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davek
Player Valuation: £150m
THEATRE impresario Bill Kenwright has transferred his shareholding in Everton Football Club to a separate company as part of a 'structural reorganisation'.
According to the most recently filed accounts at Companies House, his company Bill Kenwright Ltd paid a 'dividend in specie' of £7.5m representing its investment in The Everton Football Club Company Limited.
The ownership was transferred to a separate company under Mr Kenwright's ownership in January 2009 and he remains the club's chairman.
The director's report also shows that pre-tax profit for Bill Kenwright Ltd dropped from £578,000 to £446,000 between 2007 and 2008.
The company's turnover jumped from £28.8m to £46.1m - or 60% over the same period on the back of a raft of successful new productions and European tours.
Mr Kenwright, the company's only director, also decided to make a dividend payment of £1m after forgoing a payment the previous year.
His borrowing from the company also fell from £988,000 in 2007 to £474,000 last time.
These figures cover the year to December 31, 2008, but the director's report also assesses the business's fortunes in recent months.
The accounts also show that the company invested £16.1m in the production of Cheri, a film starring Michelle Pfeiffer, which was released last year.
The report said: "During 2008, the company produced a total of 18 shows including a Joseph and the Amazing Technicolour Dreamcoat, Blood Brothers, Cabaret and Evita.
"The majority of our profits continue to be derived from our core business of producing quality theatre plays and musicals.
"However, this year's figures for turnover and cost of sales have risen by the inclusion of the production of the feature film 'Cheri'.
"Despite worsening economic conditions in the second half of 2008 and continuing into 2009, the quality of the group's productions has continued to attract substantial audiences.
"The group is performing strongly and is expected to report a healthy profit for 2009 and the director is confident that the group will continue to prosper throughout 2010 and beyond."
I'm surprised he's been allowed to get away with having his shares in Everton being mixed up in his 'core business activity' for so long. The potential for conflict of interest must be there. The Peter Johnson era was dogged by suspicions over Park Foods and Everton FC.
Haven't a clue what all that means.
That film Cheri must have died a death. Bill in 'poor business decision' shocker.
According to the most recently filed accounts at Companies House, his company Bill Kenwright Ltd paid a 'dividend in specie' of £7.5m representing its investment in The Everton Football Club Company Limited.
The ownership was transferred to a separate company under Mr Kenwright's ownership in January 2009 and he remains the club's chairman.
The director's report also shows that pre-tax profit for Bill Kenwright Ltd dropped from £578,000 to £446,000 between 2007 and 2008.
The company's turnover jumped from £28.8m to £46.1m - or 60% over the same period on the back of a raft of successful new productions and European tours.
Mr Kenwright, the company's only director, also decided to make a dividend payment of £1m after forgoing a payment the previous year.
His borrowing from the company also fell from £988,000 in 2007 to £474,000 last time.
These figures cover the year to December 31, 2008, but the director's report also assesses the business's fortunes in recent months.
The accounts also show that the company invested £16.1m in the production of Cheri, a film starring Michelle Pfeiffer, which was released last year.
The report said: "During 2008, the company produced a total of 18 shows including a Joseph and the Amazing Technicolour Dreamcoat, Blood Brothers, Cabaret and Evita.
"The majority of our profits continue to be derived from our core business of producing quality theatre plays and musicals.
"However, this year's figures for turnover and cost of sales have risen by the inclusion of the production of the feature film 'Cheri'.
"Despite worsening economic conditions in the second half of 2008 and continuing into 2009, the quality of the group's productions has continued to attract substantial audiences.
"The group is performing strongly and is expected to report a healthy profit for 2009 and the director is confident that the group will continue to prosper throughout 2010 and beyond."
I'm surprised he's been allowed to get away with having his shares in Everton being mixed up in his 'core business activity' for so long. The potential for conflict of interest must be there. The Peter Johnson era was dogged by suspicions over Park Foods and Everton FC.
Haven't a clue what all that means.
That film Cheri must have died a death. Bill in 'poor business decision' shocker.
Im working from a hazy memory of Uk Company law here but as i remember a dividend in specie is payment of kind by either property or service, its usually done when meargeing buisness's or assests - often meaning that assests or capital from one buisness is used to conslodate another. Its a handy way of not having to liquidate the orignal company and it used to (im not sure if it still is over there) a handy way of avoiding paying corporation tax.
