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Post by axegas on Nov 27, 2015 19:40:37 GMT
Did NH give any clues as to what Plan B was?
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Post by Severncider on Nov 27, 2015 19:59:31 GMT
I am formulating a record of all the questions and answers and will put it on a new thread in due course. To enlarge on my comment that talks were "advanced". Before the AGM, as I mentioned earlier, NH came over to a few of us and one of the questions we asked was - if the negotiations are successful, what time frame was he looking at to start building work at UWE. He said between February and June. Now I believe it is madness to quote dates as these have a habit of "biting you on the bum" when the quoted date is not met. Also, the initial date seems unduly optimistic as even if Contracts were signed by the end of December, the February date is a bit ambitious. This was only said to a few of us before the meeting, so my "advanced stage" answer was based on this. It would have been interesting if others had asked the same question in the Q & A what NH would have said. I tend to believe that he would have given the same answer. Also, after the Q & A it was difficult to decide if the "investors" NH was indicating were the same as the "consortium" that Gasincider, JTS and myself were talking about, so we asked NH if there were two offers that could met the "financial" test, ie £40m in a bank account that satisfied NH and TW, would he call an EGM of Shareholders to provide full details of both offers, so that Shareholders could have their say.
His answer was that, he did not think he had to do that but he would take legal advice. This answer astounded me. So if he felt one offer is OK by him, if there was an offer that may have been better, he did not have to disclose that to ALL the Shareholders.
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Post by bluebeard on Nov 27, 2015 20:01:06 GMT
"no contract in force" so we've spent millions on a project where the UWE could have/can still just walk at any moment?? Let's just hope they want the staduim as much as we do! I still find it a bit hard to believe we've now 12 potential investors all lined up to hand over £50m, when a few months ago NH seemed to be suggesting nobody was interested and w/o Sainsbury money the project was dead. How have we got from £32m to build UWE to £50m? And I find it hard to believe that there is 1 investor willing to fund the whole thing without knowing how much a sale of the MEM will contribute, never mind 12. |
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Post by Severncider on Nov 27, 2015 20:03:10 GMT
Did NH give any clues as to what Plan B was? He said there was only one plan, if this was not said during the Q & A, he said it to some of us before or after the Q & A.
That is the building of UWE to the original specification.
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Post by Hugo the Elder on Nov 27, 2015 21:37:56 GMT
Accepted there is likely to be a view that NH may be economic with the truth, although I don't feel that to be the case, but many people on the forums won't believe a word he says unfortunately. I can't for the life of me imagine why that might be. |
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Post by Topper Gas on Nov 27, 2015 21:37:59 GMT
Also TG, how many of those 12 have been able to prove they have the finance in place or access to the finance, which is clearly an essential piece of information. Accoring to a gassince1957 post NONE of them. In fairness Dave this is where the confidentially agreement thingy's deny us the truth as for all we know all 12 could have funds in place but NH is bound by those agreements not to tell us - UTG I can't see that's the case, if he said investor named Y can afford the deal but investor Z unfortunately can't then he would be breaking the agreement by naming the investors, just saying he believes some of the investors can afford to build the UWE is just stating facts not divulging confidential info. The fact he seems to suggest none of the investors have supplied proof makes me wonder whether the suggestion the "consortium" are ready and waiting to build the UWE might not be correct and also makes you wonder what is Plan B if we lose to Sainsbury's. I don't suppose the wonga loan was mentioned, if so, has it been extended/increased and how does NH plan on repaying it if we lose the Appeal? Whilst the Q&A seems to have gone well you still fear NH's only hope is winning the Appeal and if we lose then Plan B isn't going to be a pleasant one. |
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Post by Severncider on Nov 27, 2015 21:50:49 GMT
In fairness Dave this is where the confidentially agreement thingy's deny us the truth as for all we know all 12 could have funds in place but NH is bound by those agreements not to tell us - UTG I can't see that's the case, if he said investor named Y can afford the deal but investor Z unfortunately can't then he would be breaking the agreement by naming the investors, just saying he believes some of the investors can afford to build the UWE is just stating facts not divulging confidential info. The fact he seems to suggest none of the investors have supplied proof makes me wonder whether the suggestion the "consortium" are ready and waiting to build the UWE might not be correct and also makes you wonder what is Plan B if we lose to Sainsbury's. I don't suppose the wonga loan was mentioned, if so, has it been extended/increased and how does NH plan on repaying it if we lose the Appeal? Whilst the Q&A seems to have gone well you still fear NH's only hope is winning the Appeal and if we lose then Plan B isn't going to be a pleasant one. I took up the question of the MSP loan before the AGM.
