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 mimma |
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Brandy Drinker  Posts: 2,653
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Taken from the Mariners Trust newsletter, I think this answers the origional question;
What happens next if the resolution is agreed at the EGM?
Once agreed 1878 Partners Ltd will immediately buy John Fenty’s shares and following that they will join the board with John stepping down at the same time. Jason will appointed Chairman for a fixed 3 year term.
You can see the circular to the
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| KingstonMariner |
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The unanswered questions are how the loans will get paid; where the money for that will come from; and until it is paid off what hold has Fenty got over the club with him being the major debtor?
I’d be much happier if the answer was the money will come from JS &AP, via 1878 and that will be either repaid over a long period of years or written off.
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| DB |
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Barley Wine Drinker  Posts: 18,973
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Just read my copy of the shareholders circular which arrived in the post yesterday.
Precisely expressed a newly incorporated shell company with £2 share capiital 1878 Partners Ltd will contract to by JF shares for £975000 and will
Guarantee that JF,s £1.5m loans will be repaid over three years.
Crucial point is that is 1878 and not JS and AP who guarantee to repay JF loans .
So JS and AP are committed to put up initial £975k share purchase funds which they will no doubt do by injecting that into 1878 by way of a loan but there is no stated commitment that they will put funds into 1878 to repay JF loans.
It would would appear to me that if things don’t go well that based on the information in the circular JS and AP have no obligation to put 1878 in funds to repay JF loans and could walk away if they don’t fancy putting up further funds. JF could sue 1878 for repayment of loans but if its only asset is the 41% shareholding then all he would get is the 41% shareholding back
So at that point JF loan is unpaid he is the major creditor or whatever phrase he calls it and is back in effective control.
It would have provided me with a lot more confidence if JS and AP had guaranteed to repay JF loans (if 1878 where unable) and then their commitment would have been clear.
Let’s hope the Dembele transfer proceeds make this academic .
From what you have said we have 'shell' company 1878 which will be funded by JS and AP to buy Fenty's shares, plus any others if they wish to. 1878 will also pay off Fenty's loans within 3 years. Fenty's is not daft and would not agree to the sale if the 'shell' company has not got any assets. I just wonder if some deal has not been made for Fenty, or Day, to become a director of 1878 once 1878 own GTFC. In other words, a backdoor say in what happens to Town. If this, or something similar takes place, then the answer to your OP is not for 3 years. Just a thought. |
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 jamesgtfc |
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From what you have said we have 'shell' company 1878 which will be funded by JS and AP to buy Fenty's shares, plus any others if they wish to. 1878 will also pay off Fenty's loans within 3 years.
Fenty's is not daft and would not agree to the sale if the 'shell' company has not got any assets. I just wonder if some deal has not been made for Fenty, or Day, to become a director of 1878 once 1878 own GTFC. In other words, a backdoor say in what happens to Town. If this, or something similar takes place, then the answer to your OP is not for 3 years.
Just a thought.
Stockwood and Pettit aren't stupid, they won't entertain that twit having anything to do with 1878 either. |
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Stockwood and Pettit aren't stupid, they won't entertain that twit having anything to do with 1878 either.
I agree with you but neither is Fenty. He's not going to leave £1.5 million behind in the hope of it being paid off with having some control somewhere to protect his interest. |
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| HerveJosse |
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JF has his control. If 1878 fails to repay his loan having given a guarantee he sues it wins recovers its only asset his original 41% percent shareholding and we are back to square one..Loans are sill outstanding and he is the largest shareholder.
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Fenty pretty much said this before he will not leave his money behind with no say.
So we are stuck with Fenty the consortium should of paid off fenty and either write it off or take payment back over 10 years.
This way the club has a half a million to pay out before a ball is kicked.
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Barley Wine Drinker Posts: 18,973
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JF has his control. If 1878 fails to repay his loan having given a guarantee he sues it wins recovers its only asset his original 41% percent shareholding and we are back to square one..Loans are sill outstanding and he is the largest shareholder.
So what you are saying is that JF has indirect control over the club if his loans are not repaid in accordance with his wishes/contractual agreement, and the answer to your OP is 3 years if all goes well. |
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| mimma |
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Brandy Drinker Posts: 2,653
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Please read my earlier post, from the Trust news letter.
In it there is a clear answer from the trust, two of whom sit on the board, and have been in contact with the consortium throughout discussions.
This is the bit that should clear up, once and for all, what it is you want to know about what is going to happen to Fenty and his shares.
["Once agreed 1878 Partners Ltd will immediately buy John Fenty’s shares and following that they will join the board with John stepping down at the same time. Jason will appointed Chairman for a fixed 3 year term."
Is it not clear enough for you?
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| HerveJosse |
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So what you are saying is that JF has indirect control over the club if his loans are not repaid in accordance with his wishes/contractual agreement, and the answer to your OP is 3 years if all goes well.
Yes that’s my interpretation based on the details of the transaction disclosed in the shareholders circular. |
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