that part.

Whelan may have converted debt into equity in the past (i rember him talking about that during the Prem years but he didn't do it directly before the sale.
 

pies'r'us

Vital Youth Team
#52
Pies is correct on this - I remember reading that part.

Whelan may have converted debt into equity in the past (i rember him talking about that during the Prem years but he didn't do it directly before the sale.
Thanks King. Your correct about the debt conversion, it happened around 2012/13 but there was still a 'managable debt left. Just before the sale to IEC there were also family members whom the club were indebted to but the slate was wiped clean so that IEC had a clean start.. unforttunately
 

TRUE BELIEVER

Vital Squad Member
#54
1. Who says the new director is experienced in youth development at the required level?
2. Have you any business and related financing experience?
Sorry, I haven't been coming on here recently as all the debate around the virus just raises my blood pressure.

To answer your questions, I dont know if the new Directors experience is at the level required, but is one of the reasons he was appointed according to the briefing. In my opinion, and I make no claims to be right, it does appear that youth development and the possible sale of are at the heart of the new regime.

As to my business and related finance experience, having been employed at Senior Management level in retail and commercial companies prior to founding and operating my own successful business for the last 35 years, I believe I have a modicum of experience, although I am certainly not saying that I know all the answers.

I hope that answers your questions, and once again my apologies for not replying sooner.
 

pies'r'us

Vital Youth Team
#55
Sorry, I haven't been coming on here recently as all the debate around the virus just raises my blood pressure.

To answer your questions, I dont know if the new Directors experience is at the level required, but is one of the reasons he was appointed according to the briefing. In my opinion, and I make no claims to be right, it does appear that youth development and the possible sale of are at the heart of the new regime.

As to my business and related finance experience, having been employed at Senior Management level in retail and commercial companies prior to founding and operating my own successful business for the last 35 years, I believe I have a modicum of experience, although I am certainly not saying that I know all the answers.

I hope that answers your questions, and once again my apologies for not replying sooner.
I'm at a loss as why people are giving a thumbs up when you haven't provided convincing answers.
I asked:
Q1. Who says the director is experiences... You said "I don't know....."
THE ANSWER: Dr Stanley. Well we all know by now that he knows sweet FA about football. So when he starts blabing about footy stuff.... And now IEC is only worth £40m, He's managed to oversee a 90% loss of value of the company. In other words he knows sweet FA about running hotels etc. That's the opionion of the HK EX market. OK?

Q2. Have you got business experience etc;
I asked the simple queston because of your comments and financial analysis. It led me to think you had none. ie our survival will depend upon developing players and selling them on. Now; where have I heard that fantasy remedy before?

So leaning on your expertise; provide us your projection on the 'loan agreement's' financial ramifications upon the club - short and long term and in view of the annual losses and the existing debt of £23.4m to IEC who want it back...
 

moonay

Vital Football Hero
#56
Pies, I haven't really contributed much to this thread ........partly cos it doesn't really float my boat, but mainly, cos I have no expertise or knowledge in what is obviously a very complex area.

Personally, I "liked" TB's post simply cos he seemed to give an honest input. I'm not really sure why you're prodding him in the chest with your response.................. but hey, TB can defend himself.

I am simply aiming to help clear your confusion re the "liking".
 

ZAKKY

Vital 1st Team Regular
#57
Pies, I haven't really contributed much to this thread ........partly cos it doesn't really float my boat, but mainly, cos I have no expertise or knowledge in what is obviously a very complex area.

Personally, I "liked" TB's post simply cos he seemed to give an honest input. I'm not really sure why you're prodding him in the chest with your response.................. but hey, TB can defend himself.

I am simply aiming to help clear your confusion re the "liking".

Same goes for me.

Why are you acting like an arrogant no all
 

Hampton

Vital 1st Team Regular
#58
Same goes for me.

Why are you acting like an arrogant no all
The root cause of this is that we know little or nothing of the real intentions of whoever actually owns / manages (in a corporate way) / works for us.
Other than some Far East financial dark arts manoeuvrings we are in the dark.
The club from it's owners, investors and club based leaders have adopted a "supporters don't matter" approach which their comms strategy demonstrates.
The worst of all worlds is "I don't know". You can celebrate good news, face up to bad but knowing nothing is a painful limbo.