NEW THREAD FOR ALL THINGS TAKEOVER | Page 97 | Vital Football

NEW THREAD FOR ALL THINGS TAKEOVER

Status
Not open for further replies.
jocklatic said:
Seriously despite loads of comments on here from TB, Moonay, KDZ, Pies'r'Us etc al......does anyone myself included really know where we are in regards to how we are as a club, how much we owe, how much is outstanding, how much the vultures erm Admin will gleen from future sales, will we/ won't we have a sale , will we / won't we have a club. IMO so so much has gone on re sales, preferred bidders, poss bidders, sale of this that & the other that I'm totally bamboozled by it all n haven't got a clue where we're up to.....what i do know as fact is - today we got beat 2-0, we still have a team of sorts, we're due to play again soon but that's about it.....
Click to expand...

Admin said last week creditors will all be paid off by end of this week before we sold Morsy and Byrne.

Admin estimated their fees at 1.5m and lawyers fees about 1m from appeal.

Admin confirmed they are taking 500k from Geldhardt sell on plus further 250k from other sell ons. So up to 750k not sure if that is additional to the estimated 1.4m or makes up part of it.
 
Did anyone post anything about IEC and their financial loss ?
(lax searching - apologies if it was posted)
"the Group is expected to record a consolidated net loss after taxation of approximately HK$300 million to HK$350 million during the Year as compared with a consolidated net loss after taxation of approximately HK$93 million during the fifteen-month period ended 30 June 2019. "

HK $ 350,000,000 = £35,225,000

The club's accounts were not audited either. The administrators appear to be missing more ways to skim more money.

"The Board was notified that on 1 July 2020, five major subsidiaries of the Disposal Group in the United Kingdom, including but not limited to Wigan Athletic A.F.C. Limited, were put into administration and administrators (the ‘‘Administrators’’) were appointed on the same date. Despite the Company’s repeated negotiations with the Administrators for performing the audit work of the Disposal Group (the ‘‘Disposal Group Audit Work’’), the Administrators informed that they are unable to assist in the Disposal Group Audit Work given that they are in the process of selling the business and assets of the Disposal Group. As such, it is expected that the audited results of the Disposal Group may not be prepared and released within the prescribed time (i.e. on or before 30 September 2020) which in turn may render the consolidated financial results of the Company for the Year containing a qualified opinion (the ‘‘Audit Issue’’)."

https://www.ientcorp.com/attachment/pdf/1599833335Cs2x0.pdf

Irony ...............
"Shareholders and potential investors are advised to exercise caution when dealing in the securities of the Company. "
 
OnLoanfromEnfield said:
Did anyone post anything about IEC and their financial loss ?
(lax searching - apologies if it was posted)
"the Group is expected to record a consolidated net loss after taxation of approximately HK$300 million to HK$350 million during the Year as compared with a consolidated net loss after taxation of approximately HK$93 million during the fifteen-month period ended 30 June 2019. "

HK $ 350,000,000 = £35,225,000

The club's accounts were not audited either. The administrators appear to be missing more ways to skim more money.

"The Board was notified that on 1 July 2020, five major subsidiaries of the Disposal Group in the United Kingdom, including but not limited to Wigan Athletic A.F.C. Limited, were put into administration and administrators (the ‘‘Administrators’’) were appointed on the same date. Despite the Company’s repeated negotiations with the Administrators for performing the audit work of the Disposal Group (the ‘‘Disposal Group Audit Work’’), the Administrators informed that they are unable to assist in the Disposal Group Audit Work given that they are in the process of selling the business and assets of the Disposal Group. As such, it is expected that the audited results of the Disposal Group may not be prepared and released within the prescribed time (i.e. on or before 30 September 2020) which in turn may render the consolidated financial results of the Company for the Year containing a qualified opinion (the ‘‘Audit Issue’’)."

https://www.ientcorp.com/attachment/pdf/1599833335Cs2x0.pdf

Irony ...............
"Shareholders and potential investors are advised to exercise caution when dealing in the securities of the Company. "
Click to expand...
No coincidence that their loses are similar to the amount they sold our club for(basically to themselves).
Horrible *****,I hope they go bust for the turmoil they've caused to our club and us fans!
 
Mr Krasner added that he estimated that even with a rapid restart there were as many as half a dozen clubs in divisions one and two that were in danger of financial collapse. “Unfortunately those clubs with wealthy foreign owners may not necessarily be immune from disaster either.

Overseas owners will be forced to respond to the effects of the global pandemic on their own finances and business interests, and for some that could mean that ownership of an English football club is simply no longer viable.”

It does inspire Overseas owners to buy us.

https://www.begbies-traynorgroup.co...cial-distress-in-wake-of-coronavirus-pandemic
 
Last edited:
king_dezeeuw06 said:
Admin said last week creditors will all be paid off by end of this week before we sold Morsy and Byrne.

Admin estimated their fees at 1.5m and lawyers fees about 1m from appeal.

Admin confirmed they are taking 500k from Geldhardt sell on plus further 250k from other sell ons. So up to 750k not sure if that is additional to the estimated 1.4m or makes up part of it.
Click to expand...


And that actually means what KDZ......it truly is a mindf@ck of this, that & the other.....by christ I've no doubt ££££££££'s will be swallowed up in financial translation fees alone before trying to purchase our club ffs....the harder to follow or understand is mamma heaven & £££££ to these admin leeches aided and abetted by those corrupt f@ckers the EFL whilst cheered on by those f@ckwit HK twins.
 
