private equity company land plans

[marklaspalmas]

37 minutes ago, Steve Slater said:

I've been losing sleep over this Robin, wondering which way I should vote, but your parallel with Brexit convinces me that I and many other A Shareholders aren't knowledgeable enough to make a choice. I've dabbled in property development in the past and bought both land and houses, but with only moderate success, and I still don't feel qualified to make a decision. One thing it has taught me though is that time is money, and by sitting on your assets without getting income for them you are losing money year on year, and it could amount to more than you would have made by choosing the slower option.

So, unless someone comes up with a much better argument I will continue to trust in Campbell, he's not done a bad job so far.

With the greatest respect Steve, Im not sure. I don't know why Robin thinks it's like Brexit. It's not. But if there is something to learn it's that voters need as much information as possible before making a decision. Ask all questions now, and for the next few months if necessary.

Is this a once-in-a-lifetime thing? Yes. And if it isn't voted through on Thursday the offer disappears for ever? If so, that seems very odd. If not, then where's the huge rush in 2 weeks to run it all through after the land has been sitting there for decades.

More information and more reflection needed. Private equity firms are savvy operators.

[Maureen T-k]

If I remember rightly we were asked about a firm leasing some of the land and the back of the stadium to use to train people to use diggers etc and we agreed to do so. Since then nothing else as been said although I’ve seen the very said firm advertising that they’re doing it elsewhere 

[fevtom]

Forgive me if this is a stupid question but i'm probably the youngest on the forum and aren't exactly up to date with off field developments but what area of land does the club actually own?

[Maureen T-k]

26 minutes ago, fevtom said:

Forgive me if this is a stupid question but i'm probably the youngest on the forum and aren't exactly up to date with off field developments but what area of land does the club actually own?

It’s not a stupid question at all. There’s the car park, the ground itself and the land at the back of the new 70m stand and all the land at the back of the family stand where the training field is and centre of excellence, which brings it adjacent to cricket field 

[Maureen T-k]

CLUB STATEMENT

Featherstone Rovers have issued a statement to provide clarity, ahead of a vote at the club's upcoming AGM. 

READ full details here: http://bit.ly/2CiZoAb

#ThisIsOurHouse

[Rarefrith]

1 minute ago, Maureen T-k said:

CLUB STATEMENT

Featherstone Rovers have issued a statement to provide clarity, ahead of a vote at the club's upcoming AGM. 

READ full details here: http://bit.ly/2CiZoAb

#ThisIsOurHouse

£1.2m debt, that doesn’t suggest this club has been run very well does it. What a mess. 

[Monkeymagic22]

Seems it’s either stay as we are, and likely decline due to the debts, or take option c.

Wonder if the debt is loans from directors!.

[Rarefrith]

Just now, Monkeymagic22 said:

Seems it’s either stay as we are, and likely decline due to the debts, or take option c.

Wonder if the debt is loans from directors!.

Would like to know that. This really is shocking!!! 

[Robin Evans]

7 hours ago, marklaspalmas said:

With the greatest respect Steve, Im not sure. I don't know why Robin thinks it's like Brexit. It's not. 

I never said it was. I drew comparisons to the vote and the amount of information being requested.

[Fev1983]

On 10/12/2018 at 7:40 PM, marklaspalmas said:

Wise words.

Presunably part of the 2m would be needed to clear all the charges & debentures on the land (possibly up to 900K looking at our liabilities).

Hi marklaspalmas where did you get the £900,000.00 liabilities from, is it long term or short term loans?? thanks

[jamescolin]

The lack of action in the past has put us in the position we are in now. Looks like option c is the only way out without big risks. Clearance of the debts and interest payments are clearly a priority. Still going to take time but at least something at last has been done. Hope I am still around to see us with a straight edge. I hope we haven't interest to pay on the £2million pending the fruition of the plans.

[gazza77]

Debt clearance needn't necessarily be a priority. Whom is it owed to, is it increasing or falling and at what rate, and most importantly, can the club continue to service the repayments? If the debt is static or falling and we're covering what we owe, I personally don't see an issue. If it's growing and we're already struggling to repay, it's a very different story. 

[gazza77]

3 hours ago, Rarefrith said:

£1.2m debt, that doesn’t suggest this club has been run very well does it. What a mess. 

I'd suggest it depends on why the debt has arisen. If we've borrowed to invest in the infrastructure of the club, improving facilities to improve future revenue, then it's probably worthwhile. If it's because of what we're paying in wages, then possibly a different story. 

