Statement of Capital

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Gudnib
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Statement of Capital

Post by Gudnib » Tue Dec 28, 2021 9:54 am

Last month Football Ventures (Whites) Ltd filed a statement of capital following an allotment of shares. It stated that the new share capital amounted to £41,250.46. This month a document has been filed that says that the share capital is £2m.

The documents filed in November also contain a statement that loans amounting to £12.5m have been converted to shares. Can anyone explain this or do we need football finance expert, Kieran Maguire?

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Re: Statement of Capital

Post by Gudnib » Tue Dec 28, 2021 3:16 pm

Bristol City have published their 2021 accounts. A modest £38m loss for the year but they do have a billionaire owner.

I'll have to take a closer look to see if they got any COVID bailouts. BWFC owners, FV, got a £5m convertible loan aka a gift from the taxpayer.

Peanuts though compared to FGR's owner. Ecotricity got a £15m loan and were in for another £25m. I don't know if our old friend, Dale Vince, got it but I wouldn't be surprised if he did.

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Re: Statement of Capital

Post by Gudnib » Wed Dec 29, 2021 9:00 am

'Look after the pennies and the pounds will look after themselves', the old saying goes. Is that what they teach them at Uni these days?

When I learned to add up there were still halfpennies and farthings on those yellow Co-op chitties. It made it tricky totting them up after you stuck them on those gummed sheets.

Good training but its not helping me figure out FV's recent capital statements.

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Re: Statement of Capital

Post by Dujon » Wed Dec 29, 2021 10:25 am

Oh, come on, Gudnib, surely you still have your slate and stylus at hand?

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Re: Statement of Capital

Post by TANGODANCER » Wed Dec 29, 2021 10:31 am

Dujon wrote:
Wed Dec 29, 2021 10:25 am
Oh, come on, Gudnib, surely you still have your slate and stylus at hand?
Er, what's a stylus Dujon, must be an Oz thing, only we had chalk sticks with our slates. :lol:
Si Deus pro nobis, quis contra nos?

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Re: Statement of Capital

Post by Dujon » Wed Dec 29, 2021 11:03 am

Oh dear, TANGO, you were behind the times.

"Writing was done on a slate and you used a slate pencil. Sometimes you’d be asked to bring to school a rag and a small tobacco tin that contained a sponge in a mix of water and disinfectant so that you could wipe the slate clean and dry it for reuse. It was a big deal when you progressed from slates to notepads and pencils."

https://startsat60.com/media/opinion/no ... schoolyard
:mrgreen:

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Re: Statement of Capital

Post by Gudnib » Wed Dec 29, 2021 11:09 am

Dujon wrote:
Wed Dec 29, 2021 10:25 am
Oh, come on, Gudnib, surely you still have your slate and stylus at hand?
It doesn't help, Dujon. Its the infernal decimal points. Just shift 'em a couple of places and you can make debts disappear like magic.

Did I ever tell you about the £millions that Dale Vince (of FGR fame) was borrowing from Ecotricity? He turned his two one pound shares into two hundred one pence shares and got the company to buy 20 of them off him for £7million. Suddenly instead of him owing the company £millions, the company owed him £millions.

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Re: Statement of Capital

Post by TANGODANCER » Wed Dec 29, 2021 2:01 pm

Dujon wrote:
Wed Dec 29, 2021 11:03 am
Oh dear, TANGO, you were behind the times.

"Writing was done on a slate and you used a slate pencil. Sometimes you’d be asked to bring to school a rag and a small tobacco tin that contained a sponge in a mix of water and disinfectant so that you could wipe the slate clean and dry it for reuse. It was a big deal when you progressed from slates to notepads and pencils."

https://startsat60.com/media/opinion/no ... schoolyard
:mrgreen:
Ah, we had inkwells and even inkwell monitors to keep them filled. Pens with knibs too (Lord help you if you broke more than one). Later, at The Tec" you had to bring your own fountain pens (or Biros if you were super posh. :lol:
Si Deus pro nobis, quis contra nos?

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Re: Statement of Capital

Post by Gudnib » Wed Dec 29, 2021 2:52 pm

TANGODANCER wrote:
Wed Dec 29, 2021 2:01 pm
Dujon wrote:
Wed Dec 29, 2021 11:03 am
Oh dear, TANGO, you were behind the times.

"Writing was done on a slate and you used a slate pencil. Sometimes you’d be asked to bring to school a rag and a small tobacco tin that contained a sponge in a mix of water and disinfectant so that you could wipe the slate clean and dry it for reuse. It was a big deal when you progressed from slates to notepads and pencils."

https://startsat60.com/media/opinion/no ... schoolyard
:mrgreen:
Ah, we had inkwells and even inkwell monitors to keep them filled. Pens with knibs too (Lord help you if you broke more than one). Later, at The Tec" you had to bring your own fountain pens (or Biros if you were super posh. :lol:
Nostalgia ain't what it used to be:

'They changed our local Palais into a bowling alley and
Things ain't what they used to be

There's Teds in drainpipe trousers and Debs in coffee houses and
Things ain't what they used to be
There used to be Trams not very quick
Gotcha from place to place

But now there's just jams half a mile thick
I'm walking

They stuck parking meters outside our doors to greet us
Things ain't what they used to be '
Last edited by Gudnib on Sat Jan 01, 2022 11:59 am, edited 1 time in total.