Most of the time its to rationalise assests seperating shareholding from fixed assests!
*I think!
Most of the time its to rationalise assests seperating shareholding from fixed assests!
*I think!
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davek
Player Valuation: £150m
So what you're saying is he's using this new company as a vehicle that robs Peter to pay Paul? Is he bleeding Everton dry to make up the shortfall in losses in his theatrical/film flops?
He can do what he likes with his own Everton shareholding really - its his, its not Everton its just his own shareholding - the other shareholders will have them elsewhere - for him to take capital out of Everton to Bills other companies it would be reflected in the books and need board approval. Im guessing he has just rationalised his assets bringing them all under the one umbrella. Probably seperated his shareholdings in both companies from fixed assets.
I would suspect the opposite may be true seeing that his theratre company seems in better shape then Everton.
If you were being extreamly optimistic reading between the lines seperating his shareholding from his fixed assests and rationaliseing the same could in theory make it more accessable for anyone wanting to buy it.
davek
Player Valuation: £150m
Last edited:
neonleon
Player Valuation: £35m
THEATRE impresario Bill Kenwright has transferred his shareholding in Everton Football Club to a separate company as part of a 'structural reorganisation'.
According to the most recently filed accounts at Companies House, his company Bill Kenwright Ltd paid a 'dividend in specie' of £7.5m representing its investment in The Everton Football Club Company Limited.
The ownership was transferred to a separate company under Mr Kenwright's ownership in January 2009 and he remains the club's chairman.
The director's report also shows that pre-tax profit for Bill Kenwright Ltd dropped from £578,000 to £446,000 between 2007 and 2008.
The company's turnover jumped from £28.8m to £46.1m - or 60% over the same period on the back of a raft of successful new productions and European tours.
Mr Kenwright, the company's only director, also decided to make a dividend payment of £1m after forgoing a payment the previous year.
His borrowing from the company also fell from £988,000 in 2007 to £474,000 last time.
These figures cover the year to December 31, 2008, but the director's report also assesses the business's fortunes in recent months.
The accounts also show that the company invested £16.1m in the production of Cheri, a film starring Michelle Pfeiffer, which was released last year.
The report said: "During 2008, the company produced a total of 18 shows including a Joseph and the Amazing Technicolour Dreamcoat, Blood Brothers, Cabaret and Evita.
"The majority of our profits continue to be derived from our core business of producing quality theatre plays and musicals.
"However, this year's figures for turnover and cost of sales have risen by the inclusion of the production of the feature film 'Cheri'.
"Despite worsening economic conditions in the second half of 2008 and continuing into 2009, the quality of the group's productions has continued to attract substantial audiences.
"The group is performing strongly and is expected to report a healthy profit for 2009 and the director is confident that the group will continue to prosper throughout 2010 and beyond."
I'm surprised he's been allowed to get away with having his shares in Everton being mixed up in his 'core business activity' for so long. The potential for conflict of interest must be there. The Peter Johnson era was dogged by suspicions over Park Foods and Everton FC.
Haven't a clue what all that means.
That film Cheri must have died a death. Bill in 'poor business decision' shocker.
God, I wish I was like Davek, and such a great business man that I could laugh at a multi millionaire, part owner of a football club.
Hang on a minute...I've had an idea. Why doesn't davek buy the club and build us a new stadium. And give Moysie a 200 million war chest.
I may as well criticise David Beckham for being butt ugly.
davek
Player Valuation: £150m
Feel better now?
neonleon
Player Valuation: £35m
yes and vindicated.
davek
Player Valuation: £150m
?????
The company's turnover jumped from £28.8m to £46.1m - or 60% over the same period on the back of a raft of successful new productions and European tours.
"The group is performing strongly and is expected to report a healthy profit for 2009 and the director is confident that the group will continue to prosper throughout 2010 and beyond."
Bill in 'poor business decision' shocker.
Only dave could try and make that fit his agenda
davek
Player Valuation: £150m
Basically, it looks like it means that Bill's took a big hit on his core activity (that's producing Blood Brothers and [Poor language removed] films no one wants to see) and his beancounters have advised him to 'demerge' the two sides of his business - presumably to ringfence the assets of one from claims made/the financial performance of the other.
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