NH said the Evening Post interpretation of what he had said was wrong, no surprise there. He appeared to say that there has been no change to the terms - length of repayment may have been extended.
He DID say that we are NOT paying a monthly instalment , but accumulating the interest into the capital sum.
God knows what the outstanding amount is currently.
He appeared confident it can be repaid, even if we lose the appeal. I assume from any new investor.
load
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Post by aghast on Nov 27, 2015 22:04:03 GMT
"no contract in force" so we've spent millions on a project where the UWE could have/can still just walk at any moment?? Let's just hope they want the staduim as much as we do! I still find it a bit hard to believe we've now 12 potential investors all lined up to hand over £50m, when a few months ago NH seemed to be suggesting nobody was interested and w/o Sainsbury money the project was dead. How have we got from £32m to build UWE to £50m? And I find it hard to believe that there is 1 investor willing to fund the whole thing without knowing how much a sale of the MEM will contribute, never mind 12. It's a number of factors isn't it? The build cost has gone up. Then there's the paying off of Directors' loans, repaying the Wonga loan, and the premium which would have to be offered to shareholders to approve the takeover - 50% of those are owned by Sir Nick, so he'll do nicely out of that. Then there's the cost of buying the Mem. Less the cost of selling the Mem. I don't know the details behind all this, but clearly it's going to cost any investor a lot more than the £30M Sainsbury's were going to give us in the original plan. |
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Post by Severncider on Nov 27, 2015 22:53:54 GMT
I have now posted on a separate thread headed SC AGM Q & A, the questions and answers at the Q & A.
I made a note of every questions heading, the replies are from what I recall was said.
If there is anything wrong, please post accordingly.
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Post by Topper Gas on Nov 27, 2015 23:36:51 GMT
I can't see that's the case, if he said investor named Y can afford the deal but investor Z unfortunately can't then he would be breaking the agreement by naming the investors, just saying he believes some of the investors can afford to build the UWE is just stating facts not divulging confidential info. The fact he seems to suggest none of the investors have supplied proof makes me wonder whether the suggestion the "consortium" are ready and waiting to build the UWE might not be correct and also makes you wonder what is Plan B if we lose to Sainsbury's. I don't suppose the wonga loan was mentioned, if so, has it been extended/increased and how does NH plan on repaying it if we lose the Appeal? Whilst the Q&A seems to have gone well you still fear NH's only hope is winning the Appeal and if we lose then Plan B isn't going to be a pleasant one. I took up the question of the MSP loan before the AGM.
NH said the Evening Post interpretation of what he had said was wrong, no surprise there. He appeared to say that there has been no change to the terms - length of repayment may have been extended.
He DID say that we are NOT paying a monthly instalment , but accumulating the interest into the capital sum.
God knows what the outstanding amount is currently.
He appeared confident it can be repaid, even if we lose the appeal. I assume from any new investor.
load
The comments about the MSP in the B Post seemed to just repeat the comments NH made in 20man's interview? Interesting that the MSP loan interest is not being paid as that means that not only is the loan increasing by £30K a month but it can't be impacting on DC's playing budget, as we assumed, if it's not being paid. I guess D-day will come when the loan has to be repaid if we don't win the Appeal/the investors can't raise the £40m+ required. |
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Post by gaseous on Nov 28, 2015 18:54:10 GMT
Oh so there is talks going on with a consortium/investors, but we all knew that anyway, well done JTS and gasinsider for breaking it when you did, shame certain posters slammed you for it. UTG
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Post by newmarketgas on Nov 28, 2015 19:11:29 GMT
No shame on anyone, so few facts made the whole thread a guessing game.
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Post by aghast on Nov 28, 2015 21:13:22 GMT
They all made it clear from the start that they knew certain things but could not go into detail. Anyone not buying into it because of lack of evidence is fair enough, but at least one of them was called a liar by a certain poster (who has gone quiet now - funny that), and that wasn't right.
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Post by oldgas on Nov 28, 2015 22:14:22 GMT
It's all very well NH saying talks are going well, confident about the appeal, work could start early next year blah blah blah....
But, we've heard it all before
Eg come to Cheltenham to choose your seats for next season
We have a water tight contract with Sainsburys
The diggers will be on site early in the new (2015) year. All the time Sainsburys had no intention of completing and were waving two fingers at him
Confident the H C judge will compel Sainsburys to honour contract.
