Mark Attanasio

[CANARYKING 644]

Simple question, is this “ takeover “ ever going to happen ?

[nutty nigel 7,618]

4 minutes ago, CANARYKING said:

Simple question, is this “ takeover “ ever going to happen ?

This thread reminds me of the original Brexit thread. For all the pages I didn’t have a clue how to vote and I feel the same way with this.

Simple answer - No idea but I’m beginning to hope not.

[TIL 1010 4,791]

31 minutes ago, nutty nigel said:

 

Simple answer - No idea but I’m beginning to hope not.

Administration is just over the horizon then.

[nutty nigel 7,618]

29 minutes ago, TIL 1010 said:

Administration is just over the horizon then.

Because I hope not?

[TIL 1010 4,791]

9 hours ago, nutty nigel said:

Because I hope not?

MA has loaned the club £40 million which hasn't gone on ground redevelopment or player purchases so where has it been used and both the accountants and GOFPA question why together with the paperwork sent out to shareholders an interim set of accounts for the year ending June 2023 was not enclosed to provide further info.

[PurpleCanary 5,580]

9 hours ago, nutty nigel said:

Because I hope not?

Afraid so, nutty. If diehard supporter you of all people are sceptical then investor confidence worldwide not just in NCFC but in the global economy will plummet.

[Capt. Pants 4,277]

10 hours ago, CANARYKING said:

Simple question, is this “ takeover “ ever going to happen ?

If it doesn't we are seriously in the **** unless we magic up £40m from somewhere and that might be on top of any operating loss for last year.

Only NCFC could faff around and turn the process into a shambles. We're in a worse position than before MA's involvement. 

[GMF 757]

6 minutes ago, TIL 1010 said:

MA has loaned the club £40 million which hasn't gone on ground redevelopment or player purchases so where has it been used and both the accountants and GOFPA question why together with the paperwork sent out to shareholders an interim set of accounts for the year ending June 2023 was not enclosed to provide further info.

There’s a few things here worth mentioning.

First, whilst interim accounts would have been preferable, they clearly weren’t mandatory.

That said, it does seem odd, having sent out documentation that is intended to deal specifically with the capitalisation of less than £5m debt (which is not a bad thing) that they seemingly went “information lite” on the balance of the £33m debt finance provided by MA.

Second, and I guess that we’ll have to wait for the Year End accounts next month, there should have been more information on the split between external loans and those provided by MA. Although @PurpleCanary highlighted yesterday that there’s no obligation to do so, and it’s not something that shareholders would normally have any input upon, let’s not forget that those same shareholders are being asked to forego their right to have an offer for their shares.

Debt isn’t necessarily a bad thing from a corporate perspective, it’s not the total debt pile that is important, it’s the ability to pay it (or the ability to refinance it) when it becomes due for repayment.

The age of openness and transparency seems to have been redefined, arguably for the worse.

[Mello Yello 2,302]

Personally...it just seems that the hierarchy just can't let go.....and fawning fan folk think that if and when or on the day they have to relinquish their role? It'll be like the Raven's leaving the Tower of London or the Barbary Apes disappearing from the Rock of Gibraltar....Which can only therefore signal, DOOM!.... 😉 

[Davidlingfield 63]

27 minutes ago, GMF said:

There’s a few things here worth mentioning.

First, whilst interim accounts would have been preferable, they clearly weren’t mandatory.

That said, it does seem odd, having sent out documentation that is intended to deal specifically with the capitalisation of less than £5m debt (which is not a bad thing) that they seemingly went “information lite” on the balance of the £33m debt finance provided by MA.

Second, and I guess that we’ll have to wait for the Year End accounts next month, there should have been more information on the split between external loans and those provided by MA. Although @PurpleCanary highlighted yesterday that there’s no obligation to do so, and it’s not something that shareholders would normally have any input upon, let’s not forget that those same shareholders are being asked to forego their right to have an offer for their shares.

Debt isn’t necessarily a bad thing from a corporate perspective, it’s not the total debt pile that is important, it’s the ability to pay it (or the ability to refinance it) when it becomes due for repayment.

