Horrible rumour

[Bluedevil]

Apologies if this has already been posted, but there is a nasty rumour doing the rounds claiming that the board have managed to persuade the infamous Gibraltar loan company to convert all or part of the £277,000 loan debt into issued club shares. I don't know if this is true or if this could work but it would put them in an unbeatable position for the AGM/EGM, and these new persons will be proposed as new board members at the AGM. :(

 

Hopefully the SC will have such a scenario on their radar.

[IDF]

I thought it was illegal to use a loan to pay for shares??

[KEV.WILLIE]

I would'nt put anything past them, they really are ****ers

[Conrad]

I thought it was illegal to use a loan to pay for shares??

 

It is.that is a loan secured on company assets[the ground]

[ollyandpatch]

The 2 visitors on Saturday were the said guys. Bratt is behind all this.

[Santa]

They could convert the loan into equity, the only problem being is that it brings no new money into the club because it was all spent in December on 'cashflow' and 'Miller's commission'.

 

I'm sure they couldn't use it to pay for nil paid shares already issued as they would be the personal liability of the individuals involved.

[One_Eyed_Dog]

And now the EGM/AGM has been called no shares can be issued.

[Bluedevil]

It is.

 

How I understood it, the board aren't using the loan to pay for shares they are using club shares to repay the loan. Hope that makes sense?

 

This means that the Gibraltar loan company will be new board members, whoever they are, possibly as replacements for Deakin and Oliver.

[Santa]

Is one of the guys involved bald with big ears, late 30s early 40s, looks like a bit of a cross between Gareth Owen and Ian Holloway?

[blackdog]

Wont they have go through that fit and proper test or wont that apply ?

[Bluedevil]

And now the EGM/AGM has been called no shares can be issued.

 

Apparently, this was all arranged last week and representatives of the loan company met the board on Friday and were guests against Gillingham, thus the deal was stuck before the EGM/AGM announcement.

[Birdy]

And now the EGM/AGM has been called no shares can be issued.

Not strictly true. If the board want to suspend the sale of shares they will say so otherwise they may well issue shares right up to the 12th. It will be up to the SC or club to confirm the sale of shares situation.

[inner sanctum]

That'll be why they needed until today to call the EGM then. Time to get it sorted before they can't acquire any more shares.

[One_Eyed_Dog]

But isn't that putting the fox in charge of the chicken coop?

 

BD - One of Brattys boys was Steven Plant. He couldn't spend a penny without help let alone broker a share deal.

[Phil.j.B]

Is one of the guys involved bald with big ears, late 30s early 40s, looks like a bit of a cross between Gareth Owen and Ian Holloway?

 

There was someone matching that description on the Lorne St. car park fri. afternoon driving a Maserati.