SO when will the takeover go through?

[Yorkshire Blue]

I must admit the new council leadership team especially Matt Dent have been class this last week with keeping us updated. It’s nice to have some transparency and, also urgency, in chasing up these clowns holding the deal up with delayed DD. Hopefully this continues.

Anyone know if the next stages of DD are quick ones? I would have thought that having 5 seperate companies doing each sector of the DD would have allowed them to all do their parts at roughly the same time which would speed it up. Dents comment saying the next stage can almost start kinda blows that logic out the water though.

I think we were told the audit process would take 2 weeks (there were 4 elements then audit as the 5th). I don’t know if we’re onto that stage yet or if we need a resolution from the talks between the Council and the Martins before that can commence.

 

[damien]

Is the financial stage of DD the point at which the council will audit and then sign off the deal or not. If so we should be roughly a fortnight away from discovering our fate

 

[Paddypel]

I’m really scared about the external audit. I work for a big 4 that naturally will pick up these kind of audits and they’ll scrutinise any loose ends vigorously. I think they’d have a field day with RM’s proposals and find all sorts of holes in the housing plans.

 

[Avl1983]

Do we know if the financial information that the council have now received is the final thing they need from the Martin’s or is this just the latest piece?

 

[leeblue]

View attachment 32131

It's 2am....I'm in the middle of a night shift in A&E.....is this positive news in any shape or form.

 

[Holy Joe]

It's 2am....I'm in the middle of a night shift in A&E.....is this positive news in any shape or form.

It's positive in that there is progress and communication.

If it positive for deal closing would only be speculation - you'd hope if this part of DD has thrown up any unsurmountable red flags they wouldnt move onto next stage - but that's an assumption.

 

[JD]

As expected the second of three options.

I wonder if it’s Ron or the Consortium who need the green light from the council in order to complete?

An update from CBRE would be helpful as well.

As in this?

• if the conclusion is that the transaction is very close to being cleared to progress subject to a small number of minor adjustments, then further negotiation will be needed to see if these matters can be resolved to enable matters to proceed. Citizen Housing might decide to engage with other parties at this point

 

[ForeverBlue]

Hi ForeverBlue,

Does your source have a view of what Ron and Jack’s endgame is with all this?

You’ve been spot on since the get go, it would be interesting to know if the Martin’s have a plan or if they’re reacting to situations as they present themselves.

i don’t think anyone can work out what their end game is, they don’t conduct business like anyone else.

They will agree to something face to face one minute and literally completely change the goal post later that same day. They are impossible to do business with as the consortium are now finding out for themselves.

Ron recently said on the BBC Essex interview, and I quote, “We are morally committed to each other”

Ron and Jack Martin have absolute zero morals when it comes to business, they will lie, steal and stamp on anything or anyone to achieve their end goals.

 

[Medway Blue]

I think we were told the audit process would take 2 weeks (there were 4 elements then audit as the 5th). I don’t know if we’re onto that stage yet or if we need a resolution from the talks between the Council and the Martins before that can commence.

Audit process cant happen until DD concludes, which won't happen unless/until talks between Council and Martins conclude positively.

Is the financial stage of DD the point at which the council will audit and then sign off the deal or not. If so we should be roughly a fortnight away from discovering our fate

Financial DD was said to be the last bit that needed to be done, so yes, the audit should then be able to happen. The audit is external, not carried out by the council, but how long it will take I'm not sure of.

I’m really scared about the external audit. I work for a big 4 that naturally will pick up these kind of audits and they’ll scrutinise any loose ends vigorously. I think they’d have a field day with RM’s proposals and find all sorts of holes in the housing plans.

Finding holes in the proposals (and repairing them) is what DD is for - checking that the deal works. The audit decides whether the deal is in the long-term public interest.

 

[Liam AAS]

As expected the second of three options.

I wonder if it’s Ron or the Consortium who need the green light from the council in order to complete?

An update from CBRE would be helpful as well.

Where does this come from?

 

[Blues ‘n’ twos]

It's 2am....I'm in the middle of a night shift in A&E.....is this positive news in any shape or form.

I hope so Lee I will hold you to that bet for the beers IF it pans out well

 

[JD]

Where does this come from?

Here I think…..