Don't get me wrong, I desperately want the takeover, new stadium, investment in the team etc, but I am getting a little weary of it all. I'm afraid I have to take everything NH says with a bucket of salt. It's a bit like the boy who cried wolf for me.
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Post by 2nd May 1990 on Nov 28, 2015 22:22:34 GMT
It's all very well NH saying talks are going well, confident about the appeal, work could start early next year blah blah blah.... But, we've heard it all before Eg come to Cheltenham to choose your seats for next season We have a water tight contract with Sainsburys The diggers will be on site early in the new (2015) year. All the time Sainsburys had no intention of completing and were waving two fingers at him Confident the H C judge will compel Sainsburys to honour contract. Don't get me wrong, I desperately want the takeover, new stadium, investment in the team etc, but I am getting a little weary of it all. I'm afraid I have to take everything NH says with a bucket of salt. It's a bit like the boy who cried wolf for me. Have to be honest, I'm one of the biggest 'rose-tinters' on here but I agree with every word you say. For some reason I'm more worried than ever after what's come out of the AGM and I can't quite put my finger on why. A very uneasy feeling about NH's comments. |
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Post by gasincider on Nov 29, 2015 0:32:14 GMT
The understandable issue that many on here have is lack of detail re the consortium. Unfortunately what has been said is all that can be said for now. I understand the frustration of many of you, and i also get frustrated at the lack of disclosure. But all I can do is confirm that the consortium have certainly not gone away, and are still moving forward but at their pace.
As for the liar jibe, I'd already forgotten about it. When you go around the country watching the club, just like many of you do on here, we get called all sorts. You get used to it, so someone on here who sadly lets his frustration get the better of him matters not, and he should take a lesson from those on here who, despite being equally frustrated, at least have the good manners to say it in a reasonable format.
Anyway, keep the faith. When all is eventually disclosed, there will be no request by me for humble pie from anyone, I'll be too bloody happy for that.
Back now from Exeter after a thorough soaking, but a far better performance. Tell Tbone that his favourite son did have a poor game today, as did Leads in my opinion, but Parkes had a very good game and was my man of the match.
UTG
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Post by RD on Nov 29, 2015 0:45:57 GMT
Where are Gashead Gaz and Lord Justice Gashead? Their silence is deafening
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Post by daniel300380 on Nov 29, 2015 1:22:52 GMT
The understandable issue that many on here have is lack of detail re the consortium. Unfortunately what has been said is all that can be said for now. I understand the frustration of many of you, and i also get frustrated at the lack of disclosure. But all I can do is confirm that the consortium have certainly not gone away, and are still moving forward but at their pace. As for the liar jibe, I'd already forgotten about it. When you go around the country watching the club, just like many of you do on here, we get called all sorts. You get used to it, so someone on here who sadly lets his frustration get the better of him matters not, and he should take a lesson from those on here who, despite being equally frustrated, at least have the good manners to say it in a reasonable format. Anyway, keep the faith. When all is eventually disclosed, there will be no request by me for humble pie from anyone, I'll be too bloody happy for that. Back now from Exeter after a thorough soaking, but a far better performance. Tell Tbone that his favourite son did have a poor game today, as did Leads in my opinion, but Parkes had a very good game and was my man of the match. UTG What I don't get is when this was first brought up, people who knew said Higgs was ignoring the offer and that he didn't get back to the consortium. Now things are progressing??? What has changed? Is he talking to them and taking it into consideration or not. I know you can't give details, however, are they talking now in your opinion?  |
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Post by gasincider on Nov 29, 2015 8:26:38 GMT
When this was first brought up there was no offer. They would first of all have to look at the Mem and the UWE site to see if it was a viable investment, and then talk to the relevant parties.
They have now spoken to all those who matter, and will have decided whether to proceed to an offer or not. They are still here, so it is obviously a viable proposition, and so they move on to the next stage. Where they are with that I don't know. I'm not party to the talks.
All I know as I say is that they are still here and are not going to walk away. So watch this space
UTG
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Post by mjhgas on Nov 29, 2015 9:14:19 GMT
Interesting chat with a chap from Exeter yesterday who thought it would be a good idea if his company sponsored us!
He was something to do with Calor Gas!
I pointed him in the direction of the board!
Look forward to hearing about our 2016/17 sponsors!!!
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