The age of openness and transparency seems to have been redefined, arguably for the worse.

If the interim accounts had anything like good news in them, they would have been included in the shareholder pack.

Instead, as will be proved when the full year June 2023 accounts are published, there will be hideous operating losses caused by high player salaries. Without Attansio, our Club would be bankrupt - there is nothing to show for the £40m except survival. Surely people can’t be surprised that money has gone - it was clear from the June 2022 accounts we were heading this way.

[TIL 1010 4,791]

Whatever happened to the future is bright, the future is yellow ?

[Midlands Yellow 4,077]

Can we please go back to plan A, cancel the takeover and let Tom run the show when auntie retires. 

[shefcanary 2,448]

15 hours ago, GMF said:

Sorry @shefcanary, the thought of the TP reading this thread has tickled me, and we all know that the delay is down to them reading lengthy emails from @essexcanary - he tipped them off… (winks).

My statement was merely outlining my thoughts - I couldn't possibly say what really went on ... 😉 

Still, Zoe will no doubt comment on the vagaries of the TP panel as a learning point after all this has died down. Personally I'd sue the **** off the professional advisers - just what did Carteret actually do?

[Mello Yello 2,302]

25 minutes ago, TIL 1010 said:

Whatever happened to the future is bright, the future is yellow ?

It disappeared long ago, to be replaced by 'Prudence with Attrition' and 'Onwards and Downwards'.... 

[shefcanary 2,448]

1 hour ago, GMF said:

There’s a few things here worth mentioning.

First, whilst interim accounts would have been preferable, they clearly weren’t mandatory.

That said, it does seem odd, having sent out documentation that is intended to deal specifically with the capitalisation of less than £5m debt (which is not a bad thing) that they seemingly went “information lite” on the balance of the £33m debt finance provided by MA.

Second, and I guess that we’ll have to wait for the Year End accounts next month, there should have been more information on the split between external loans and those provided by MA. Although @PurpleCanary highlighted yesterday that there’s no obligation to do so, and it’s not something that shareholders would normally have any input upon, let’s not forget that those same shareholders are being asked to forego their right to have an offer for their shares.

Debt isn’t necessarily a bad thing from a corporate perspective, it’s not the total debt pile that is important, it’s the ability to pay it (or the ability to refinance it) when it becomes due for repayment.

The age of openness and transparency seems to have been redefined, arguably for the worse.

Absolutely.

But from my point of view, it would have been a point of professional pride to have insisted on a set of interim accounts in the shareholder pack, I've said before I'd resign if this wasn't allowed. [As a footnote, the ICAEW have just revised their CPD and insisted all members complete a 1 hour online course on the Institute's professional ethics. From what I learned doing that, if Richens was a member of the ICAEW, he'd have been investigated after this farrago. I hope it isn't a case of paying peanuts here and getting the poor level of expertise and professional care shown here. Shoddy!]

[hogesar 9,743]

1 hour ago, Mello Yello said:

Personally...it just seems that the hierarchy just can't let go.....and fawning fan folk think that if and when or on the day they have to relinquish their role? It'll be like the Raven's leaving the Tower of London or the Barbary Apes disappearing from the Rock of Gibraltar....Which can only therefore signal, DOOM!.... 😉 

That would make sense if it wasn't for the fact this entire thread is about the current hierarchy doing exactly that - letting go. 

Apparently they're willing to even encourage this waiver to keep MA happy.

[Mello Yello 2,302]

Just now, hogesar said:

That would make sense if it wasn't for the fact this entire thread is about the current hierarchy doing exactly that - letting go. 

Apparently they're willing to even encourage this waiver to keep MA happy.

Just another two years (and a bit to wait then)....'Yippee!'....

[essex canary 505]

12 minutes ago, shefcanary said:

My statement was merely outlining my thoughts - I couldn't possibly say what really went on ... 😉 

Still, Zoe will no doubt comment on the vagaries of the TP panel as a learning point after all this has died down. Personally I'd sue the **** off the professional advisers - just what did Carteret actually do?

At least the penny finally seems to be dropping on here.