“The council's position has been consistent throughout and as raised during scrutiny, once the various elements of outstanding due diligence are completed, these will need to be carefully read and understood so that the relevant councillors can be briefed. There are, at this stage three possible outcomes:

• if the conclusion of this stage of due diligence (property/market and financial) is that the deal should be cleared to progress, then the council must get its external auditors to review everything and be satisfied that everything is in the council and taxpayers' best interests
• if the conclusion is that the transaction is very close to being cleared to progress subject to a small number of minor adjustments, then further negotiation will be needed to see if these matters can be resolved to enable matters to proceed. Citizen Housing might decide to engage with other parties at this point
• if the conclusion of this stage of due diligence is that the transaction is not in the council and taxpayers' interest, and it should not proceed, then we will share that position. Further stages of work will not be required, at which point an alternative partner to the council will certainly be required for the development to progress”

Is there some confusion as to what this latest update from the council actually means?

 

[northlincsshrimper1]

Here I think…..

“The council's position has been consistent throughout and as raised during scrutiny, once the various elements of outstanding due diligence are completed, these will need to be carefully read and understood so that the relevant councillors can be briefed. There are, at this stage three possible outcomes:

• if the conclusion of this stage of due diligence (property/market and financial) is that the deal should be cleared to progress, then the council must get its external auditors to review everything and be satisfied that everything is in the council and taxpayers' best interests
• if the conclusion is that the transaction is very close to being cleared to progress subject to a small number of minor adjustments, then further negotiation will be needed to see if these matters can be resolved to enable matters to proceed. Citizen Housing might decide to engage with other parties at this point
• if the conclusion of this stage of due diligence is that the transaction is not in the council and taxpayers' interest, and it should not proceed, then we will share that position. Further stages of work will not be required, at which point an alternative partner to the council will certainly be required for the development to progress”

Is there some confusion as to what this latest update from the council actually means?

When it comes to Government or any Council, nothing is clear cut. This is one reason why any form of legal document can and does lead to many interpretations by any legal bodies.

 

[tommy tucker]

Council or the rat man .Things need to move on at pace now .The council now needs to gather all it needs to make a decition one way or other SAVE OUR CLUB from death PLEASE .

 

[Liam AAS]

Here I think…..

“The council's position has been consistent throughout and as raised during scrutiny, once the various elements of outstanding due diligence are completed, these will need to be carefully read and understood so that the relevant councillors can be briefed. There are, at this stage three possible outcomes:

• if the conclusion of this stage of due diligence (property/market and financial) is that the deal should be cleared to progress, then the council must get its external auditors to review everything and be satisfied that everything is in the council and taxpayers' best interests
• if the conclusion is that the transaction is very close to being cleared to progress subject to a small number of minor adjustments, then further negotiation will be needed to see if these matters can be resolved to enable matters to proceed. Citizen Housing might decide to engage with other parties at this point
• if the conclusion of this stage of due diligence is that the transaction is not in the council and taxpayers' interest, and it should not proceed, then we will share that position. Further stages of work will not be required, at which point an alternative partner to the council will certainly be required for the development to progress”

Is there some confusion as to what this latest update from the council actually means?

We haven't gotten here yet

 

[Southstand blue]

I have to say for the first time I’m worried about this if they pull out that’s curtains for us but can you blame them if they did they have invested into a club so shown what they can do

 

[JD]

We haven't gotten here yet

Ok so the financial element is ready for discussion with Citizen, and the other bits aren’t completed yet?

 

[Rattus Norvegicus]

I have to say for the first time I’m worried about this if they pull out that’s curtains for us but can you blame them if they did they have invested into a club so shown what they can do

Sorry but can I ask who is "they" and who is "us" in your message above?

If the council pulls out? The Martins? The Consortium? Citizen Housing?

 

[Liam AAS]

Ok so the financial element is ready for discussion with Citizen, and the other bits aren’t completed yet?

My understanding from the update is that The Martins have provided the necessary information to complete one of the remaining stages of DD. Some bits are already completed, some remain outstanding.

 

[JD]

My understanding from the update is that The Martins have provided the necessary information to complete one of the remaining stages of DD. Some bits are already completed, some remain outstanding.

Well I am confused then.

“the Council received the financial analysis to reach the latest milestone in the due diligence process”

Surely it’s the company doing the financial DD that has provided the financial analysis?

Maybe before hand the martins filled in the gaps so that the analysis could finally be completed and handed to the council?

Are we on the same page as such?