[marklaspalmas]

2 hours ago, Robin Evans said:

I never said it was. I drew comparisons to the vote and the amount of information being requested.

Fair do's Robin and sorry for drawing that conclusion. I found your post confusing.

[marklaspalmas]

2 hours ago, Fev1983 said:

Hi marklaspalmas where did you get the £900,000.00 liabilities from, is it long term or short term loans?? thanks

From the 2016 filed accounts 

[marklaspalmas]

1 hour ago, jamescolin said:

The lack of action in the past has put us in the position we are in now. Looks like option c is the only way out without big risks. Clearance of the debts and interest payments are clearly a priority. 

You think option C is not a big risk???

10k a month debt repayments sounds a lot but is it really unserviceable? We've been doing it for years.

[Monkeymagic22]

If you were a cynical person, you’d think that the club had framed the information to get the result it wants. 

 

 

[painkiller]

It’s difficult to see how we are making 10 k plus each month without rugby  I hope we are but it’s a heavy amount each month!

[Fev1983]

4 hours ago, Maureen T-k said:

CLUB STATEMENT

Featherstone Rovers have issued a statement to provide clarity, ahead of a vote at the club's upcoming AGM. 

READ full details here: http://bit.ly/2CiZoAb

#ThisIsOurHouse

I read that council doc and it looks like we won't be able to apply for planning permission until after 2021 if we don't start now. Anybody else read it?

[Maureen T-k]

9 hours ago, Fev1983 said:

I read that council doc and it looks like we won't be able to apply for planning permission until after 2021 if we don't start now. Anybody else read it?

I’m going to read it when I’m home as trying to read it off my mobile phone isn’t very good on the eyes

[Blue Pike]

Do we owe the Tax man?,as there is only one winner if we do. If not would it make more sense to pay our creditors a minimum payment ( which I believe you can legally do)until we can pay them off in full and in the meantime try to get planning permission for if we do and even if it takes a few years our Club would be financially stable for the next two decades.

[sentoffagain2]

1 hour ago, Blue Pike said:

Do we owe the Tax man?,as there is only one winner if we do. If not would it make more sense to pay our creditors a minimum payment ( which I believe you can legally do)until we can pay them off in full and in the meantime try to get planning permission for if we do and even if it takes a few years our Club would be financially stable for the next two decades.

  Problem is the planning permission,if it looked likely that it would be given especially for the far side which was left to Rovers with covernant saying it had to be used for sporting or recreation use only.If planning permission was very likely a building firm would have offered 80% of the lands value and put in for permission themselves.One of my old mates used to travel the country buying land to build on for Bovis Construction he would value the risk factor of planning and bid up to that.Would have accepted a debt of half a million but 1.2 million is gross mis-  management of funds.Remember when we sold Paull Newlove to Bradford we got over 300 G for him and the money(quite a sum in those days didn't last very long)we should accept that we are a middle of Rugby League club, and stop chasing the rainbow of Super League.

[Les Tonks Sidestep]

The last published accounts (to year ending Nov 2017) show debts falling due within 1 year to be £387470 (made up of Trade Creditors £175493, Social security and other taxes £40056 and other creditors £171921); due after more than 1 year: £712349 (loan creditors, with £200k of that secured loans). £1099819 in total. We are owed £103548, so net debt is £996271

These are up from £299374 (within 1 year) and £674442 (after more than 1 year, including £200k secured loans) form 2016. Total of £973816. We were owed £58250, so net debt £915566.

At least some of that secured loan is owed to Colm Corran.

[Private Baldrick]

12 hours ago, Monkeymagic22 said:

If you were a cynical person, you’d think that the club had framed the information to get the result it wants. 

 

 

I think you are spot on with that! If each of us adds up what we owe on our mortgages, car finance, phone contracts, sky contracts etc. we would come to a fairly large figure, and just to say that we are £X amount of pounds in debt doesn't tell the whole story. As long as the debt is serviceable and a 'good debt', i.e. money borrowed to spend on facilities to bring in extra revenue etc. then I don't see a problem. If however we owed the taxman £1.2 million then questions need to be asked.  

[Blue Pike]

I hope this doesn’t happen; If vote C is voted in and we start receiving the funds , MC says he is entitled to x amount because he has put x amount previously into the Club ( which he rightly may have ) , Takes it out , buggers off to York leaving us without a pot to p### in.