On Saturday we were thrashed by a Club whose wage bill for all 300 plus of its employees in recent times is only double that for our SMT.

The decisions taken in 2002 may have been foolish in some ways but it can be no excuse for such appalling professional performance from either that SMT or yet more external outside commissioning expense they have engaged. 

The respectful approach to fans and shareholders would be to pull the plug on the meeting as it stands then properly engage in the openness and transparency.

[GMF 757]

12 minutes ago, shefcanary said:

From what I learned doing that, if Richens was a member of the ICAEW, he'd have been investigated after this farrago. I hope it isn't a case of paying peanuts here and getting the poor level of expertise and professional care shown here. Shoddy!]

I’m sure you will know exactly where to look to find an answer…

[GMF 757]

23 minutes ago, shefcanary said:

My statement was merely outlining my thoughts - I couldn't possibly say what really went on ... 😉 

Still, Zoe will no doubt comment on the vagaries of the TP panel as a learning point after all this has died down. Personally I'd sue the **** off the professional advisers - just what did Carteret actually do?

It was a general observation, rather than a specific pop at you, @shefcanary 

[shefcanary 2,448]

1 minute ago, GMF said:

It was a general observation, rather than a specific pop at you, @shefcanary 

I understood, not being defensive in reply, just laying a small trap for others to fill out a bit more! 🙂 

[Soldier on 162]

What date are the votes being counted . Early October ? The sooner we here more from the main players the better.

[GMF 757]

8 minutes ago, Soldier on said:

What date are the votes being counted . Early October ? The sooner we here more from the main players the better.

Closing date for proxy votes is 18.00, Thursday, 28th September. The general meeting is 18.00, Monday, 2nd October.

We’ve been promised a further announcement after the meeting. Watch this space…

[Soldier on 162]

6 minutes ago, GMF said:

Closing date for proxy votes is 18.00, Thursday, 28th September. The general meeting is 18.00, Monday, 2nd October.

We’ve been promised a further announcement after the meeting. Watch this space…

Thanks wonder whether it will all be pre recorded club media stuff or there will be an opportunity for the local press to speak to everyone involved .

[Wings of a Sparrow 1,425]

All my early enthusiasm about MA coming on board, is dissipating rapidly after the last couple of days posts.

And somebody please advise me on how I should vote...

[norfolkngood 1,087]

in a ideal world my hopes were 

Tom got Left the club we would not be in debt due to self funded model IF managed correctly , disappointing but very safe 

Or we sell out to a rich buyer who buys the club outright and bankrolls us ,

 

Seems we will get neither in fact we are in Debt to the new investor to the tune of £40 million 

how it got to this i will never know 

 

 

[PurpleCanary 5,580]

3 hours ago, PurpleCanary said:

Afraid so, nutty. If diehard supporter you of all people are sceptical then investor confidence worldwide not just in NCFC but in the global economy will plummet.

The Frankfurt DAX down 0.6 per cent, the Paris CAC adrift by 0.9 per cent, and the Japanese Nikkei tumbling by 1.1 per cent...

[Soldier on 162]

51 minutes ago, norfolkngood said:

in a ideal world my hopes were 

Tom got Left the club we would not be in debt due to self funded model IF managed correctly , disappointing but very safe 

Or we sell out to a rich buyer who buys the club outright and bankrolls us ,

 

Seems we will get neither in fact we are in Debt to the new investor to the tune of £40 million 

how it got to this i will never know 

 

 

On receipt of parachute payments loans to MA can be repaid ?

[shefcanary 2,448]

2 minutes ago, Soldier on said:

On receipt of parachute payments loans to MA can be repaid ?

That would have been my assumption, but without inside knowledge of the finances, who can say? Unfortunately it seems we have to await the next set of audited financial statements (end November?) before we will get any clue on that - shoddy, as I have said, with such a big decision in the offing.

Well, at least I hope it is just shoddy, but if it turns out to be more sinister than that ...

[norfolkngood 1,087]

41 minutes ago, Soldier on said:

On receipt of parachute payments loans to MA can be repaid ?

i thought that but until Accounts come out we do not know ,