Everton change bridging loan from Barclays to company in BVI

[kenada_blue]

I think all this document tells us is that a facility has been granted secured against monies due from the premier league for various broadcasting / central contract related things for next season (not this). It gives an amount of 1.3m secured elsewhere, presumably the interest but not clear, at least to me.

From the document --

receivables means all amounts (excluding VAT) due or owing to or which may be due or owing to or purchased or otherwise acquired or received by the Company for the Premier League for the 2012/2013 association football season in relation the basic award fund under rules C35 1 and C 36 1 of the rules (save for the payment of £1,335,489 from the amount of the basic award fund due to the Assignor) together with the stabiliser payments.


The assignor gets £1,335,489 by the sounds of it.

 

[Neiler]

So just to clarify no one has an idea of the amount borrowed, people are presuming and yet unsure that a fee of 1.3mill is interest or as a % rate what percentage its borrowed at, if it even is interest. While you are all tin foil hatting about Robert Earl.

Thats great lads 13 pages of your lives wasted here.

 

[davek]

From the document --

receivables means all amounts (excluding VAT) due or owing to or which may be due or owing to or purchased or otherwise acquired or received by the Company for the Premier League for the 2012/2013 association football season in relation the basic award fund under rules C35 1 and C 36 1 of the rules (save for the payment of £1,335,489 from the amount of the basic award fund due to the Assignor) together with the stabiliser payments.


The assignor gets £1,335,489 by the sounds of it.

Correct. The basic award fund - the £13M for the season after this. It's a 10% charge for sticking their neck out that the club gets that payment...which is as sure as night follows day.

 

[formerly manx toffee]

From the document --

receivables means all amounts (excluding VAT) due or owing to or which may be due or owing to or purchased or otherwise acquired or received by the Company for the Premier League for the 2012/2013 association football season in relation the basic award fund under rules C35 1 and C 36 1 of the rules (save for the payment of £1,335,489 from the amount of the basic award fund due to the Assignor) together with the stabiliser payments.


The assignor gets £1,335,489 by the sounds of it.

Yes but it is unclear to me the size of the facility, presumably this is held in the facility letter which does not appear to be in the public domain. I keep using the term facility because it is not clear from this document that it is in fact a loan, it may be a drawdown facility similar to an overdraft for working capital which would hopefully be at zero by the time payment falls due. It could also be a guarantee (contingent liabilities are mentioned).

Really we do not have the full detail from this document.

 

[davek]

So just to clarify no one has an idea of the amount borrowed, people are presuming and unsure if a fee of 1.3mill in interest or as a rate what percentage borrowed at, if it even is interest. While you are all tin foil hatting about Robert Earl.

Thats great lads 13 pages of your lives wasted here.

*shakes head*

 

[formerly manx toffee]

So just to clarify no one has an idea of the amount borrowed, people are presuming and yet unsure that a fee of 1.3mill is interest or as a % rate what percentage its borrowed at, if it even is interest. While you are all tin foil hatting about Robert Earl.

Thats great lads 13 pages of your lives wasted here.

Broadly yes.

Goodnight

 

[mikewex]

Um, the assignor is Everton, the Assignee would be the BVI company. That clause is excluding an amount of 1.3m from the mortgage. No idea why (possibly assigned elsewhere). If you look at a previous mortgage

http://www.scribd.com/doc/48979231/...cember-2010-Barclays-2010-to-2011-FAPL-Income

its a bit clearer

"...Central Funds ( as defined in Rule C511 of the Rules) (save for (1) the first £1,620,000 of such sum due to the Company..."

 

[Chang Elephant]

Is there even a Premier League basic award fund ? Where is the signed statement from Barrack Obama to confirm this. Yet another attempt by Companies House to discredit our board.

 

[formerly manx toffee]

Um, the assignor is Everton, the Assignee would be the BVI company. That clause is excluding an amount of 1.3m from the mortgage. No idea why (possibly assigned elsewhere). If you look at a previous mortgage

http://www.scribd.com/doc/48979231/...cember-2010-Barclays-2010-to-2011-FAPL-Income

its a bit clearer

"...Central Funds ( as defined in Rule C511 of the Rules) (save for (1) the first £1,620,000 of such sum due to the Company..."

Sorry can't open. Is it for same period ?

 

[mikewex]

Its the Barclays one that its replacing.

 

[Goat]

So just to clarify no one has an idea of the amount borrowed, people are presuming and yet unsure that a fee of 1.3mill is interest or as a % rate what percentage its borrowed at, if it even is interest. While you are all tin foil hatting about Robert Earl.

Thats great lads 13 pages of your lives wasted here.

Hahaha, classic.

You asked for proof, you get it in the form of a signed document and your still disproving it.

That takes balls of steel.

 

[formerly manx toffee]

Hahaha, classic.

You asked for proof, you get it in the form of a signed document and your still disproving it.

That takes balls of steel.

He is right in a fashion Goat. Neither the facility or the rate is described in thi document, only the security.

Both Neiler and Davek are spinning away in their own staunch places.....but really other than telling us Everton have arrange a facility in replacement of a Barclays one....there is not a lot more detail there.

Nothing to see here, move along all.

 

[Goat]

I know, but oh well, you either believe that 1 of our Major Shareholders has just shafted the Club or you dont, I suppose all the squibble sqabble gets us nowhere.

Im with Team daveK.

 

[Tubey]

Excuse me guys i'm a bit thick and I can't be arsed reading the whole thread, so: What's this loan for? Any chance any of it will be used to bring players in?

It's borrowing against future income because we're ran by stingy chimps. And as for bringing in new players... No.

 

[formerly manx toffee]

I know, but oh well, you either believe that 1 of our Major Shareholders has just shafted the Club or you dont, I suppose all the squibble sqabble gets us nowhere.

Im with Team daveK.

I've never seen either side give ground even when new or better information arrives....therefore I'm not with any of them !

Mostly everything on here around financials is conjecture regardless of which team you're with