Shirt sponsorship next season - PG Site Services again

[Supershrimper]

"Agents have been appointed" so what?? Doesn't indicate any interested buyers

Your right, agents being appointed doesn't indicated any interested buyers however ,incase you missed / ignored my comment above (#76)

"investment memorandum was signed with interested parties"

Interested parties have provided proof of funds and have moved onto the next stage. What exactly are you after? The interested parties to come out like whats happenig at Manchester United and it be known that British Billionaire Jim Ratcliffe, Qatari Sheikh Jassim bin Hamad Al Thani or Finnish businessman Thomas Ziliacus bidding for the club.

Perhaps our interested parties aren't as self-promoting as those bidding for Manchester United and prefer to do their business without shouting it from the rooftops.

 

[defender05]

With PG and two other companies adding to the WUP does their debt get added to the Revenue one? Just wondering if as rumoured they are owed more than the Revenue figure then RM need's to find double the money.

 

[undercovershrimper]

Your right, agents being appointed doesn't indicated any interested buyers however ,incase you missed / ignored my comment above (#76)

"investment memorandum was signed with interested parties"

Interested parties have provided proof of funds and have moved onto the next stage. What exactly are you after? The interested parties to come out like whats happenig at Manchester United and it be known that British Billionaire Jim Ratcliffe, Qatari Sheikh Jassim bin Hamad Al Thani or Finnish businessman Thomas Ziliacus bidding for the club.

Perhaps our interested parties aren't as self-promoting as those bidding for Manchester United and prefer to do their business without shouting it from the rooftops.

or maybe they looked at the asking price and walked away?? Just because they were interested in late April doesn't necessarily mean they still are

 

[undercovershrimper]

With PG and two other companies adding to the WUP does their debt get added to the Revenue one? Just wondering if as rumoured they are owed more than the Revenue figure then RM need's to find double the money.

I think we would have to pay off all 4 parties in full to get the petition dismissed

 

[Tampa Blue]

I think we would have to pay off all 4 parties in full to get the petition dismissed

or agreement of a payment schedule with all - however failure to meet any instalment would invariably mean the embargo would be reinstated

 

[Yer Blues]

or maybe they looked at the asking price and walked away?? Just because they were interested in late April doesn't necessarily mean they still are

How can they have walked away? You are saying there isn't anyone interested.

Just spend a couple of minutes on Google and look at what an investment memorandum is.

Then spend another couple of minutes thinking, why did a judge in an insolvency court accept it?

Then, just hold your hands up, and admit that this rethoric of:

What takeover, reading between the lines of what was said in court yesterday there isn't any interest in buying the club

Just isn't true.

 

[Smiffy]

or maybe they looked at the asking price and walked away?? Just because they were interested in late April doesn't necessarily mean they still are

There are at least 2 groups, as of this week that are serious bidders.

These groups are also some way down the line in their respective due diligence process.

Whether that leads to a sale, nobody knows. But there is credible interest right now.

Up to you if you choose to believe that of course. I can only part with the little info I do know and believe to be correct at this time. Proper info is just not going to be available in a process such as this, mainly for legal reasons.

 

[Dutch Branch]

"Agents have been appointed" so what?? Doesn't indicate any interested buyers

Just a red herring I’m afraid to buy some time unfortunately.

 

[undercovershrimper]

There are at least 2 groups, as of this week that are serious bidders.

These groups are also some way down the line in their respective due diligence process.

Whether that leads to a sale, nobody knows. But there is credible interest right now.

Up to you if you choose to believe that of course. I can only part with the little info I do know and believe to be correct at this time. Proper info is just not going to be available in a process such as this, mainly for legal reasons.

I hope you're right, I just don't trust a word Ron or his legal team say and I am trying to play devils advocate,

 

[Supershrimper]

or maybe they looked at the asking price and walked away?? Just because they were interested in late April doesn't necessarily mean they still are

Your buying a club and speak with the agent as to how much its on the market for. They tell you a price and at that point you walk away.

You don't come back to the agent to provide proof that you have the cash and then flounce off into the sunset because you didn't agree with the price in the beginning.

Providing proof that you have the funds allows you into the next stage to complete your own due diligence. Its at that stage that interested parties may say, "nope not for me thanks"

I really do think that our debts to HMRC are all old historic ones (and probably the value being added to the debt is drastically reduced from what it would have been in league 1 and league 2 days when we picked up players on the way down the leagues but still after a decent pay day.

Given the season tickets and gate sales / sponsorship and advertising that the commercial team manage to pull into the club i would say possibly that we would be in a break even position on the footballing side possibly with our current squad. Add in a better stadium that can generate revenue on non-match days better than Roots Hall can and the club starts to become more attractive.