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Re: Statement of Capital

Post by Gudnib » Fri Dec 31, 2021 3:05 pm

Come on guys and gals, there must be somebody who can explain why £2,000,000 plus £2,125,046 equals £41,250.46. ae:) ae:) ae:)

https://find-and-update.company-informa ... ng-history

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Re: Statement of Capital

Post by Gudnib » Wed Jan 05, 2022 10:48 am

Nowt new at CH on this but a quick gander at previous docs shows that there are now distinctions between:
Founders
Sharon Brittan, Michael James and Nick Luckock AND
Future Fund and the Future Fund Scheme
The Future Fund means UK FF Nominees Ltd

The Future Fund Scheme means the UK government scheme (in partnership with British Business Bank Plc)

If you'd like to know more you could just go-to Marc Iles. :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol:

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Re: Statement of Capital

Post by Gudnib » Mon Jan 17, 2022 12:33 pm

Its taken a while but a new statement of capital has landed today at Companies House. Its not available to see yet. Lets hope its not as perplexing as the previous documents when it does finally appear.

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Re: Statement of Capital

Post by Gudnib » Wed Jan 19, 2022 8:50 am

Its now appeared but its just as perplexing as the previous 'statement of capital'. The only things that have changed is that one number has now got a tick against it and one date, that had previously been overwritten, now appears without being overwritten.
Bizarre. :conf: :conf: :conf: :conf: :conf: :conf:

If any of you guys are members, why not ask Chancellor Rigby or Neil Hart about it at the forthcoming ST AGM. Apparently Ian Evatt's going to attend along with CEO Hart. I'll bet they can't wait.

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Re: Statement of Capital

Post by Worthy4England » Wed Jan 19, 2022 9:09 am

Nominal share value = £1. Prev £0.01.

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Re: Statement of Capital

Post by Gudnib » Wed Jan 19, 2022 10:17 am

Worthy4England wrote:
Wed Jan 19, 2022 9:09 am
Nominal share value = £1. Prev £0.01.
Well spotted Worthy. So the share capital is £4,125,460 not £41,254.60 as stated before and stated again on the CH site. I thought as much but it still leaves a lot unexplained, doesn't it?

Aren't Supporters Trusts supposed to be interested in who actually owns the club shares and what the capital structure is? BWFCST is asking supporters to pay them a tenner a year. Yeah I know its not a King's ransom but what does the ST actually do?

Pleased to see somebody's interested. :D :D

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Re: Statement of Capital

Post by Gudnib » Thu Jan 20, 2022 9:48 am

A dive, a foul, a handball or a clear and obvious error by Mr Luckock?

Clear and obvious error obvs but why has it taken so long to correct it and who in their right minds would spend £15.5m on shares in FV anyway?

It seems to me that there's as much chance of Eleanor Rigby explaining it all as the ST supremo so where's Maguire K when you need him?

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Re: Statement of Capital

Post by Gudnib » Sat Jan 22, 2022 9:26 am

So post cock-up where are we, what do we know? We now know that a government-owned bank owns 34% of FVWL. We don't know whether Sharon still owns more than 50% or, as things stand, who owns what percentage.

We know that a £5million COVID loan was used to pay off EDT at a further huge discount and that the rest of the money is likely to have been mostly absorbed in running costs. We don't know if any more money has been borrowed, don't know what the cash flows were in the last financial year, don't know what they are now and don't know if the old unsecured creditors have been paid off yet. We do know that there are still substantial outstanding debts to Brett Warby and PBP.

'How do we get rid of these people' asked a member of the ST board at their members meeting in 2019. They've got an AGM coming up this week. Maybe someone could ask him what he had in mind and whether he's come up with some ideas of his own.

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Re: Statement of Capital

Post by Gudnib » Mon Jan 24, 2022 9:18 am

FV are due to file an updated Confirmation Statement at Companies House by today. Lets see if it arrives on time. It was late last year.

It might help 'solve the wall'. At the moment it looks like FV might have had a lot more than £5million in convertible COVID loans.

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Re: Statement of Capital

Post by Gudnib » Tue Jan 25, 2022 8:45 am

Still no Confirmation statement from FV so still no news on exactly who has paid £9.5million for 34% of FVWL shares (which, of course, owns 100% of BWFC).

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Re: Statement of Capital

Post by Harry Genshaw » Tue Jan 25, 2022 9:08 am

Gudnib wrote:
Tue Jan 25, 2022 8:45 am
Still no Confirmation statement from FV so still no news on exactly who has paid £9.5million for 34% of FVWL shares (which, of course, owns 100% of BWFC).
Really? I'm on tenterhooks here
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