Annual Financial Report

[Guest RosemountRed]

I notice a few clubs have start to release theirs, any idea when ours are due?

 

 

Typo - Should be 'Report' please update.

[Guest the shepherd]

Our annual report is usually stated in December at the AGM.

[strachanmcgheegoal]

Prompted by a news release by the jags today about restructuring their debt does anyone have the definitive yet on our own debt and Willie and Elaine Donald's cash injection?

 

Fundamentally, previously we had bank debt and Stewarty Milne Debt. (oops edit: just read back and we had AAM debt too.)

 

I know Milne (and AAM) agreed to restructure their debt to equity (all of it?) but I've seen several claims (usually from huns it has to be said) that BoS also took a hit in agreeing to the overall terms? Ignoring interest, fees and early repayment penalties, does anyone yet know the definitive if BoS actually wrote off capital debt outstanding in agreeing to the restructure?

 

Many thanks.

[Pudgie]

Prompted by a news release by the jags today about restructuring their debt does anyone have the definitive yet on our own debt and Willie and Elaine Donald's cash injection?

 

Fundamentally, previously we had bank debt and Stewarty Milne Debt. (oops edit: just read back and we had AAM debt too.)

 

I know Milne (and AAM) agreed to restructure their debt to equity (all of it?) but I've seen several claims (usually from huns it has to be said) that BoS also took a hit in agreeing to the overall terms? Ignoring interest, fees and early repayment penalties, does anyone yet know the definitive if BoS actually wrote off capital debt outstanding in agreeing to the restructure?

 

Many thanks.

I vaguely remember BoS agreeing to a deal which meant the debt was paid off in full and they were happy enough to get their hands on the cash now instead of over god knows how many months. Makes sense since they can make interest on money they have in the bank. I guess anything they lost, they'll make back on that or were happy enough to overlook it and get their hands on the Donald's hard earned there and then.

[mavv1903]

sure I read BOS accepted £1 in £3 to clear the debt...IE 3 million instead of the quoted 9 million to clear it as they were getting a lump sum ? maybe wrong though.

[newcastlered]

In other news on financial reports Thistle are debt free and Inverness announced a profit. Armageddon indeed.

[RUL]

To be fair if Inverness didn't make a profit last season they never would.

[strachanmcgheegoal]

sure I read BOS accepted £1 in £3 to clear the debt...IE 3 million instead of the quoted 9 million to clear it as they were getting a lump sum ? maybe wrong though.

I will be more than shocked and stunned if that's correct Mavv. Robbo was closer to my understanding - that we were in for (say) 9m and BoS would normally charge more if it was repaid early. We negotiated a deal such that the capital outstanding - the £9m in my example - was repaid and that was an end to it.

[Tord31]

Pretty sure it was a settlement hopefully the annual report will clarify.

 

I presume it'll be out within the next week or so as certainly normally go for an early December agm

[mavv1903]

I will be more than shocked and stunned if that's correct Mavv. Robbo was closer to my understanding - that we were in for (say) 9m and BoS would normally charge more if it was repaid early. We negotiated a deal such that the capital outstanding - the £9m in my example - was repaid and that was an end to it.

maybe mate, just what some were saying that BOS would accept the reduced sums to get a lump sum etc...Hopefully find out when report is published...

[dave_min]

Not convinced the report will tell us. The deal was done between the Donalds and the bank, the report will just show the debt gone.

[The Hulk]

I will be more than shocked and stunned if that's correct Mavv. Robbo was closer to my understanding - that we were in for (say) 9m and BoS would normally charge more if it was repaid early. We negotiated a deal such that the capital outstanding - the £9m in my example - was repaid and that was an end to it.

 

Banks under pressure to re-capitalise were encouraged by the government a couple of years back to negotiate a % of the debt or else write it off rather than see a number of clubs go to the wall.

[RTYD]

Prompted by a news release by the jags today about restructuring their debt does anyone have the definitive yet on our own debt and Willie and Elaine Donald's cash injection?

 

Fundamentally, previously we had bank debt and Stewarty Milne Debt. (oops edit: just read back and we had AAM debt too.)

 

I know Milne (and AAM) agreed to restructure their debt to equity (all of it?) but I've seen several claims (usually from huns it has to be said) that BoS also took a hit in agreeing to the overall terms? Ignoring interest, fees and early repayment penalties, does anyone yet know the definitive if BoS actually wrote off capital debt outstanding in agreeing to the restructure?

 

Many thanks.

We are debt free. The Bank of Scotland will have agreed to take a percentage of their debt as a means of getting out of football finance altogether. Nothing particularly unusual in that.

[ChutneyLove]

The bank aren't losing out. They have already made their money on interest and service fees.

[Tord31]

tomorrow perhaps?

[Dave Bus]

Record Turnover at £13.077 million

Operating Profit £509,000

Wages to turnover 51 per cent

Elimination of Debt allowed £14.493m to be transferred to shareholder's funds hence transforming the balance sheet.

 

Great news.

[Tord31]

Aye looks pretty damn ace considering we were not debt free for the whole period and we splashed out on Kenny McLean

 

Great to see the club in a much better state.

 

Be good to know how much turnover the mini euro run was worth

[Tord31]

anyone got a link to the report?

 

guess they'll post it up after shareholders pick them up in mail this morning (postie weather dependent)

[tup]

It's the same as settling a personal loan early. You get a discount.

 

Let's not forget the reckless lending from the likes of David Murray's pal Gavin Masterson here. The bank were giving out money that could not be paid back in 100 years of trading to the likes of Dunfermline.

 

This all to keep pace with a fraudulent hun. It's their fault directly that AFC were in debt in my opinion.

 

So the bank has to take the hit on it. They caused it.

[V for Vendetta]

If the ban are taking a hit its not because they caused it Tup. For one thing BoS was taken over yonks ago by Halifax.

 

HBOS and Lloyds TSB are taking a hit on these Football debts because they are, as you said first of all, never ending loans with little prospect of repayment in full. They want to reduce their high risk lending so they are willing to write a % of in some cases.

 

Not sure yet if that definitely applied to us but that's what seemed to happen with Dundee Utd, Kilmarnock and a few others.

 

In DU case, the bank did very well by including a clause to take further money from future player sales and thats earned them a handsome reward I think.

 

Hopefully we don't have that sort of agreement, I want to see any money from player sales staying in the club.

[tup]

They did cause it, by reckless lending, hence they are taking the hit.

 

If it were reckless borrowing they would not do that. A key distinction.

[Dave Bus]

am I right in saying last years profit was around £50,000

[Tord31]

any shareholders received the report and able to ellaborate further?

[The Cockney Don]

anyone got a link to the report?

 

guess they'll post it up after shareholders pick them up in mail this morning (postie weather dependent)

http://www.afc.co.uk/news/7062.php#.VlBdCtLhDs1

[Guest milne_afc]

What is the rest of £13m being spunked on?

[tommo1903]

In my expert opinion, wages and other things.

[Monkey]

So we make £500K profit and Inverness last week announced £250k profit, Partick announce debt free status along with the other clubs in the SPL that have already done that, with the exception of Celtic's £4 million loss last season, things are looking up for clubs in Scotland.

[tup]

Read a Scottish newspaper, any one, and you would consider the opposite to be the case, were you to believe their shite.

[Guest milne_afc]

In my expert opinion, wages and other things.

£6.5m+/- on wages.

 

The rest on upgrading the club website.

[newcastlered]

The paper that vehemently peddled the armageddon shite has this to say http://www.dailyrecord.co.uk/sport/football/football-news/oh-no--not-more-6873931. Fuck me what a pathetic piece ofs hit the record is.