The article re the above link is a bit unclear re NUs 9.98%.....

Depending on how you read the article the 9.98% could be for :
a) ?4m (2 x ?2m per year interest )
b) just rolling up the interest for later repayment
I am looking forward to this being clarified by ITFC / NU.


1) It seems that they (ITFC) are asking for authority from their shareholders to issue ?1.75m of shares (costing roughly ?10 each) AND shares to NU for 2006

2) shares available to people who are not already shareholders

3) power to issue ?840k of loan notes

It seems that whatever is raised from the share issue (up to ?1.75m) will go towards transfer fees and wages in 06/07 season (This seems to imply that the NU interest foregone is just to keep ITFC going).
Presumably if the share issue flops they have no new money for transfers in 06/07 season???

In addition the conversion of prior loan notes already may have covered the Lee and Williams transfers and wages last season.

Posted By: Financebod, May 15, 04:10:34