OnLoanfromEnfield said:
Did anyone post anything about IEC and their financial loss ?
(lax searching - apologies if it was posted)
"the Group is expected to record a consolidated net loss after taxation of approximately HK$300 million to HK$350 million during the Year as compared with a consolidated net loss after taxation of approximately HK$93 million during the fifteen-month period ended 30 June 2019. "

HK $ 350,000,000 = £35,225,000

The club's accounts were not audited either. The administrators appear to be missing more ways to skim more money.

"The Board was notified that on 1 July 2020, five major subsidiaries of the Disposal Group in the United Kingdom, including but not limited to Wigan Athletic A.F.C. Limited, were put into administration and administrators (the ‘‘Administrators’’) were appointed on the same date. Despite the Company’s repeated negotiations with the Administrators for performing the audit work of the Disposal Group (the ‘‘Disposal Group Audit Work’’), the Administrators informed that they are unable to assist in the Disposal Group Audit Work given that they are in the process of selling the business and assets of the Disposal Group. As such, it is expected that the audited results of the Disposal Group may not be prepared and released within the prescribed time (i.e. on or before 30 September 2020) which in turn may render the consolidated financial results of the Company for the Year containing a qualified opinion (the ‘‘Audit Issue’’)."

https://www.ientcorp.com/attachment/pdf/1599833335Cs2x0.pdf

Irony ...............
"Shareholders and potential investors are advised to exercise caution when dealing in the securities of the Company. "
Click to expand...

Another cracking find OLFE, well done.

The parts that confuse me are:

"The Board was notified that on 1 July 2020, five major subsidiaries of the Disposal Group in the United Kingdom, including but not limited to Wigan Athletic A.F.C. Limited, were put into administration"
and
"Despite the Company’s repeated negotiations with the Administrators for performing the audit work of the Disposal Group , the Administrators informed that they are unable to assist in the Disposal Group Audit Work "

Have I missed something, what has any of this got to do with IEC. They sold us to NLF and scuttled away. Why are they now (since 1st July) repeatedly trying to negotiate with the admins. I didn't think they had any skin left in the game, just blood on their hands.

Someone (pies, OLFE, TB ) explain what I'm missing here please.
 
Arthur_Itis said:
Another cracking find OLFE, well done.

The parts that confuse me are:

"The Board was notified that on 1 July 2020, five major subsidiaries of the Disposal Group in the United Kingdom, including but not limited to Wigan Athletic A.F.C. Limited, were put into administration"
and
"Despite the Company’s repeated negotiations with the Administrators for performing the audit work of the Disposal Group , the Administrators informed that they are unable to assist in the Disposal Group Audit Work "

Have I missed something, what has any of this got to do with IEC. They sold us to NLF and scuttled away. Why are they now (since 1st July) repeatedly trying to negotiate with the admins. I didn't think they had any skin left in the game, just blood on their hands.

Someone (pies, OLFE, TB ) explain what I'm missing here please.
Click to expand...

Nixon mentioned something about this, my guess would be even though IEC disposed of us they were in charge of us for some of the financial year so wanted information that admin told them they wouldn't give. Or something along those lines.
 
king_dezeeuw06 said:
Nixon mentioned something about this, my guess would be even though IEC disposed of us they were in charge of us for some of the financial year so wanted information that admin told them they wouldn't give. Or something along those lines.
Click to expand...

No they go rid of us what has the financial year got to do with it? A lot of people on here are looking too deep into things IEC are simply trying to reason with their share holders and looking to look like they are attempting to fill the hole in the balance sheet for the losses they made. Their share price soared when they dumpd us so they dont give a shit in reality.

We will get bought lets hope they are willing to fund us to make us competative
 
Come on Wigan said:
No they go rid of us what has the financial year got to do with it? A lot of people on here are looking too deep into things IEC are simply trying to reason with their share holders and looking to look like they are attempting to fill the hole in the balance sheet for the losses they made. Their share price soared when they dumpd us so they dont give a shit in reality.

We will get bought lets hope they are willing to fund us to make us competative
Click to expand...

If they are auditing the IEC books any companies they owned or sold during a financial year would be part of that.
 
king_dezeeuw06 said:
If they are auditing the IEC books any companies they owned or sold during a financial year would be part of that.
Click to expand...

No (even marginally competent) company on the planet sells something part way through a financial year but doesn't retain adequate records itself to produce end of year accounts and the ability to satisfy an internal or external audit. Something stinks rotten here. Hope IEC get into trouble over this.
 
According to Nixon, looks like the middle Eastern lot are also going to bid for us, has a small Wigan connection, who could that be? Al Habsi? Zaki?
 
FrancosLoveChild said:
According to Nixon, looks like the middle Eastern lot are also going to bid for us, has a small Wigan connection, who could that be? Al Habsi? Zaki?
Click to expand...

The money is middle eastern, but the football with a minor Wigan connection may not be. Could be someone random we had on loan for 4 games 20 years ago we can barely remember for all we know.

By the looks of if the Middle Eastern bid arrives imminently that may help us get things moving. As if that bid is good then we get bought and out of this hell, if that bid is no better than Ganaye then maybe admin finally accept 3.5m is too high and no one will pay it and maybe the threat of a second bidder makes Ganaye and the American's more willing to be haggled up a bit.

Whatever the situation is i'm hoping that these new bidders one way or another push things along it's 3 months or something now and it's gone on way to long. The idea of admins deadline was to stop this situation happening but when they didn't like the bids they got they extended it and here we are.
 
Status
Not open for further replies.