Because

the debt is repayable in the event of a change of control. Given the current climate Axa would call in the loan & think Christmas had come. Refinacing even for a billionaire would be on less favourable terms. Directors interest free loans also repayable on change of control. Appaerntly standard business practice

Posted By: hod80 on July 5th 2008 at 15:04:30

Message Thread

So, the SCG has been given details of what is going on (NCFC) - phrankin, Jul 5, 13:23:52
- Well that would appear to indicate that they have something to be told... (NCFC) - Dog, Jul 5, 13:52:39
  - I couls be wrong but I thought Delia was actively seeking investment? (NCFC) - phrankin, Jul 5, 13:54:56
    - There's investment... (NCFC) - Dog, Jul 5, 13:59:22
      - let him nick it then! (n/m) (NCFC) - bowfront1, Jul 5, 16:05:45
      - well delia stole her 50% stake - she converted her loans into new shares (NCFC) - phrankin, Jul 5, 14:01:40
        
        But he specifically wants that ?20m to go towards transfers... (NCFC) - Dog, Jul 5, 14:09:46
        
        And the initial investment/loan was ?5 million (NCFC) - hod80, Jul 5, 14:20:39
        
        No shit. What else COULD it have been? (NCFC) - Mr Creosote, Jul 5, 14:35:01
        
        But he would have had control of the club himself (NCFC) - hod80, Jul 5, 14:39:13
        
        Incorrect (NCFC) - Mr Creosote, Jul 5, 14:47:50
        
        Well you know best..possibly (n/m) (NCFC) - hod80, Jul 5, 14:50:02
        
        I don't know best (NCFC) - Mr Creosote, Jul 5, 14:55:37
        
        bollocks.... (NCFC) - phrankin, Jul 5, 14:43:37
        
        He's beginning to get the message (n/m) (NCFC) - hod80, Jul 5, 14:44:34
        
        btw from mondays figures Delia is having all the money she put in (NCFC) - phrankin, Jul 5, 14:46:35
        
        EDP Page 48 Thursday (NCFC) - hod80, Jul 5, 14:48:45
        
        as for paying off the debt why should he? (NCFC) - phrankin, Jul 5, 14:51:23
        
        Because (NCFC) - hod80, Jul 5, 15:04:30
        
        im sure the banks would refinance to a man worth 1.7 billion, (NCFC) - phrankin, Jul 5, 15:09:03
        
        Well just have to agree to differ (NCFC) - hod80, Jul 5, 15:16:39
        
        agreed about not giving the current majority shareholders anything (NCFC) - phrankin, Jul 5, 15:21:08
        
        Finally we agree (NCFC) - hod80, Jul 5, 15:27:29
        
        I doubt it, it would be seen as friendly arm wreslting in the press (NCFC) - phrankin, Jul 5, 15:50:13
        
        i think it's all bluff (NCFC) - Dave in France, Jul 5, 15:23:26
        
        Have to say I resent his impication that without (NCFC) - hod80, Jul 5, 15:30:15
        
        We know he responded to emails about this in october (NCFC) - phrankin, Jul 5, 15:51:00
        
        Que? (n/m) (NCFC) - hod80, Jul 5, 15:53:28
        
        Page 9 i beleive (NCFC) - phrankin, Jul 5, 15:57:57
        
        I'm still confused what you saying (NCFC) - hod80, Jul 5, 16:07:13
        
        so you are saying rely on luck, you sound like an NCFC Board member. (NCFC) - phrankin, Jul 5, 16:43:09
        
        If we go into the season with the squad at present (NCFC) - hod80, Jul 5, 17:00:16
        
        well, we will see (NCFC) - phrankin, Jul 5, 17:04:31
        
        Actually we are in the situation where we get a 1 million bid for shackell (NCFC) - phrankin, Jul 5, 17:06:09
        
        Can't believe we could get a million pound offer for Shackell (NCFC) - hod80, Jul 5, 17:26:11
        
        "must see something I don't" (NCFC) - Mr Creosote, Jul 5, 17:31:07
        
        Prhaps this owls eyesight is going! (NCFC) - hod80, Jul 5, 17:49:58
        
        *anywhere (n/m) (NCFC) - phrankin, Jul 5, 17:05:06
        
        He's being naive then... (NCFC) - Dog, Jul 5, 14:50:31
        
        creation of new shares? do you need this explaining yet again.... (NCFC) - phrankin, Jul 5, 14:53:25
        
        oh yeah, but the problem is if he buys 30% shares he has to offer for every other share (NCFC) - phrankin, Jul 5, 14:57:46
        
        So are the rules different about buying unallocated shares, to buying shares already owned (NCFC) - Dog, Jul 5, 15:00:30
        
        That is where my limited knowledge ends im afraid :( (n/m) (NCFC) - phrankin, Jul 5, 15:01:36
        
        Oh... (NCFC) - Dog, Jul 5, 14:57:25
        
        well it not as clear cut as that... (NCFC) - phrankin, Jul 5, 14:59:33
        
        Re: The same thing happens on a smaller scale every time there is a share issue. (NCFC) - Johnny Comecardiff, Jul 5, 16:24:43
        
        well, the values are made up in that fashion (NCFC) - phrankin, Jul 5, 16:44:28
        
        You would have thought the loan would have been converted to new shares (NCFC) - phrankin, Jul 5, 14:26:01
        
        *if this is actually true. But there are tax issues around 'giving money' (n/m) (NCFC) - phrankin, Jul 5, 14:26:49
        
        In virtually everything nothing is just black or white (NCFC) - hod80, Jul 5, 14:33:34
        
        like all the loans the club has from its directors (NCFC) - phrankin, Jul 5, 14:41:03
        
        Turners loan is interest free (NCFC) - hod80, Jul 5, 14:43:49
        
        that is what i said,..... duh (n/m) (NCFC) - phrankin, Jul 5, 14:47:10
    - all we know is that 'there's been no direct contact' (NCFC) - Dave in France, Jul 5, 13:58:31
- How do you know that? (NCFC) - HairyBobbingManAss, Jul 5, 13:38:35
  - My apologies, just seen the Fans' Eye column (n/m) (NCFC) - HairyBobbingManAss, Jul 5, 13:42:01
    - Sory, that should be Fan's Eye, big difference. (n/m) (NCFC) - HairyBobbingManAss, Jul 5, 13:42:29
      - Fan's Eye Link is here: (NCFC) - phrankin, Jul 5, 13:44:09
- Because they can keep a secret. (NCFC) - Ken Dodds Dads Dog, Jul 5, 13:28:33
  - Maybe the Turners are offering 56 million to buy the club? (n/m) (NCFC) - phrankin, Jul 5, 13:30:00
    - If the 56m includes their loan, surely they only need 54m ? (n/m) (NCFC) - Arganth, Jul 5, 13:47:49
      - absolutely, 54 million it is. less the cost of their shares too! (n/m) (NCFC) - phrankin, Jul 5, 13:50:36
        
        And ?20m of it is a theoretical transfer fund. (n/m) (NCFC) - Dog, Jul 5, 13:53:49
        
        maybe they are buiying out Delia and loaning the club another couple of million quid (NCFC) - phrankin, Jul 5, 13:55:51
        
        how much would it cost them then... (NCFC) - Dave in France, Jul 5, 14:02:33
        
        I doubt the Turners are in a position to do anything of that magnitude... (NCFC) - Dog, Jul 5, 14:02:21
- the Sydney Cricket Gound? (n/m) (NCFC) - capecodcarman, Jul 5, 13:25:34
  - Supporters Consultative Group (NCFC) - phrankin, Jul 5, 13:26:54

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