 

[kentblues]

I think they did that on the advice from TL ,it wasnt so much against the club but against RM, and im quite sure if you people were owed that money you would have joined the list also ,just surprised the Shrimpers Trust didn't either ,i do believe they are owed 40000 or am i wrong .

The problem if you add to a winding up petition and succeed in getting a company wound up (even if not the intention it's a risk) very likely you will get nothing. So for most lenders its not a route they are inclined to go down (stating the obvious really, how many creditors must the club have!). Maybe they should, its a commercial decision (or should be). I never have done so, although over the years there were many occasions when I could have done. Overall I think I gained a lot more than I lost by doing so.

I have been one of those repeatedly supportive of PG for the assistance they have provided the club, whilst regretting, like most, their struggles with SM. So no "agenda".

They themselves have been very vocal about communication or the lack of it. And at times have been very quick to share their thoughts. So I would imagine they made a point of informing the club in advance, and that there is an imminent communication confirming their reasoning so we don't have to fill the gap with speculation. For now my inclination is not to be "delighted" by there most recent contribution...after the explanation I might be more relaxed.

 

[shrimperjon]

There are at least 2 groups, as of this week that are serious bidders.

These groups are also some way down the line in their respective due diligence process.

Whether that leads to a sale, nobody knows. But there is credible interest right now.

Up to you if you choose to believe that of course. I can only part with the little info I do know and believe to be correct at this time. Proper info is just not going to be available in a process such as this, mainly for legal reasons.

I’ve also heard this so certain things are starting to move in the right direction. Think one is uk based and the other overseas

 

[kentblues]

With PG and two other companies adding to the WUP does their debt get added to the Revenue one? Just wondering if as rumoured they are owed more than the Revenue figure then RM need's to find double the money.

If you become a party to the WUP yes you need to be paid prior to being dismissed. So now even if we settled with HMRC, the petition would continue, embargo would continue, and the judge indicated he would allow another adjournment if necessary (specifically making the point he was not marking the adjournment as "final'). Creditors adding to WUP is never good and it certainly isn't in this case.

I believe a creditor can withdraw from a WUP if they want to even if not paid- e.g. because they have agreed a repayment plan, or indeed without reason.

 

[defender05]

If you become a party to the WUP yes you need to be paid prior to being dismissed. So now even if we settled with HMRC, the petition would continue, embargo would continue, and the judge indicated he would allow another adjournment if necessary (specifically making the point he was not marking the adjournment as "final'). Creditors adding to WUP is never good and it certainly isn't in this case.

I believe a creditor can withdraw from a WUP if they want to even if not paid- e.g. because they have agreed a repayment plan, or indeed without reason.

Thanks,

So our sponsor could at anytime if a repayment plan is agreed and not paid put us under a transfer embargo or just get us wound up if not paid in full in July.

 

[Barry.C]

What if you had a repayment plan in place on a significant loan, and it got abused, you might then be inclined to join in the WUP to make a point?

We had a repayment plan in place with HMRC and that got reneged on for whatever reason and hence we are back in Court with the on going embargo

 

[Massimo Giovanni]

Thanks guys, some of you have made me smile.

Love all this "I know something you don't know" chat.

Gets us tuned up for pre season signings thread.

 

[kentblues]

Thanks,

So our sponsor could at anytime if a repayment plan is agreed and not paid put us under a transfer embargo or just get us wound up if not paid in full in July.

Well yes IF they agreed a payment plan and we broke it they could still remain a party to the WUP if its still running in July or indeed start another one.

BUT it's all speculation. They can speak for themselves and normally do. Let them explain rather than speculate about their motives.

 

[Mad Cyril]

Were Crevette Clothing listed as creditors in the WUP?

If so will be replacing most of my wardrobe on principle.

 

[Leeboy]

Were Crevette Clothing listed as creditors in the WUP?

If will be replacing most of my wardrobe on principle.

I heard Pier Sports made a late application

 

[West Stand]

Thanks,

So our sponsor could at anytime if a repayment plan is agreed and not paid put us under a transfer embargo or just get us wound up if not paid in full in July.

Something in the back of my mind suggests that there is a problem in terms of treating creditors in a preferential manner once the debts are included in a WUO.

Bear in mind that it is one winding up order started by HMRC and the other creditors asked to join in the action .

In total there is circa £15 million debt secured by way of fixed and floating charges these were filed in March 23 I suspect that there are numerous other creditors I would not be at all surprised if maybe a few more million has been racked up.

The simple fact is that by a country mile liabilities exceed assets and that is another fact that is a fact considered when determining if a company continues to trade whilst insolvent