Everton change bridging loan from Barclays to company in BVI

[davek]

http://www.scribd.com/doc/62701660/Vibrac-Charge-190811

It's from a company called Vibrac taken out on 5th August. Vibrac are situated in the Briitish Virgin Islands at this address:

Venterpool Plaza, Wickhams Cay 1, Road Town, Tortola, Virgin Islands

...the same address of Robert Earl's BCR Sports financial vehicle from which he owns shares in the club.

Apparently it's £13M for the cost of running the club and not for transfers according to this: http://www.toffeetalk.com/index.php/topic/23096-new-mortgage-taken-out-by-efc/page__st__40

I suppose this is a director(s) protecting their asset from ruin and keeping things ticking over until a sale.

Smashing news. More debt.

 

[Phenom]

Arrgh!

 

[mzone16]

yep just what we are after! that will be us trimming the wage bill jan now ffs!

 

[jsweeney17]

Actually with low interest rates borrowing more is exactly the right financial course.

 

[Muggins]

Are you a private detective Dave? How do you find this stuff? Lol

 

[atrottel]

You say 'more debt' but doesn't the Toffeetalk article imply that it is not additional debt but an annual renewal of a facility which has existed in previous years (not saying whether that is desirable or not). In other words, it is replacing the one we had last year which was, presumably, paid back.

 

[Chang Elephant]

Actually with low interest rates borrowing more is exactly the right financial course.

Like you, I'm 100% certain that Robert Earl (and friends) will have allowed the club an exceptionally low interest rate.

<Reps The Sweeney>

 

[bluebab]

Like you, I'm 100% certain that Robert Earl (and friends) will have allowed the club an exceptionally low interest rate.

<Reps The Sweeney>

Apparently, it's £1.3mil interest on it. As someone, on another site posted, it seems like a way of keeping things ticking over, until a sale takes place. It may also allow for some money to be put back in to the squad, if any big player sales occur.

 

[EFCNIK]

Lol we are so ****ed. Oh man...

 

[davek]

You say 'more debt' but doesn't the Toffeetalk article imply that it is not additional debt but an annual renewal of a facility which has existed in previous years (not saying whether that is desirable or not). In other words, it is replacing the one we had last year which was, presumably, paid back.

Yes, that's probably right. But as the article also states the shifting about of this arrangement from serious financial institutions like Investec and Barclays probably points to Everton needing to look 'in-house' to secure loans now, and an indication at how poor a prospect we are for orthodox finance houses. My main concern is Earl/Green and the stranglehod they have on this club. That info is about as welcome as a fart in a space suit if you're a fan looking for governance with the best interests of the club in mind.

 

[kenada_blue]

Hey, at least were not villa.....

 

[Goat]

Every little helps!

At least we aint Leeds.

 

[davek]

By the way, that's a director of Everton FC creaming off £1.3M pa for a loan. A 10% rate of interest on a club that's on the bones of its arse.

Imagine Peter Johnson doing that, there'd have been murder? Lol to infinity....

 

[Goat]

Peter Johnson built the Park End.

Kenwrong cant even build a shed.

 

[Cash]

BCR Sports is Phillip Green fellas. Earle is his front man/puppet.

Green only sees profit. He will lend but expect interest ontop.