GMF

Put the stick down. The Board didn’t complete the form…

Newcastle United v Sheffield United - home win. Good luck all

Who are you blaming for this one then?

Quelle surprise 😮

Or their representatives… 😉

That’s not right @shefcanary on two accounts. First, look at any other club that’s issued shares recently, and you will see that they are usually allotted for a premium, which is specified on the SH01 form. Second, I’ve checked with the club and another form will be available shortly.

The SH01 form has to show the nominal value, in this case £1.00, and the amount paid, again £1.00, together with any amount unpaid, in this instance £0.00. It’s either correct, or an administrative c0ck up. I suspect it is the latter and a revised form will be sent in shortly.

Someone’s going for maximum capital appreciation…. 😉

Did you waiver before posting this? That’s relatable… 😆

No, CH receives the documentation, it doesn’t draft them. That’s the responsibility of the company, or its representatives. Either the form is drafted correctly, or it’s an administrative c0ck up.

Is it 2016 revisited, the Ed and Tom show? @essex canary will have something to say, if it’s true…

It’s just too easy and predictable…

Are you including the executive director’s bonus in that? 😜

Ultimately, it’s not about the size of the debt / liabilities, it’s about the ability to repay, or refinance them, when they become due. It’s perfectly feasible, although maybe not desirable, to have £100m of debt, with a £35m annual revenue stream, and still be able to trade on.

Anyone who lets their leasehold title reduce to just two years unexpired is bonkers, but they also have statutory rights to an automatic extension, so probably not relevant in this context. Nevertheless, the Club appears to be technically insolvent, based purely upon the accounts, and requires owner support, at least in the short term. In this context we’re now similar to the majority of other clubs.