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Latest GTFC Financial Results Released...

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Gaffer58
November 6, 2019, 7:15pm
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Quoted from mimma
It's the amount of shares you hold that dictate the control of the club. If you have more than 50% of the total no. of shares then you have overall control of the club.  If you have less then you can be out voted by the rest of the shareholders.


Are there not some stock market rules that say something along the linesthat, if you hold a certain amount of a company's shares, 30% comes to mind, you have to make an offer for the remaining shares.
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Cambs Mariner
November 6, 2019, 7:18pm
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Quoted from Gaffer58


Are there not some stock market rules that say something along the linesthat, if you hold a certain amount of a company's shares, 30% comes to mind, you have to make an offer for the remaining shares.


I believe it is 51%.
.


.
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KingstonMariner
November 6, 2019, 7:25pm
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Quoted from Gaffer58
So if over the next few years Mr Fenty eventually gets all his loan back, and he probably takes some money each year for expenses when on official town duty, will it mean that he has had complete control for no expense at all. I assume that his loan is interest free so if he had put that money into a building society he would have had a bit of interest. If the above is correct, and I know there will be someone on here to put things right if incorrect, it doesn't seem to have been too bad a thing for him, and I understand there was always the possibility of him losing it all if the club had gone mamaries up, unless he was in a position where he would have been a privileged creditor.


He is a privileged creditor. See the following quote from the company (i.e. the club) accounts.

"Mr  J  S  Fenty  has  provided  financial  guarantees  amounting  to  £325,000.  These  guarantees,  together  with  his  loans,  are secured by way of a debenture, dated 6th July 2007,creating a fixed and floating charge over all of the company's assets."


Through the door there came familiar laughter,
I saw your face and heard you call my name.
Oh my friend we're older but no wiser,
For in our hearts the dreams are still the same.
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bedders78
November 7, 2019, 12:58pm
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Quoted from The Yard Dog

I know that come Saturday, I will be at BP watching the mariners, at our ground, in the football league, a club run within it's means.  I wonder what the Bury fans, will be doing.


FA Cup


Grim Outlook exile
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FishOutOfWater
November 7, 2019, 1:22pm
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Quoted from The Yard Dog

I know that come Saturday, I will be at BP watching the mariners, at our ground, in the football league, a club run within it's means.  I wonder what the Bury fans, will be doing.



Quoted from bedders78


FA Cup


Well spotted Bedders.... a bit of a facup as they say darn sarf  
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psgmariner
December 3, 2019, 10:31am

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Keiran Maguire has done his usual deep dive on our accounts:

https://twitter.com/kieranmaguire?lang=en

TLR

Praises us for showing that lower league clubs can be transparent, break even and get accounts out quickly.

Income up 12% mainly due to broadcast revenue

Profit made through player sales and loan income

Wage bill up 5%

£46,000 spent on transfers

Fenty recouped £250k but still £1.55M outstanding

Committed to spend £107k on new ground plans (don't get much for that!)




http://www.miabcleethorpes.net
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137
December 3, 2019, 10:47am
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Mr Maguire states that GTFC is "technically insolvent"...so can we really be a 'well-run club'?  
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FishOutOfWater
December 3, 2019, 1:15pm
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Quoted from 137
Mr Maguire states that GTFC is "technically insolvent"...so can we really be a 'well-run club'?  


Furthermore he states

Grimsby total losses over the years just under £3m. Club technically insolvent but not an issue whilst directors continue to back it.

How did we manage to lose that amount of money??  Got to say I am a bit shocked about that.....
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pizzzza
December 3, 2019, 1:22pm

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Quoted from psgmariner


Praises us for showing that lower league clubs can be transparent, break even and get accounts out quickly.



Surely this is because we have to, since we are a plc. Seems odd to praise for something the club is obliged to do.
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psgmariner
December 3, 2019, 1:52pm

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Not obliged to be a PLC though.




http://www.miabcleethorpes.net
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