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My Link

 

 

Well, looks like Milne has finally went and done it

 

He's writing off the debt owed to him by AFC

 

As is Aberdeen Asset Management.

 

In total they have just taken 5.75m off the total debt.

 

Plenty on here have asked why this wasnt being done, now it is... I think its time to say good things about Milne for a change

 

I'll start

 

Thanks Stuarty, long over due but extremely appreciated all the same.

[DandyDon KD]

Stuart your the best......na think I went a bit to far ehh

[Stoney]

So the debt had gone above 16million?

 

Wowsers.

[The Boofon]

So the debt had gone above 16million?

 

Wowsers.

 

 

FFS.

[Tord31]

Be good to see the announcements shortly. Certainly good news and would be great if it could be coupled with a decent result for the year.

[Dynamo]

So the debt had gone above 16million?

 

Wowsers.

 

Not for long

[Nelly]

[DandyDon KD]

Not for long

[Stoney]

Not for long

 

Think its the least milne could have done, givin the great financial backing from der hun going bust how on earth do you manage to make such an other significant loss

 

Net debt at 30 June (16449)

[DandyDon KD]

While we are on the subject of debt just thought that this smiley would be ideal

[The Boofon]

Think its the least milne could have done, givin the great financial backing from der hun going bust how on earth do you manage to make such an other significant loss

 

Net debt at 30 June (16449)

 

 

No season tickets had been bought on the 30th June. Club running with no real income during season break.

 

Misleading stat. (Nae like you)

[Dynamo]

Think its the least milne could have done, givin the great financial backing from der hun going bust how on earth do you manage to make such an other significant loss

 

Net debt at 30 June (16449)

 

Next years figures?

[Foster14]

I'm nae sure where the Evening Express are picking that figure up from, but

[gla5gowdon]

Great stuff. Does this improve our interest payments or were these loans brokered between us and the companies privately?

 

Either way, we're paying back less each month.

 

Re-route that to the playing budget and let's crack on.

 

[Stoney]

Next years figures?

 

 

Yup along with the 5.75 milne has written off...........lets nae let that get in the way of boofs point though

[slippers]

Great stuff. Does this improve our interest payments or were these loans brokered between us and the companies privately?

 

Either way, we're paying back less each month.

 

Re-route that to the playing budget and let's crack on.

 

not sure if it will as the debts were to Milne and AAM not the bank, id assume they were interest free loans from people that love the club? Could be wrong. Great news though! Shame we lost just short of 1.4m last season though!

[gla5gowdon]

not sure if it will as the debts were to Milne and AAM not the bank, id assume they were interest free loans from people that love the club? Could be wrong. Great news though! Shame we lost just short of 1.4m last season though!

 

Yea was thinking that. Also, if we were paying them back (even interest free) every month, we could divert that cash towards the bank debt.

 

Just highlights the need to finish 2nd or better this year though.

[Stoney]

Also a bit on that accounts that the ground had been valued at 17 million!

[Dynamo]

Also a bit on that accounts that the ground had been valued at 17 million!

 

Any links or you got the hard copy?

[slippers]

Yea was thinking that. Also, if we were paying them back (even interest free) every month, we could divert that cash towards the bank debt.

 

Just highlights the need to finish 2nd or better this year though.

would we be paying them back monthly though? In my head it was just a debt that had built up and have to be payed off in a lump sum, didn't think we had began to pay it back on a monthly basis? Probably wrong though?

[Foster14]

Also a bit on that accounts that the ground had been valued at 17 million!

 

Probably fair enough. A football stadium is difficult to value, in that in its current form it doesn't really have a market value. Therefore they are valued in financial statements at the cost that it would take to purchase the land and then build the stadium from scratch again to a similar standard at the current date. Still very difficult to objectively value, but it is in no way saying that we could sell the land that Pittodrie is on for

[slippers]

http://www.afc.co.uk/page/profile/0,,10284,00.html

 

click on 2012

[Stoney]

Any links or you got the hard copy?

 

Its on the club site dude, under profile!

[Tord31]

SUMMARY

 

So they made a loss of 765k on business in the year. Overall lose of 1.365m with the 600k interest on debt.

 

They gained 379k (hard cash) from the disposal of Aluko, Foster and Grimmer. Fyvie will be included in the next year result

 

They revalued Pittodrie to

[Robbie Winters]

Heard Martin Gilbert of AAM yesterday telling us of Arthur Graham profits for his investment company. He is probably feeling flush so decided to write off what club owes them, thus asking SM to pit his hand in his pooch and do likewise.

 

Highly commendable and credit where credit is due

[Foster14]

 

They bank debt issue in Feb was negotiated to end November 2012 (i.e. this week)

 

AAM and Milne would like to turn their

[K-9]

Amazing if true and massive well done to SM and board.

 

But will wait and see the annual report rather than trusting Chaz.

[Tord31]

No it is right enough. They are converting the debt to equity.

[Granite City Reds]

Amazing if true and massive well done to SM and board.

 

But will wait and see the annual report rather than trusting Chaz.

 

http://www.afc.co.uk/staticFiles/de/b9/0,,10284~178654,00.pdf

[spamspamspam]

Bit from the report stating how its going to be done

 

After the ordinary business of the Annual

General Meeting has been concluded, the

shareholders will be asked to vote on a special

resolution which would create this new

class of Preference Shares, and to give the

Directors the authority to allot the new shares

in satisfaction of the Company